Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-15

| turity, giving ,opnnt due on ma
tmred shares so permitted to remain
NAV NOT he demanded except upon one
months notice of such INTENTION II
required by the asSocla'ioii' APP
| proved March q.
/ CHAPTER "a
An Act Relating to Organlzatlon OF
| CORPORATIONS for Literary, Charl-
table, Educational and Other Pur-
Section one OF chapter sixty-two
! of the revised statutes. as anne ended
by chapter forty-eight Of the puniIc
laws of nineteen hundred and nine,
teen and by. chapter one, one M nu, ninea
| teen hundred and twenty-one and
by chapter three Of the public laws
OF nineteen hundred and twenty
three. is hereby amended by insert
ing in the thirteenth me tnel and
before the word "or" the words or
| for the purpose of preserving, and
! maintaining a family homestead and
the rights of descendants ano OF
that said section, as amended. snail
Sec a. /. When seven or more per-
sons desire to be incorporated as
proprietors Of a social. m,i''a w.
library: as Masonic lodge or chap
| ter of any order or degree; as q
Masonic association consisting or
| members Of different orders or de-
grees: as lodge of the Independent
| Order of odd Fellows; as lodge OF
| the knights of Pythias; as tribe
of the Improved Order OF Red Men
as a division of the Sons of temper
ance: as tent of the Rechahites: as
dry; as Council Of the Sover-
| eigns Of Industry; as lodge OF the
Benevolent and Protected Order OF
! Elks; as a Grand Army Post; as an
American Legion Post; as reiei
or benefit association for mutual
assistance: as a monument or mem
! orial association; as society," 10
| promote temperance; as VIiIaEe
| improvement society; as an assocl-
alton for the promotion of good mu-
nicipal government: as chamber
! of commerce or board Of trade: as a
yacht club: or for the. purpose OF
preserving and maintaining family
i homestead and the rights OF de-
| family therein; or for any literary.
scientific. musical. charitable. educa,
! tional. social. military. agricultural.
| moral, religious. or benevolent puf-
! any justice of the peace in the county;
who may issue his warrant, directed
to one OF said applicants. requiring
him to call a meeting thereof at such
time and place as the }ustce may
CHAPTER rs
An Act Relating to Industrial Banks;
| Paragraph one of section SIX or
chapter nineteen Of the public laws
of nineteen hundred and seventeen.
as amended by chapter one hundred
| and forty-five of the public laws or
/ nineteen hundred and nineteen, is
hereby amended by striking out the
words the rate of six in line two
thereof. and substituting therefor
the words "a rate. no greater than
eight so that said paragraph. as
amended shall read as follows:
T. To lend money and discount
notes. and to DEDUCT interest thereon
in advance at rate no greater than
eight per centum per annum; ana IN
addition to receive uniform weekly
or monthly instruments on its GER
tilcates of indebtedness or deposit
! purchased by the borrower stimuli
| taneously with the said loan trans
action. or otherwise. and pledge with
! the corporation as security FOR the
said loan, with or without an allow
ance of interest on such install
ments'-Approved March 81.
cHAprEE 7s
An Act to Amend Section Thirty
seven of Chapter Fifty-five of the
| Revised Statutes. as Amended by
| Chapter one hundred ana IWeHlS
eight of the Public Laws Of Nine
| teen Hundred and Nineteen. Relat-
ing to the Approval of Stocks.
| Bonds and Notes.
! Section thirty-seven of chapter
fifty-fve of the revised statutes, as
amended by chapter one hundred and
twenty eight of the public laws of
nineteen hundred and nineteen. is
hereby further amended by adding
after the word facilities" in the
Of coiI section
amended. the words 'or for the dis
charge or lawful refunding of it's
obligations so that said section, as
amended. shall read as follows:
organized and existing. and doing
business in the state or hereafter In
corporated under and by virtue OF
! the laws Of the state of Maine. may
issue stocks. bonds. which may be
secured by mortgages of its property.
| franchises or otherwise, notes or
other evidences of Indebtedness pay
able at periods Of more than twelve
months after the date thereof. when
necessary for the acquisition of
property to be used for the purpose
of carrying out its corporate powers.
the construction. completion. extern
sion or Improvement of its facilities.
or for the Improvement or main
ten dse G' tS s or lawful re
funding of it's obligations; or
to reimburse its treasury for
moneys used for the acquisition OF
ton. extension or improvement of
! it's facilities, or for the discharge or
! lawful refunding OF its obligations.
and which actually were expended
in the treasury of the corporation
not secured by or obtained from the
issue of stocks bonds. notes or other
evidences of Indebtedness of such
corporation. or for such other pur-
poses as may be authorized by law:
upon written application, setting
forth such information as the COM
mission may require. there shall
have. been secured from. the COM
issue and the amount thereof and
stating that in the opinion OF the
commission the sum of the capital to
be secured by the issue of said
dences of indebtedness is required
in good faith for purposes enumer-
ated in this section; but the pro-
visions of this chapter shall not
evidences of Indebtedness heretofore
! lawfully authorized and issued; pro-
vided. however. that the commission
may at the request of any public
stocks or bonds heretofore author
lied but mot issued. For the purpose
of enabling the commission to deter
mine whether 1t shall issue such an
! order. the commission shall make
such inquiries for investigation, hold
such hearings and examine such
| witnesses. books. papers. documents
, or contracts as 1t may deem Of i'm
| portance in enabling 1t to reach a
determination. No order of the
| commission authorizing the issue of
| any stocks, bonds, notes. or other
| evidences Of Indebtedness shall limit
or restrict the powers of the COM