CHAP. 379.

City may loan its credit, limit thereof.

Conditions.

made.

Chapter 379.

An act to authorize the city of Rockland to aid in the construction of the Lime Rock
Railroad.

Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows:

SECT. 1. The city of Rockland is hereby authorized to loan its credit to the Lime Rock Railroad Company in aid of the construction of their railroad, to an amount not exceeding fifty thousand dollars, upon the following terms and conditions:

SECT. 2. If this act shall be accepted as hereinafter provided, and said company shall within three years, to the approval of the mayor and aldermen of said city, expend the sum of twenty-five thousand dollars, in the construction of said railroad, then the said company shall be entitled to receive such sum, not exceeding Payments, when fifty thousand dollars, as said city may determine, payments to be made by the scrip of said city, payable to the holder thereof in such sums as the directors of said road may determine, with coupons for interest attached, payable semi-annually, the principal payable in twenty years from the date thereof, and all payable in Boston, and the same to be signed by the city treasurer and countersigned by the mayor of said city.

Payable, when and where.

Bond of corporation to city, and

of.

SECT. 3. Concurrent with the issue and delivery of said city conditions there- scrip as aforesaid, the president and directors of said company, in their official capacity, shall execute and deliver to the said treasurer the bond of said company, the penal sum in said bond to be double the amount of the scrip authorized to be issued; said bond shall be made payable to said city, and shall be conditioned that said company will duly pay the interest on such scrip of said city as shall be issued at the time of the date of the bond and also the principal thereof, according to the tenor of the scrip, and in all respects will hold and save harmless the said city on account of the issue of the same.

Scrip to issue, and delivery of bond.

of corporate property.

SECT. 4. The president and directors of said company are hereby authorized, and it shall be their duty, in their official capacity, upon the receipt of said city scrip, and upon the delivery of their bond to said city to secure the payment of the same, to execute Mortgage to city and deliver to said city treasurer, a mortgage, without prior incumbrance of their railroad, and all of the property real and personal, including the franchise thereof; said mortgage shall be executed according to the laws of this state, and shall be in due and legal form, and shall contain apt and sufficient terms to secure the said city the fulfilment of the conditions in said bond contained.

Foreclosure of

mortgage, when and how made.

SECT. 5. For the purpose of foreclosing said mortgage for conditions broken, it shall be sufficient for the said mayor and aldermen to give notice according to the mode prescribed in the

revised statutes for the foreclosure of mortgages, by publication CHAP. 379. of notice thereof, which may be published in a newspaper printed in Rockland, and a record thereof may be made within thirty days after the date of the last publication in the registry of deeds for the county of Knox, which publication and record shall be sufficient for the purpose of such foreclosure. Upon the expiration of three years from and after such publication, if the conditions. shall not within that time have been fulfilled, the foreclosure shall be complete, and shall make the title to said road, and to all the property and franchise aforesaid, absolute in said city.

City may take

possession of road

upon non-fulfil

ment of condi

tions.

SECT. 6. If the directors of said company shall, at any time, neglect or omit to pay the interest, which may become due upon any portion of the scrip issued and delivered under the provisions of this act, or to pay the principal as it shall become due, or to comply with any of the conditions of said bond, the city of Rockland may take actual possession in the manner hereinafter provided of the whole of said railroad, and of all the property real and personal of the company, and of the franchise thereof, and may hold the same and apply the income thereof to make up and supply such deficiency, and all further deficiences that may occur while the same are so held, until such deficiences shall be fully made up and discharged. A written notice, signed by the mayor Notice. and aldermen, and served upon the president or treasurer, or any director of the company, or if there are none such, upon any stockholder of the company, stating that the city thereby takes actual possession of the whole line of the railroad, and of the property and franchise of the company, shall be a sufficient actual possession thereof, and shall be a legal transfer of all the same, for the purposes aforesaid to the city, and shall enable the city to hold the same against any other claims thereon until such purposes have been fully accomplished.

SECT. 7. All moneys received by or for the said railroad company, after notice as aforesaid, from any source whatever, and by whomsoever the same may be received, shall belong to, and be held for the use and benefit of the city in manner and for the purposes herein provided, and shall, after notice given to persons receiving the same respectively, be by them paid to the city treasurer, which payment shall be an effectual discharge from all claims of the company therefor; but if any person, without such notice, shall make payment of moneys so received to the treasurer of the company, such payment shall be a discharge of all claims of the city therefor; all moneys received by the treasurer of the company, after such notice, or in his hands at the time such notice may be given, shall be by him paid to the city treasurer, after deducting the amount expended, or actually due for the running expenses of the road, for the services of the officers of the company, and for

Income of road, applied.

how held and

All moneys theremade payable to

after received

city.

CHAP. 379. repairs necessary for conducting the ordinary operations of the road. Such payments to the city treasurer shall be made at the end of every calendar month, and shall be by him applied to the payment of all the interest and principal due as aforesaid. And any person who shall pay or apply any moneys received as aforesaid, in any manner contrary to the foregoing provisions, shall be liable therefor, and the same may be recovered in an action for money had and received, in the name of the city treasurer, whose duty it shall be to sue for the same, to be by him held and applied as herein required.

How enforced, and powers of S.

thereto.

SECT. 8. For the purpose of effecting the objects prescribed in J. court in regard the two preceding sections, the mayor and aldermen may cause a suit in equity to be instituted in the name of the city of Rockland, in the supreme judicial court, in the county of Knox, against said company, directors or any other person as may be necessary for the purpose of discovery, injunction, account, or other relief under the provisions of this act; and any judge of the court may issue a writ of injunction, or any other suitable process, on any such bill, in vacation or in term time, with or without notice, and the court shall have jurisdiction of the subject matter of such bill, and shall have such proceedings, and make such orders and decrees, as may be within the power, and according to the course of proceedings of courts of equity, as the necessities of the case may require.

