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

The security OF such deposits All
notes, certificates of stock. bonds and
other securities representing sucn
a ssSnss shall pe na"S proVdsd
however. that in lieu thereof it shall
be lawful to record in the investment
book a description Of assets so held
sufficient to identity them.
Sec 81. Such trust company may
at any time require such savings de-
posters to give a notice not exceed
ing ninety days Of their intention to
withdraw more than fifty dollars at
any one time or in any one month.
Sec %. The n,.n st c"n,%,hE s,. II ha
ratably. and not one for the other.
for all contracts. debts, and engage
ments OF such corporation. to sum
of the shares owned by each in add,
ton to the amount invested in said
shares. Whenever in liqudating the
affairs of such corporation It appears
pay it's indebtedness the receiver
thereof. under proper orders of the
court. shall proceed to enforce such
Individual liability of stockholders in
any appropriate action at law or in
equity, in his own name or in the
name OF the corporation for the
benefit of the creditors. Stockholders
who shall have transferred their
shares or rsgistered a the transfer FER
fore the date of the. failure of such
bank to meet its obligations. or with
knowledge of such impending failure.
shall be liable to the same extent as
if they had made no such transfer.
to the extent that the subsequent
1ransferec fails to meet such liabili-
ties: but this provision shall not be
construed to affect in. any way any
recovery which such stakeholder
pnio Of rfhorWiSp hANA against those
in whose names shares are registered
at the time of such failure.
sec. 81. When the capital stock OF
bank commissioner may ascertain and
determine the facts and give notice
in writing to such company to mako I,
IN" directors OF such trust company,
unless they shall by proper vote
otherwise determine. shall forthwith
levy an assessment upon the, stock
deficiency and shall forthwith notify
each stakeholder of such rcquisition
by giving HIM in hand or mailing 10
him at his last known address, post
age prepaid. a written or printed no.
ticc which shall state the amount of
assessment to be paid by him and
the time within which it shall be
paid. which time shall not be less
such notice. Such assessment sha II
be due and PAYABLE by each stock
holder within the time specified in
said notice and if any stakeholder
shall fail to pay the assessment speci-
fed i'll said notice within the time
fixed therein as aforesaid the direct
ors of said trust company shall have
the right to soil at public auction to
The highest bidder the stock of each
dclinuucut stakeholder, after giving
previous notice of such sale by pub
LEGATION thereof at least once week
for three successive weeks in some
newspaper of general circulation in
the county where the principal place
of business of said trust company is
located \ copy of such notice OF
sale shall also be given in hand to
such delinuuent stakeholder or mailed
to him at his last known address
hostage prepaid, at least ten DAYS
before the date fixed for said sale;
or such stock NAV be sold at private
sail, and without such notice: proyid-
cd. however. that before making such
,,.,y1tc sale thereof am offer in writ
ing to purchase said stock shall first
,-on,,tp.a ~, A cOpv thereof served
sought to be sold, either personally
~ yIyiu- MIN IN hand a copy Of
si1ch offer or mailing the same to
him at his last known address.
,ost,cn nrnna;d and If after service
If - offrr. such owner shall still
rcfus, ,r neglect TO nav such assess
n. ent within two weeks from time OF
the service of such offer, the :. sa id
on1i strb etorl, IN Tic nerson mailing
e,,nh offor or 70 any other nnrson
nr ~" noTsnns makins q larger Offer
man tho amount named i'm tho offer
s such Stock shall in ne event he sold
- o,,I,c. s,,,, ,ba, ,be yalu.t,ou
n or (, ON If hy thn bank Commissioners
in IN his discrimination and requisition
-. ~, ,' e,id assoSsn,cpt nor FOR logs
a alan 10 th Ss'G amount of said G assessment
60 go raIlnd FOR and The eXpense of tic
soIn o,t Of tho avai1s If Tho stocl;
% old nc dircctors shau nav the
a anH M vi peccssarv costs Of sale and
,he haI.nce if any shall he paid to
me mnrsnn or VERSIONS whose stock
W.. hcen thus sold A sale of stock
as mer'nl p,9stn" If ,hc oIt s,andnr
cortiticstn nr cortificates evidenciI,C
~ ,nnit ca cold md shal1 make the
. ..,n mi, ma VITA and a now ccrti-
ti ,s shall he issued by the company
~ ~ he n,'rchasor thereof. ANY stock
Toldnr ..nrrioyed hy any action or
~ ~. eeeon3mie sionor or the direct
or oF 1,,ch c,n,nanv under Tho fore
SONG PROVISIONS may. within ten
SSo,ns t,or recnivinn notice thereof
~an;niy Nv hill in equity or other an
rPn,r;.to prncnnd;nps 10 a iusticc of
~ oi l,,nrena iudiciaI court whose de-
cision' after due hearing. shah be
Inc III he =" otnn+ thst tho diroctors Of
IN, Nv trust e rommanv rpon notification
hhn u inc I ha,lS observation-disclosures as herein
a A. re pro 5l:i shall not vote within
tan d.ire aftnr rccaint Of said mott
ecatinn ~ make an Assessment upon
ne Ne 'i stoc', mar The foregoing prov-
'"' no INK comnissi9ner or tho
directors of such institution. MAY
u'i'o'oi' on',ii1t IN tn" sunrcme Judi
,;., court in coiiitv selling forth
thn fact that such canital Stock Is
imnaircd and asking said court Ia