CHAP. 450. the whole to more than one hundred dollars.

Rules.

May fill vacancies.

Notice of assessments.

Neglect to pay, shares may be sold by auction.

Overplus, how disposed of.

Toll granted and established.

property, construction of wheels, form of cars, &c.

They may establish rules for the government of their own proceedings, and may fill any vacancy which may occur in their own board subsequent to the regular annual meeting.

SECT. 7. The treasurer shall give notice in the manner prescribed by the by-laws of all assessments ordered by the directors; and if any stockholder shall neglect for the space of thirty days after such notice is given to pay any assessment on his share or shares, the directors may order the treasurer to sell such share or shares by public auction to the highest bidder, after giving such reasonable notice of the time and place of sale as the directors may prescribe, and such share or shares shall be duly transferred to the purchaser; and such delinquent stockholder shall be held accountable to the corporation for the balance, if such share or shares shall sell for a less amount than the assessments due thereon, with interest and cost of sale, and in like manner shall be entitled to the overplus in the event that the proceeds of the sale shall exceed the assessments, interest and costs of sale.

SECT. 8. A toll is hereby granted and established for the sole benefit of said corporation, upon all passengers and all property of all descriptions which may be conveyed or transported by them upon their railway, at such rates as may be agreed upon or established from time to time by the directors. The transportation of Transportation of persons and property, the construction of wheels, the forms of cars and carriages, the weights of loads, and all other matters and things relating to the construction, running and management of said railway, shall be in conformity with such regulations as the directors may from time to time prescribe. The legislature may authorize any other company to make connection with the railway of this corporation at any point on the line of its route, and no discrimination in the rates of freight or passengers shall be made by this corporation, nor by any party or parties who may operate its line of railway or any part thereof, against railroads having the right to connect with the railway of this company; but all passengers and all freight coming from or going to such connecting roads shall be transported promptly and at the same rates of toll and freight prescribed by said corporation for transportation commencing and terminating on its own line of railway.

Connections with

other railways,

transportation of

passengers and freight.

By-laws.

SECT. 9. Said corporation shall have power to make, ordain and establish all necessary by-laws and regulations consistent with the constitution and laws of this state, for their own government and for the due and orderly conducting of their affairs and the management of their property; and it is also hereby empowMay lease line of ered to make connection with any other railroad, or to lease its line of railway, either before or after its completion, to any other railroad company, upon such terms as may be mutually agreed

railway.

Bonds issuing of,

authorized.

upon. And for the purpose of raising money wherewith to build CHAP. 450. and equip its road or to pay debts contracted for that purpose, said corporation may issue its bonds in sums not less than one hundred dollars, and may secure the same by a mortgage of its Mortgage of propline of railway, and all its real and personal property, the franchise erty. included, and such bonds shall be good and binding upon the corporation though sold at less than par value.

of.

SECT. 10. The annual meeting of said corporation shall be Annual meeting. holden at such time as the by-laws shall prescribe and at such place as the directors for the time being shall appoint, at which meeting the directors shall be chosen by ballot, each stockholder Directors, election by himself or by proxy being entitled at all meetings of the corporation to as many votes as he holds shares; and the directors are hereby authorized to call special meetings of the stockholders Special meetings. whenever they shall deem it proper and expedient. Notice of all meetings of the stockholders shall be given in such manner as the Notice of by-laws shall require or as the directors for the time being shall meetings.

order.

SECT. 11. All real estate purchased by said corporation as herein authorized, shall be taxable to said corporation in the towns in which it may be situated, in the same manner as real estate owned by private persons in the same localities, and not otherwise; and the shares owned by the respective stockholders shall be deemed personal property, and be taxable as such to the owners thereof in the places where they reside and have their homes.

Real and personal be taxed.

estate, where to

Acceptance of

note of.

SECT. 12. Any five of the first ten corporators named in the First meeting. first section of this act, are hereby authorized to call a meeting of the corporators for the purpose of accepting this act and making a preliminary organization of the corporation, by giving notice in act, organization, the Lewiston Journal, a newspaper published at Lewiston, of the time and place and the purposes of such meeting, at least fourteen days before the time mentioned in such notice; and at such meeting they may determine when and in what manner books shall be opened for subscriptions to stock, and how subsequent meetings by whom opened. of the corporators shall be called and notified, and may transact any other business which may be deemed necessary in carrying forward and completing the organization of the corporation. The attendance of five corporators at any meeting shall constitute a Quorum! quorum for the transaction of business, but a less number may adjourn from day to day or to a time certain.

SECT. 13. If said corporation shall not be organized, and the location of its line, according to actual survey of the route, shall not be filed with the county commissioners of the several counties through which the same shall pass, on or before the first day of March, in the year of our Lord one thousand eight hundred and

Subscription books, when and

Location and

organization,

when to be made.

CHAP. 451. seventy-one, or if the said corporation shall fail to complete said railway on or before the first day of March, in the year of our Lord eighteen hundred and seventy-five, then in either of the above mentioned cases this act shall be null and void.

Legislature may inquire into

tion.

SECT. 14. The legislature shall at all times have the right to doings of corpo- inquire into the manner in which the privileges and franchises herein and hereby granted may have been used and employed by said corporation, and to correct and prevent all abuses of the same, and to pass any laws imposing fines and penalties upon said corporation which may be necessary more effectually to compel a compliance with the provisions, liabilities and duties herein set forth and enjoined, and subject to the general laws regulating railroads now upon the statute book or which may hereafter be passed by the legislature of this state.

SECT. 15. This act shall take effect when approved.

Approved March 10, 1870.

Corporators.

Name.
Purpose.

Powers and liabilities.