Directors and officers, election of.

City may appoint two directors.

and compensa

tion.

Limitation.

SECT. 9. If the said railroad company shall, after notice of possession as aforesaid, neglect to choose directors thereof, or any other necessary officers, or none such shall be found, the mayor and aldermen of the city shall appoint a board of directors, consisting of not less than seven persons, or any other necessary officers, and the persons so appointed shall have all the power and authority of officers chosen or appointed under the provisions of the act establishing said company, and upon their acceptance such officers shall be subject to all the duties and liabilities thereof.

SECT. 10. The city shall appoint two of the directors of the said railroad company from among the stockholders, who shall be chosen annually by the city council in joint ballot, before the annual meeting of said company for the choice of their officers, -their authority who shall have the same authority in transacting the business of said company, and who shall be entitled to like compensation from the company, as any other director. But the right to choose such directors shall cease when the loan contemplated is extinguished. SECT. 11. As an additional or cumulative protection for said ed, and conditions city, all liabilities which by said city may be assumed or incurred under or by virtue of any of the provisions of this act shall at the time, and by force thereof, and for the security and payment of the same, create in favor of said city a lien on the whole of said railroad, its franchise, and all its appendages, and all real and

bien, how enforc

of.

personal property of said railroad corporation, which lien shall CHAP. 380. have preference and be prior to all other liens and incumbrances whatever on the said road and all the other property of said railroad corporation, and said lien shall be enforced and all the rights and interests of said city shall be protected when necessary by suitable and proper judgments, injunction or decrees of said supreme judicial court, on a bill or bills in equity, which power is hereby specially conferred on said court. And it is hereby pro- Acceptance of vided that the said lien provided for in this section shall not be deemed waived or ineffectual by the acceptance on the part of said city of any mortgage or other securities contemplated by the provisions of this act, or otherwise.

act, mode of.

effect.

SECT. 12. This act shall not take effect or be of any force until When to take the city council of said city by a concurrent vote of at least twothirds of the members of each branch present and voting, shall submit the same to a vote of the people of the city, and the legal voters of the city in legal ward meetings, shall by a vote of twothirds of all the votes thrown in the city at such meetings adopt the same. But if within one year from the approval of this act the city shall accept this act by such concurrent vote of the city council and of the citizens as aforesaid, then the act shall be in force thereafter, and be binding upon the city according to its true tenor and effect, but not otherwise.

SECT. 13. This act shall take effect when approved.

Approved February 28, 1870.

Chapter 380.

An act to incorporate the Hartland Savings Bank.

Be it enacted by the Senate and House of Representatives in Legislature assembled, as follows:

SECT. 1. Archibald Linn, Enoch E. Brown, James Fuller, Corporators. Harris Pushor, Lawrence Williams, S. E. Prescott, George Lancey, John S. Page, H. J. Robinson, J. H. Chapman, A. J. Moore, A.

T. Bowman and George C. Goodale, their associates, successors and assigns, are hereby constituted a body politic and corporate

by the name of the Hartland Savings Bank, with full power by Name and powers. that name to prosecute suits at law and in equity, to have and to

use a common seal, and to establish such by-laws, rules and regu- By-laws.
lations, as are necessary for the government and management of
their concerns, and not repugnant to the laws of this state. Said
corporation shall be established in the village of Hartland, in the Location.
county of Somerset, and shall be subject to all the liabilities and

CHAP. 380. the duties, and enjoy all the rights and privileges, conferred upon similar institutions by the laws of this state.

Deposits.

Income and profits.

First meeting.

Members.
Officers.

SECT. 2. Said corporation is hereby authorized to receive deposits of money, and to issue certificates therefor, and such deposits of money shall be used as they shall deem most for the interest and benefit of said corporation; and such deposits may be withdrawn at such reasonable times, and in such manner as said corporation shall appoint, and the net income or profit thereof shall be divided among the depositors, their executors or assigns, in just proportion.

SECT. 3. Archibald Linn and Enoch E. Brown, named herein, are authorized to call the first meeting of said corporation, by giving seven days notice, in writing, to each person named herein, of the time and place of said meeting, at which meeting and at every subsequent annual meeting, said corporation may elect by ballot any person or persons as members thereof, may choose such officers as may to them seem proper for their organization and government, who shall continue in office one year, and until others are chosen and qualified in their stead; and the persons elected treasurer and secretary, before entering upon their official duties, Official bond, &c. shall be sworn to the faithful performance thereof, and the treasurer shall also give bond satisfactory to such corporation for the faithful discharge of his duties; provided, that the offices of treasurer and secretary may, if deemed advisable, be held by the same person, and be appointed by the trustees of said corporation, and shall hold said offices at the pleasure of the trustees.

Proviso.

Conveyances.

Annual meeting.

Corporate members.

SECT. 4. All deeds of conveyance, covenants and grants made in behalf of said corporation, shall be sealed with the corporate seal, and when made in pursuance of any vote of the corporation, shall be valid and effectual to convey real or personal property, or bind the corporation.

SECT. 5. The annual meeting of this corporation shall be holden in the month of May, and at that meeting and all other meetings, it shall require seven members at least to constitute a quorum for the transaction of business; and meetings may be directed at other times by the president or the corporation, and said corporation may provide in what manner their meetings shall be notified and called.

SECT. 6. The number of corporate members of the Hartland Savings Bank shall not be less than ten nor more than twenty; and such corporation, at any legal meeting, may establish by-laws, providing that members removing from the state, or failing to attend the annual meetings for two years in succession, unless excused by said corporation, shall cease to be members thereof. SECT. 7. This act shall take effect when approved.

Approved February 28, 1870.