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Legislative control.

Chap. 86.

1812 ch. 49.

1827 ch. 36.

1830 ch. 58.

creased.

SECT. 6. Be it further enacted, That the said act may be altered or repealed at the pleasure of the Legislature. [March 12, 1831.]

An ACT to increase the Capital Stock of the Taunton Bank. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That the president, directors and company of the Capital stock in Taunton Bank, be, and hereby are authorized and empowered to increase their present capital stock, by an addition of seventyfive thousand dollars thereto, in shares of one hundred dollars each, which shall be paid in such instalments, and at such times, as the president and directors of said bank may direct and determine provided, however, that the whole amount shall be paid in on or before the first day of October next.

Additional capital subject to tax, &c.

:

SECT. 2. Be it further enacted, That the additional stock aforesaid shall be subject to the like tax, regulations, restrictions and provisions to which the present capital stock of said corporation is now subject. [March 15, 1831.]

Chap. 87. Andon to confirm, Silas pertson in the location of his Dam across Little River, in the

Town of Newbury, in County of Essex.

SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of S. Pearson con- the same, That Silas Pearson, his heirs and assigns, be confirmfirmed in the lo-ed and established in the present location of said dam across

cation of his

dam.

Damages.

Chap. 88.

Persons incorporated.

Little river, in said town of Newbury, for the purpose of retaining water, to carry a tide mill, (agreeably to a grant from the said town, in the year 1689,) in as full and ample a manner as if the said dam had been erected by the authority of this court: provided, said dam shall at no time hereafter be raised above the common level of the marsh.

Sect. 2. Be it further enacted, That said Pearson, his heirs and assigns, shall pay damages to the owners of lands whose lands respectively shall be more flowed in consequence of the removal of said dam from its former location, said damages to be ascertained in the same manner that damages for flowing lands are by law ascertained. [March 15, 1831.]

An ACT to incorporate the Rotch's Wharf Company. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That William Rotch, Jr., Samuel Rodman, Elizabeth Rodman, Mary Rotch and Benjamin Rotch, and their associates, successors and assigns, be, and they hereby are constituted a body politic and corporate, by the name of the Rotch's Wharf Company, and the said corporation are hereby declared and made capable in law to sue and be sued, implead, and be impleaded; to have a common seal, and the same to alter and renew at pleasure; to make rules and by-laws for the regulation and management of their property, consistent with the laws of this Commonwealth, and generally to do and execute whatever by law shall appertain to bodies politic.

SECT. 2. Be it further enacted, That said corporation be, Real estate deand hereby is declared and made capable to have, hold and pos- scribed. sess the following described real estate, situated in the town of New Bedford, and county of Bristol, viz: beginning at the southeast corner of William Rotch, Junior's, stone store, and running northerly by the line of said store to a water lot owned by the heirs of the late Thomas Hazard, Jr., deceased; thence running easterly to the channel of Acushnet river, in the line dividing the property of the aforesaid heirs of the late Thomas Hazard, Jr., and of the heirs of the late William Rotch; then beginning at the first mentioned corner of William Rotch, Jr.'s stone store, and running easterly to the channel of the aforesaid river, in a line dividing the property of the heirs of the late Humphrey Hathaway, deceased, and William Rotch, Jr., and of the heirs of the late William Rotch, and the wharves and buildings embraced in said boundaries. Also, a lot of land west of the said wharf property, beginning at the northeast corner of William Rotch, Jr.'s stone store aforesaid, and running westerly to the northeast corner of a store now occupied by Charles V. Card, thence northerly to a shed occupied by Samuel Rodman, thence easterly to the line first described in this section, containing about one hundred and eighteen feet square, for the purpose of depositing oil and other merchandize thereon, or however otherwise the said estate may be bounded, with all the rights, privileges and appurtenances thereof. And the said corporation shall have power to sell, grant and convey, in fee simple or otherwise, their corporate property, or any part thereof, and lease, manage and improve the same, according to the will and pleasure of said corporation, expressed at any legal meeting.

and personal

SECT. 3. Be it further enacted, That said corporation shall Amount of real have power to hold real and personal estate, not exceeding one estate. hundred thousand dollars in value, appertaining to the above described premises.

