The Republican journal. [volume] (Belfast, Me.) 1829-current, 1917-04-05
CHAPTER 10.

so adVertsed.-(Approved March s. 1917
CHAPTER 10.
ming same and providing fer their in
corporation, powers, supervision and
control.
Section J. The term Industrial bank
as used in this act means any corpora
ton formed under the provisions of this
act
Section 2. Industrial banks NAV be or
Sanlzed IN the same manner as is pro
weed Tor the organization of trust com
pan1es, so far as applicable and not in
CONSISTENT with the provisions of this act
Section 8. Except as herein otherwise
provided, such corporations shall be gov
erned and conducted in the manner pro
Vlded by law for corporations generally
IN SO far as not inconsistent with the I o
visions of this act.
Section a. The capital stock of an in
dustrial bank shall not be less thar,
twenty-five thousand dollars in any town
or city having & population of less than
fifty thousand inhabitants, and shall not
be less than fifty thousand dollars in any
town OF, city having fifty thousand or
more inhabitants and less than one hun
dred and fifty thousand inhabitants ana
shail not be less than one hundred tkou-
sand dollars in any town or city having
one hundred and fifty thousand inhabit-
ants or more, according to the last Off
clai census The capital stock of every
such corporation shall be divided into
shares of the par value of one hundred
dollars each, at least twenty-five per
cent. of which shall be paid into the
treasury of the corporation in cash be-
lore such corporation shall be authorized
TO transact any business other than
such as relates to it's formation and or
ganizatlon, and such payment shall be
certified to the bank commissioner under
oath by the president and manager of
said corporation. The balance of the
capital stock shall be paid to the corpora
ton in cash at the ra of not less than
ten per cent. per month following the ini-
tie. payment. No corporation organized
under this act shall create more than one
class of stock.
Section 5. Every corporation incorpo-
rated under this act shall be known as an
industrial bank. and may use the WORT
bank as a part of it's corporate title
Section G. In addition to the powers
conferred upon corporations by the gen
eral corporation law. every industrial
bank shall have the following powers:
l. To lend money and discount notes,
and to deduct interest thereon in adj
vance at the rate of six per centum per
annum; and in addition to receive uni
form weekly or monthly instalments on
its certificates of Indebtedness or deposit
purchased by the borrower Simultaneous
ly with the said loan transaction. or
otherwise. and pledged with the corpora
ton as security for the said loan with
or without an allowance of interest on
such instruments.
II. To sell or negotiate bonds. notes,
certificates of investment and chooses in
action for the payment of money at anv
time, either fixed uncertain. and to
receive payments in Instruments or
otherwise, with or withoat an allowance
of interest upon such instruments.
III To charge for a loan made pursu-
ant to this section one dollar for each
fifty dollars fraction thereof loaned
for expenses, including any examination
or investigation of the character and cir
cumstances of the borrower. co-ma<er or
surety and the drawing and taking ac-
acknowledgement of necessary papers or
other expenses incurred in making the
loan; charge shall be collected Unless
loan shall have been made as a resul.
of such examination or investigator an
no such charge shall exceed five dollars.
". To establish branch offices or
agencies in the manner and subject to
the conditions prescribed for the estab-
lishment of branches or agencies in the
case of trust companies.
Section I. No industrial bank shall:
I. Hold at any enc time the Obligation
or obligations of any one person, firm or
corporation for more than two and one
half per centum of the amount of CAPT
tai and surplus of such industrial bank
II. Make any loan under the provisions
of this act for a longer period than one
year from the date thereof.
IN. Deposit any of its funds with any
corporation has been designated as
such depository by q vote of a ma
jority of the directors or of the ex-
eeutive committee, exclusive of any
director who is an officer, director or
trustee of the depository so designated.
Section g. Upon receipt by the bank
commissioner of the certificate showing
that twenty-five per cent of the capital
stock has been paid into the treasury of
the corporation in cash as herein pro-
Vlded said commissioner shall cause an
examination to be made, and if after sucn
examination it appears that the required
amount of capital lock has been paid in
in cash, and that all requirements of law
have been complied with, said commits
sione- shall issue certificate authorizing
such corporation to begin the transaction
of business. 1t shall be unlawful for any
such corporation to begin the transaction
of business Until such q certificate has
been granted.
Section 9. Every corporation incor-
porated under the provisions of this act
shall be subject to the examination, SUI
pervision and control of the bank COM
missioner and shall report to him in the
manner provided for savings banks and
savings institutions, and the provisions of
sections forty-seven to fifty-seven, inclu-
sive of chapter fifty-two of the Revised
Statutes, shall apply to industrial banks.
-(Approved March s. 1879
cHAPrER 20.
An Act to amend Section eight of Chap
ter fifty-seven of the Revised Statutes.
and providing penalty for evading
taxicab and public automobile fares.
Section eight of chapter ffty-seven of
the Revised Statutes providing a penalty
for evading payment of fare or riding on
freight-train is hereby amended by in
sorting after the word ferry in the
third and fifth lines thereof the following
words 'or in taxicab or public auto--1o-