Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09
CHAPTER II.

An ACT TO amend section one OF chapter
seventy-nine of the Revised Statutes,
relating to wills.
Section one of chapter seventy-nine OF
the Revised Statutes is hereby amended
by inserting, after the words twenty
one years in the second line. the wcrIS
and a married woman or widow of any
age so that said section, as amended,
shall read as follows:
Section l. A person of sound mind.
and of the age of twenty-one years, and
may dispose of his real and personal es
tate by will, in writing, signed by him. or
by some person for him al his request. and
in his presence, and subscribed in his
nesses, not benefcially interested under
said will. '-(Approved March s, 1879
CHAPTER Is.
An Act relating to issuance of duplicate
passbooks and certificates by loan and
building associa lions.
Section !. When the owner of shares
in any loan and building association, evil
denced by both passbook and certificate.
or either of them. or the executor admin
istrator or guardian of said owner in
writing notifies the secretary of said
loan and building association issuing the
same. that such passhook or certificate
of shares is lost and that he desires to
have a duplicate pasSbook or certificate
of shares issued to him, said secretary
shall give public notice of such applca-
ton by publishing at the expense of such
applicant an advertisement once a week
for three weeks successfully in some
newspaper published in the town in
which said loan and building association
is located, If any. otherwise in one pub
lished In the county, if any. if not. then
IN the state newspaper. If such missing
passbook or certificate of shares is not
presented to said secretary within sixty
days after the last advertisement. then
he snail issue a duplicate passbook or
certlhcate of shares to the person thus
requesting the same and such delivery of
the dupicate relieves said associations
from all liability on account of the orig
NAL passbook or certificate of shares
so notwithstanding March S, 1870
CHAPTER 10.
An Act concerning Industrial banks. de
hnlng same and providing for their In
corporation, powers. supervision and
Section I. The term industrial bank"
as used in this act means any corpora
ton formed under the provisions of this
act.
Section .. Industrial banks NAV lie or
ganiZed in the same manner as is pro
Vlded FOR the organization of trust COM
panles. so far as applicable and not in
consistent with the provisions of this act
Section j. Except as herein otherwise
provided, such corporations shall be gov
erned and conducted in the manner pro-
Vided by law for corporations generally
IN SO far as not inconsistent with the pro-
visions of this act
Section 4. The capital stock Of an in
dustrial bank shall not be less thar.
twenty-five thousand dollars in any town
or city having a population of Ass than
hfty thousand Inhabitants. and shall not
be less than fifty thousand dollars in any
town or city having fifty thousand or
mere inhabitants and less than one hun
dred and fifty thousand inha bitants and
shall not be less than one hundred thou
sand dollars in any town or city having
one hundred and fifty thousand inhabit-
ants or more. according to the last Off
cial census. The capital stock of every
such corporation shall be divided into
shares of the par value of one hundre
dollars each, at least twenty-five per
cent. of which shall be paid into the
treasury of the corporation in cash be-
fore such corporation shall be author zad
to transact any business other than
such as relates to it's formation and or
ganization, and such payment shall be
certified to the bank commissioner under
oath by the president and manager of
sad corporation. The balance of the
capltDstock shall be paid to the corpora
ton in cash at the rate of not less than
ten per cent per month following the ni-
tial payment. No corporation organized
under this act shall create more than one
class of stock
Section B. Every corporation incorpo-
rated under this act shall be known as an
industrial bank, and may use the word
bank as part of it's corporate title.
Section 6. 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 ad-
vance at the rate of six per centunl per
annum; and in addition to receive uni
form weekly or monthly instruments on
its certificates of Indebtedness or deposit
purchased by the borrower Simultaneous
~ 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 instalments.
H. To sell or negotiate bonds. notes
certificates of investment and chooses in
action for the payment of money at any
time, either fixed or uncertain, and to
receive payments in instruments or
otherwise with or without an allowance
of interest upon such instruments.
Ill. To charge for a loan made pursu-
ant to this section one dollar for each
fifty dollars or fraction thereof loaned
for expenses, including any examination
or investigation of the character and cir
cumstances of the borrower co-maker or
surety and the drawing and taking ac-
acknowledgements of necessary papers or
other expenses incurred in making the
loan; no charge shall be collected unless
loan shall have been made as a result
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:
!. Hold at any one time the obligat ion.
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.
H. Make any loan under the provisions
of this act for longer period than one
year from the date thereof.
III. Deposit any of it's funds with any
other moneyed corporation unless such
corporation has been designated as
such depository by a vote of a ma
jority of the directors or of the ex-
director who is an officer director or
trustee of the depository so designate
Section s. 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 herein pro-
vided. said commissioner shall cause an
examination to be made, and if after sucn
examination it appears that the required
amount of capital stock has been paid in
in cash. and that all requirements of law
have been complied with. said commits
Sioner shall issue a 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 a. certificate has
been granted.
Section 9. Every corporation incor-
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