Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

the whole capital stock has been is
sued, a complete list of the stock
holders. with the name. residence
the number Of shares held by each,
shall be filed with the bank COM
missioner. which list shall be verified
by the president and treasurer of the
sal, Upon Of . snsh
cause an exam. nation to be made.
and IL, after such examination. 1t APP
pears that the whole capital stock
has been paid in in cash; and that
complied with. said commissioner
shall issue certificate authorizing
such corporation to begin the trans
acti2n Ct business; 1t shall be u n
begin the transaction of business
until such a certificate has been
Sec. 6s. The written articles of as
one shall not be regarded as sufficient
unless they show that at least one
third of the. proposed amount OF capt
and when filed with the bank com
missioner they shall be accompanied
by satisfactory evidence that the
sum of fifty dollars has been paid
to the treasurer of state to be cred
tied to an account for expense of
organizing trust companies. so much
thereof to he paid out for expenses
of the several departments as the
governor and council shall find to
have been actually incurred.
Sec. 90. The minimum amount of
pad-in capital stock on which trust
company may be authorized to begin
business shall be twenty-five thou
sand dollars for a town or city of not
more than five thousand inha
fifty thousand dollars for a town
or city having from five thousand TO
ten thousand inhabitants. seventy-five
thousand dollars for town or city
having from ton thousand to twenty
thousand lnhabitarrts, one one h hu ca
having from twenty thousand to
thirty thousand inhabitants, and one
hundred and fifty thousand dollars for
town or city of more than thirty
thousand inhabitants The bank
commissioner, in ascertainins the
number Of inhabitants Of such town
or city for the purpose of determin,
ing the sut'ici"ncy of the capital
stock may require such proof in
addition to the last preceding United
States census as he may deem neces-
Sary; but no charter once granted
shall ever be deemed void for any
error in computing the population.
The par value of the shares of stock
shall he one hundred dollars each:
Sec. 20. Every such company shall
forfeit its charter unless it shall
actually commence to do business as
n trust company within one year
from tho date thereof.
sec. ~. ANY company organized
under sections SlNtN-"he I" seNthtN'
nom inclusive. or any company o,-dh-
lied under sp"cial act of the le:iS-
lature. may increase its capital stock
from ,ime 10 tlnc |" an a,'iount ~
eNceedihS IN ihc aI-'cSate ''' ,i'''.
lion dollars, AZ any Slochh"'dcts
meeting at which a majority of
shares lssufd ana nul S'annlh- Is req
resented. NOTICE OF INC ln!eh,.oh -
10 q" haVihT noGn gwen nn Va .ne ~ ga,
1heretof. ,rnNidod: ho"eher, '.ai
before actually issuing such cap'Ial
stock certified COPY "t the H a'
author,IinE the same snail pt HItu
with the bank commissioner wLthin
upon ne Sha'l issue MS approval
or disapproyal OF tn" acton so
taken and shall thcrcupon issue a
certificate allowing such increase:
copy of which shall be MED IN the
Office of the secretary OF state.
Sec 70 All the corporate powers
of any such company shall be eNer-
cised by board of not less than
five directors two-thirds of whom
shall be residents of this state. whose
number and term of office shall be
ted by a vote of the stockholders at
the first meeting held by the incor-
porators and at each annual meeting
thereafter. Directors shall hold a
regular meeting at least once each
month The stockholders at any an
uuaJ meeting may elect from the full
board Of directors an executive COM
mittee of not less than five members.
two-thirds IF whom shall he resi-
dent; of this state. and delegate to
such committee the powers of the
directors in regard to the ordinary
operations of the business of the com
pany; such powers to be exercised
by such committee at all times when
said board of directors are not in
session. subject always. however. to
anv specific vote of said board of
directors. All such committees shall
keep full minutes of all business
transacted by them and shall make
such reports of their transactions at
each monthly meeting of the boa rd
as said board or the bank commits
sioner may require. The directors
shall he annually sworn to the proper
DISCHARGE of their duties, and they
shall hold once until others are cleo
ted and qualified in their stead. If
any vacancy occurs in the board of
directors or executive committee
through death. resignation or other
elect a person to fill the vacancy
until the next annual meeting of the
corporation. The oath of office of any
director shall be taken within thirty
days of. his election. or his office shall
become vacant. The clerk of such
company shall. WITHIN Ten DAYS,
notify such directors or their cleo
ton and within thirty days shall pub
lish the list or all persons VINO nave
taken the oath of office as directors.
state shall Immediately >vacate his
office II such removal leaves less than
two-thirds of the membership resi-.
dent in the state. The board OF
directors shall elect president
from its number. clerk who shall be
sworn to the faithful performances of
his duties, treasurer and such
other officers as they may deem nee