Expenses of im

provements may be assessed upon owners.

In case of nonpayment of tax for one year, property may be sold.

Chapter 451.

An act to incorporate the Cumberland Dyking Company.

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

SECT. 1. That Seth Scamman, Horatio Hight, Ephraim Harmon, Sewell Milliken, Ira Milliken, Frederick Waterhouse, E. T. Nutter, W. B. Nutter and C. F. Moulton, and other owners of salt marsh, lying north of the Portland, Saco and Portsmouth Railroad, in the town of Scarborough, in the county of Cumberland, and their associates, successors and assigns, are hereby created a body corporate by the name of the Cumberland Dyking Company, for the purpose of building, erecting and maintaining good and sufficient water sluices in Scarborough river and gap, where the said Portland, Saco and Portsmouth Railroad crosses, to shut out the salt water and dyke the marshes above, with all the rights and privileges and subject to all the duties and liabilities of such corporations as defined by the laws of this state.

SECT. 2. To defray the expenses of building and maintaining said sluices, this corporation shall have power to assess a tax upon said marsh, to be paid by the owners thereof according to the value of the lots owned by each, and if any tax so assessed remains unpaid one year from the time any owner shall be notified by the collector of this corporation or other officer whose duty it shall be, that his said lot has been taxed and of the amount there

of, such lot shall be sold for the payment of said tax as now provided by law for the collection of taxes upon real estate.

CHAP. 452.

SECT. 3. This corporation may choose such officers and adopt Officers and bysuch by-laws, not inconsistent with the laws of this state, as shall

be deemed necessary to carry out the provisions of this act.

laws.

SECT. 4. Any three persons named in the first section of this First meeting.

act may fix the time of holding the first meeting of this corporation

and give notice thereof to their associates; at this meeting the

corporation shall be organized, officers chosen, by-laws adopted, Organization. and the time and manner of calling future meetings be fixed. SECT. 5. This act shall take effect when approved.

Approved March 10, 1870.

Chapter 452.

An act to incorporate the Merchants Warehouse Company.

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

SECT. 1. H. Q. Wheeler, Charles B. Merrill, John E. Donnell, Corporators. Charles B. Varney, Nathan Cleaves, H. J. Libby, M. D. L. Lane and George W. Ricker, their associates and successors, are hereby created a body corporate by the name of the Merchants Warehouse Name. Company, and by that name may sue and be sued, and are hereby clothed with the powers and privileges hereinafter provided.

SECT. 2. The said corporation may acquire and hold real and personal estate to an amount not exceeding at any one time the sum of two hundred and fifty thousand dollars, with full power to manage and dispose of the same for the purposes hereby authorized.

May hold real estate.

and personal

Storage and de

posit of produce

and merchandise.

deposits.

SECT. 3. The said corporation is hereby authorized to receive upon storage or deposit in their warehouses or other buildings, grain, flour and merchandise of every kind and description; and all warehouse receipts, certificates or other evidence of the deposit Certificates of of property issued by said corporation, shall be deemed and held in the hands of bona fide holders thereof, both in law and equity, to give to such holder a good and sufficient title to the property therein named, without an actual delivery of the property itself. SECT. 4. The said corporation may also receive on deposit, Deposits of pubpublic securities, bonds and other evidences of debt, and take the bonds. custody and control of the same, and issue certificates or other evidence of such deposit, which shall be deemed and held in the hands of bona fide holders thereof, both in law and equity, to give to such a holder a good and sufficient title to the property therein named, without an actual delivery of the property itself.

lic securities and

CHAP. 453. May advance moneys and grant credits.

Rules and regulations.

SECT. 5. The said corporation may advance moneys and grant credits upon property deposited with them, upon such terms as they may prescribe, or as may be agreed on by the parties, not in violation of the laws of this state, and at legal rates of interest.

SECT. 6. The said corporation may make all necessary and proper rules and regulations respecting the deposit and storage of property, and the collection of charges thereon, and respecting the reimbursement of moneys advanced upon such property. It shall be the duty of said corporation to use all reasonable care in the liability of corpo- keeping of all property deposited with them; but they shall not be subject to any further liability therefor.

Care in keeping property, and

ration.

Capital stock.

First meeting,

how called.

SECT. 7. The capital stock of this corporation shall not be less than one hundred thousand dollars, but said corporation may commence business when fifty thousand dollars of said stock shall be actually subscribed and paid in.

SECT. 8. Any two of the corporators herein named, may call the first meeting of the said corporators, by public notice thereof, published in some newspaper in the city of Portland, seven days before said meeting.

SECT. 9. This act shall take effect when approved.

Approved March 10, 1870.

Authorized to raise money for

by two-thirds

vote.

Chapter 453.

An act to authorise the town of Bowdoinham to raise money for certain purposes.

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

SECT. 1. The inhabitants of the town of Bowdoinham, in the certain purpose, county of Sagadahoc, are hereby authorized and empowered to raise a sum of money, not to exceed eleven hundred dollars, at any legal meeting, to be expended in paying for a certain lot of land in said town on which George W. Cobb has erected a steam mill for the accommodation of said town, provided two-thirds of all the voters at any such meeting and voting are in favor of raising the

Meeting, notice of.

Proceedings.

same.

SECT. 2. The selectmen of said town on the written application of five legal voters thereof specifying the purpose, shall issue their warrant calling a meeting of said inhabitants qualified to vote in town affairs, stating therein the time, place and purpose of the meeting, which meeting shall be notified, warned and held in the same manner as town meetings in other cases are; and if twothirds of all the votes cast at such meeting are in favor of raising a sum of money not to exceed eleven hundred dollars for the pur