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

a. may be imposed by the bank CONE
missioner, to accept for payment ct Q
change drawn upon it, and to issue
letters OF credit authorizing holders
thereof to draw drafts upon 1t, or dts
correspondents, at sight or on time:
provided. that such acceptances +. or
drafts be based upon actual values. but
no trust company shall accept ssuch
bills or drafts to an aggregate amount
exceeding at any one time one1falf
of it's paid-up capital and surplus. ex-
cept with the approval of the bank
commissioner. and in no case to an
aggregate amount in excess of its
capital and surplus: ninth. to do. in
general all the business that may
lawfully be done by trust and bank
necessary upon the bond Of the cor
poration in it's capacity as trustee,
executor. administrator. conservator,
guardian, assignee or receiver. or in
or officer approving such bond shall
| require it..
Sec. SO. No trust company shall en-
gage in the business of acting as
| surety on official bonds or bonds for
| the performance of other obligations,
| or guaranteeing the fidelity of per-
! sons in positions of trust, private or
public. and at the same time engage
| in the business Of receiving on deposit
| money. coin. bank notes. evidences Of
| debt. accounts of individuals, COM
| panies. corporations, municipalities Or
states. subject to check or payable on
| demand. other than deposits for
| the payment of bonds and interest
thereon and for sinking funds. But
| nothing in this section shall be con-
strued as charging any of the cor
porate powers of any trust company.
No trust company organized under tho
| laws of this state shall be authorized
! to guarantee the fidelity of persons
in positions of trust. private or public.
and to act as surety on official bonds
and for the performance of other OBJ
legations. unless it shall have a cap
ital stock, fully paid in, of not less
than two hundred and fifty thousand
| dollars.
Sec. So. Said agreement shall set
| forth that the subscribers thereto as
sociate themselves with the intention
| of forming corporation, and shall
| specifically state:
| First. the name by which the cor
poration shall be known.
! Second, the purpose for which it is
! formed.
Third the city or town, which shall
be within this state, where it's BUSH
ness is to be transacted.
| Fourth, the amount OF it's capital
| stock, and the number of shares into
| which the same is to be divided.
! Each associate hall subscribe to
| the articles his name. residence, post
| office address and the number of
| take.
Sec. 81. A notice of the intention
OF the subscribers to form such a.
trust company shall be given to the
form as said commissioner shall ap-
prove shall be published at least once
| a week, for three successive weeks.
| IN one or more newspapers designated
| by said commissioner, and published
| in the county in which it is proposed
to establish the company. Such no.
tice shall specify the names of the
| proposed incorporators. the name of
the corporation and the location of
the same. as set forth in the above
! mentioned agreement of association.
Within thirty days after the first
publication of said notice the SUBJ
scribers to said agreement shall apply
, to said commissioner for a certificate
that public convenience and advan-
| tage Will be promoted by the estab-
lishment of such trust company. II
the COMM ssioner refuses to issue
ings shall be had. but the application
may be renewed after one year from
| the date Of such refusal, without
| further notice or publication unless
the commissioner shall order. the
same.
Sec. IS. The first meeting OF the
subscribers to the agreement of as
ISOLATION shall be called by notice
signed either by that subscriber to
1
therein for the purpose, or by a ma
jority of the subscribers: and such
! notice shall state the time. place and
purposes of the meeting. 4 copy Of
before the day appointed for the
meeting. be given to each subscriber
or left at his residence or usual place
Of business, or deposited in the post
ONCE. postage prepaid. and addressed
to him at his residence or usual place
of business. and another copy thereof
and an affidavit of one of the siSners
that the notice has been duly served
snail be recorded with the records Of
the corporation. If all the incorpor-
ators SHALL in writing. endorsed upon
the agreement of association. waive
such notice and fix the time and place
or the meeting. no notice shall be re-
CURED. The subscribers to the agree
ment or association shall hold the
franchise until the organization has
been completed. At such first meet
ing or at any adjournment thereof,
me the lncorporators shall organize by
clerk; by the adoption of bylaws and
by the election in such manner as
the bylaws may determine. OF di-
! rectors., president. clerk. and such
scribe. All the officers so elected
shall be sworn to the faithful per-
formance of their duties The tempo
rary clerk shall make and attest a
1
clerk has been chosen and sworn, in
GUIDING a record of such choice and
qualification.
Sec. &c. The president, and a ma
Jority of the directors who are elect
ed at such first meeting. shall make.
| sign and make oath to- in Duplicates
articles setting forth:
"A true copy of the agreement of
| association, the names of the sub
scrlbers thereto. and the name resi-
dence and post-ofiice address of each
of the officers of the company;
and the successive adjournments
| thereof, if any.
One of such certificates shall be
| submitted to the bank commissioner
and the other, together with tho
records of the proposed corporation,
examine the Same, and who may re-
| qulre such amendment thereof or
such additional information as he
may consider necessary. If he finds
that the articles conform to the pro-
visions of the preceding sections rel
atlVe to the organization of the. cor
poration and that the provisions Of
section sixty-four have been complied
with, he shall SO certify and endorse
his approval thereon. Thereupon
the articles shall be filed in the office
or the secretary of state. who shall
thereon. to be recorded. and shall
| thereupon issue certificate OF in
corporation in the following form:
STATE OF MAINE
Be 1t known that whereas (the
names of the subscribers to the
ISOLATED themselves with the inten-
ton of forming n corporation under
the name of Che name of the cor
poration), for the purpose the pur-