SECT. 4. Be it further enacted, That William Rotch, Jr., First meeting. be, and he is hereby authorized to call the first meeting of said proprietors, by giving personal notice, ten days at least previous to the said meeting, of the time and place at which it is to be holden, and the said corporation may at such meeting prescribe the mode of calling future meetings, and may elect such officers as they may deem proper and necessary for managing their corporate affairs.

control.

SECT. 5. Be it further enacted, That this act may be altered Legislative or amended, at the pleasure of the Legislature. [March 15, 1831.]

An ACT to reduce the capital stock of the Fall River Bank.

Chap. 89. SECT. 1. BE it enacted by the Senate and House of Repre- 1824 ch. 135. sentatives, in General Court assembled, and by the authority of 1826 ch. 125. the same, That, from and after the first Monday of April next, the capital stock of the corporation created by an act passed on the twenty-sixth day of February, in the year of our Lord one

1830 ch. 58.

Reduction of capital stock.

[Capital increased, 1836 ch. 91.]

Number of shares.

When dividend

of capital stock may be made.

thousand eight hundred and twenty-five, and also by an act passed on the tenth day of March, in the year of our Lord one thousand eight hundred and twenty-seven, by the name of the President, Directors and Company of the Fall River Bank, be, and the same hereby is reduced to the sum of one hundred and fifty thousand dollars.

SECT. 2. Be it further enacted, That the number of shares in said capital stock shall remain the same as now established.

SECT. 3. Be it further enacted, That no dividend of the capital stock of said bank, as now existing, shall be made, until it shall have been proved, to the satisfaction of the governor and council, or of commissioners, by them appointed, at the expense of said corporation, that the sum, to which the said capital stock is to be reduced, is sufficient to pay all notes in circulation, and all deposits, and other demands existing against said corporation, and that nothing contained in this act shall be construed to affect the liability of the corporation, or of the individual stockholders, as established by the original act incorporating said bank, or by any other existing law. And the said corporation shall be holden to pay into the treasury of this Commonwealth, their proportion of the tax now required to be paid by law upon the existing capital of said bank, until the same shall be reduced as aforesaid, and all arrearages of taxes paid. [March 15, 1831.] Add. act, 1836 ch. 91.

Chap. 90. An ACT authorizing the Supreme Judicial Court to hear, and determine in equity, all

Chap. 91.

porated.

matters relating to the donation of Benjamin, Count Rumford to the American Academy of Arts and Sciences.

BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, That the justices of the supreme judicial court be, and they hereby are authorized and empowered to hear and determine in equity, any and all matters relating to the donation of Benjamin, Count Rumford, to the American academy of arts and sciences, and to make all necessary or proper orders and decrees touching the [March 16, 1831.]

same.

An ACT to incorporate the Fairhaven Insurance Company. SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the Persons incor- same, That Asa Swift, junior, Lemuel Tripp, Warren Delano, Rowland Gibbs, and F. R. Whitwell, with their associates, successors and assigns, be, and they hereby are incorporated into a company and body politic, by the name of the Fairhaven Insurance Company, with all the powers and privileges granted to insurance companies, and subject to all the restrictions, duties and obligations contained in a law of this Commonwealth, entitled an act to define the powers, duties and restrictions of insurance companies," passed on the sixteenth day of February, in the year of our Lord one thousand eight hundred and eighteen, and in a law of this Commonwealth, entitled "an act authorising the several insurance companies in this Commonwealth to insure

Powers and duties.

1817 ch. 120.

1819 ch. 141.

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against fire," passed on the twenty-first day of February, in the year of our Lord one thousand eight hundred and twenty, for and during the term of twenty years after the passing of this act; and by that name may sue and be sued, plead and be impleaded, appear, prosecute and defend to final judgment and execution; and may have a common seal, which they may alter at pleasure; and may purchase, hold and convey any estate, real or personal, for the use of said company provided, the said real estate shall Real estate. not exceed the value of twelve thousand dollars, excepting such as may be taken for debt, or held as collateral security for money due to said company.

SECT. 2. Be it further enacted, That the capital stock of Capital stock, said company shall be one hundred thousand dollars, and shall be shares, &c. divided into shares of one hundred dollars each, fifty thousand dollars of which shall be paid in money, within sixty days after the first meeting of the said company, and the residue within one year from the passing of this act, in such instalments, and under such penalties, as the president and directors shall, in their discretion, direct and appoint. And the said capital stock shall not be sold or transferred, but shall be holden by the original subscribers thereto, for and during the term of one year after the said company shall go into operation.

rectors.

SECT. 3. Be it further enacted, That the stock, property, Number and affairs and concerns of the said company shall be managed and election of diconducted by nine directors, one of whom shall be president thereof, who shall hold their office for one year, and until others are chosen, and no longer; and who shall, at the time of their election, be stockholders in said company, and citizens of this Commonwealth, and shall be elected on the second Monday of January, in each and every year, at such time of the day, and such place in Fairhaven, as a majority of the directors for the time being shall appoint, of which election public notice shall be given in one or more newspapers printed in New Bedford, ten days at least previous to the meeting; and the election shall be made by ballot, by a majority of the stockholders present, al- Right of voting. lowing one vote to each share in the capital stock: provided, that no stockholder shall be allowed more than ten votes; and absent stockholders may vote by proxy, under such regulations as said company shall prescribe. And if, through any unavoidable accident, the said directors should not be chosen on the second Monday of January, as aforesaid, it shall be lawful to choose them on any other day, in the manner herein provided.

SECT. 4. Be it further enacted, That the directors, when President. chosen, shall meet as soon as may be after every election, and shall choose out of their body one person to be president, who shall be sworn or affirmed to the faithful discharge of the duties of his office, and who shall preside for one year. And in case of the death, resignation or inability to serve of the president, or any director, such vacancy or vacancies shall be filled for the remainder of the year in which they happen, by a special election

Board for doing business.

First meeting.

Limitation of risks.

Location.

porated.

for that purpose, to be held in the same manner as herein before directed respecting annual elections of directors.

SECT. 5. Be it further enacted, That the president and four of the directors, or five of them in his absence, shall be a board competent to the transaction of business; and all questions before them shall be decided by a majority of votes; and they shall have power to make and prescribe such by-laws, rules and regulations, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of said company, and the transfer of the shares, and touching the duties and conduct of the several officers, clerks, and servants employed, and the election of directors, and all such matters as appertain to the business of insurance; and shall also have power to appoint a secretary, and as many clerks and servants for carrying on the business, and with such salaries and allowances to them and to the president, as to the said board shall seem meet provided, such by-laws and regulations shall not be repugnant to the constitution and laws of this Commonwealth.

con

SECT. 6. Be it further enacted, That any two or more of the persons named in this act, are hereby authorized to call a meeting of said company, by advertising the same in any newspaper printed in New Bedford, in two successive papers, for the purpose of electing their first board of directors, who shall co tinue in office till the second Monday of January next, and until others shall be chosen in their stead: provided, however, that this charter shall be void, unless put in operation agreeably to the terms of it, within one year from and after the passing of this act: and provided, also, that the said company shall not take any risk, or subscribe any policy, by virtue of this act, until fifty thousand dollars of the capital stock of said company shall have actually been paid in; and they shall, at no time, take any one risk, by way of a policy of insurance, maritime loan, or bottomry, or otherwise, to a greater amount than ten per cent. on their capital actually paid in.

SECT. 7. Be it further enacted, That said insurance company shall be located and kept in the town of Fairhaven ; and it shall be liable to be taxed by any general law providing for the taxation of all similar corporations. [March 16, 1831.]

in Boston.

Chap. 92. An ACT to incorporate the President, Directors and Company of the Trader's Bank SECT. 1. BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of Persons incor- the same, That Samuel May, John Brazer Davis, Thomas Thacher, Francis Watts, Levi Bartlett, John Stearns, Joshua Sears, Robert Farley, and Charles Brown, their associates, successors and assigns, shall be, and they hereby are created a corporation, by the name of the President, Directors and Company of the Trader's Bank, and shall so continue until the first day of October, which shall be in the year of our Lord one thousand eight hundred and fifty-one, and shall be entitled to all the powers and privileges, and subject to all the duties, liabilities and

Powers and duties.

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