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AN ACT TO INCORPORATE THE BOSTON MORTGAGE COMPANY. Ch. 270. Be it enacted, &c., as follows:

SECTION 1. William Endicott, Jr., Abner I. Benyon, Corporators. Charles H. Dalton, Edward Atkinson, J. Warren Merrill, James B. Thayer, Albert Crosby, Henry S. Russell, Rudolph Schleiden, Seth Turner, Corydon Beckwith, Austin Sumner, William Claflin, George B. Clapp, David R. Greene, John J. McKinnon, their associates and successors, are made a corporation by the name of the Name and pur"Boston Mortgage Company," for the purposes hereinafter pose. set forth, to have its place of business in the city of Boston, and to be subject to the provisions of all general laws which now are or hereafter may be in force in relation to such corporations.

business until

SECTION 2. The capital stock of said company shall Capital stock. be two million dollars, to be paid in at such times and in such manner as the board of directors may decide; pro- Not to begin vided, that said company shall not begin the transaction capital is paid of business until the whole capital stock shall be sub- in. scribed for and paid in in cash to the satisfaction of the savings-bank commissioner of this Commonwealth.

secured by real

SECTION 3. The said corporation may make loans of May make loans money, secured by conveyances of real estate; may take estate. and hold bonds, notes, or other proper evidences of debt made payable to said company and secured by deed of trust or mortgage of real property of a cash value not less than double the amount of the loan; may sell and dispose of the securities so taken; may guarantee the regular payment of the principal and interest of any bonds, notes or other evidences of debt secured by deed of trust or mortgage of real estate lying in Massachusetts, and may purchase real estate or other property at any public auction sale thereof duly advertised with terms of sale and made under or by virtue of any such loan, debt, deed of trust or mortgage, but said company shall not Not to loan on loan on any property upon which there is a prior mort- property. gage, encumbrance or lien. Fifty per centum of all Fifty per cent. loans shall be made upon real estate in this Common- real estate in this wealth, and no direct or indirect discrimination shall be State. made against small loans, if they are not less than one thousand dollars in amount.

incumbered

of loans to be on

able at office in

SECTION 4. All bonds, notes and other evidences of Notes, &c., paydebt taken by said company for money loaned, shall be Boston. payable to said company at its office in the city of Boston,

Transfers.

Fund for guaranteeing real estate securities.

in U. S. or Mass. bonds.

and shall pass by delivery, by transfer on the books of said company in the city of Boston, or by certificate of its transfer agent at such other place as it may appoint. No transfer, except on the books of the company or by certificate of its transfer agent, shall be valid unless the last transfer shall have been to bearer. A complete record of such transfers by said transfer agents shall be forwarded to and kept at the office of the company in Boston. All such bonds, notes, or other evidences of debt shall at all times be subject to registration or to be made transferable to bearer at the option of any lawful holder thereof, without charge therefor.

SECTION 5. No real estate securities shall be guaranteed unless a guarantee fund of not less than fifty thousand dollars shall have first been set aside from the capital stock paid in, and the company shall set apart, as an additional guarantee fund, ten per centum of its net earnings, until the said ten per centum and the said fifty thousand dollars, with the accumulated interest thereon, To be invested shall amount to one-fourth of the capital stock. Said guarantee fund shall be invested in the bonds of the United States or of the Commonwealth of Massachusetts. and the principal and interest thereof shall remain, be held and applied, so long as the said company shall continue liable upon any such guarantee, solely to secure the payment of the principal and interest of said guaran teed securities provided, however, that the capital and guarantee fund, taken together, shall not at any time be less than ten per centum of the whole amount guaranteed and secured by endorsement at that time.

Proviso.

Shareholders held individually liable,

equally and ratably, for all debts.

Real estate to be

sold within two years.

SECTION 6. The shareholders of said corporation shall be held individually liable, equally and ratably and not one for another, for all contracts, debts and engagements of such association, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. The provisions contained in chapter two hundred and twenty-four of the acts of the year eighteen hundred and seventy, sections forty to forty-nine inclusive, shall apply to and regulate the enforcement of this liability.

SECTION 7. All real estate purchased or acquired by said company under or by virtue of any deed of trust or mortgage, shall be sold within two years after such purchase or acquisition.

turns to be made to commissioner of savings

banks.

SECTION 8. The said company shall semi-annually Semi-annual remake a return to the commissioner of savings banks of this Commonwealth on or before the second Monday of b May and November, which shall be signed and sworn to by a majority of its board of directors, stating the full amount of its capital stock, the amount of its guarantee fund, the amount of all its liabilities direct and indirect, and in detail the amount of the securities guaranteed, and of all its investments in real estate securities, and in general the exact financial condition of said corporation. Said commissioner shall have the same access to the vaults, books and papers of said company, and it shall be his duty to inspect, examine and inquire into its affairs, and to take proceedings in regard to them, in the same manner and to the same extent as if the corporation were a savings bank.

estate.

SECTION 9. Said corporation shall have the same Power to hold power to hold, purchase and convey real estate and and convey real personal property necessary for the purposes of its organization, that is given to corporations organized under the general law by chapter two hundred and twenty-four of the statutes of eighteen hundred and seventy.

SECTION 10. Said corporation, for purposes of tax- Taxation. ation, shall be subject to the provisions of chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five and to any acts existing or that may hereafter be passed in amendment thereof, and also to the provisions of all general laws relating to the taxation of corporations, so far as the same may be applicable; and the returns to be made by said corporation shall be those provided for in section eight of this act, and those required by chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five, and by acts passed in amendment thereof, and those which may be required by general laws from all corporations in this Commonwealth.

open for inspec

holders.

SECTION 11. The books of said company shall at all Books to be times be open for inspection to the stockholders and to all tion to the stockholders of bonds, notes or other evidences of debt guaranteed by the said company; and every stockholder shall be furnished with a copy of this charter.

SECTION 12. This act shall take effect upon its passage.
Approved May 6, 1873.

Ch. 271. AN ACT TO SUPPLY THE VILLAGE OF ATTLEBOROUGH WITH WATER

Attleborough village to be supplied with

water.

May establish

and hydrants.

FOR THE EXTINGUISHMENT OF FIRES AND FOR OTHER PURPOSES.

Be it enacted, &c., as follows:

SECTION 1. The inhabitants of the village of Attleborough in the county of Bristol, liable to taxation in the town of Attleborough and residing within a radius of half a mile from the centre of the passenger depot of the Boston and Providence Railroad in said village, shall constitute a water district, and are made a body corporate by the name of the Attleborough water supply district, for the purpose of providing a reservoir of water for the extinguishment of fires, for generating steam and for domestic purposes, with power to convey water to different parts of said district; to establish public fountains and hydrants public fountains and regulate their use, or discontinue the same, and to fix and collect rents for the use of such water; and said district is also empowered to purchase a suitable site and to build and maintain a reservoir for the uses aforesaid, in such part of said district as it may determine; but in case said district cannot agree upon a site for said reservoir by a vote of two-thirds of the legal voters of said district, present and voting thereon at a meeting called for the purpose, or cannot agree with the owner of the land upon the price thereof, the selectmen of the town, on the application of the prudential committee or seven or more of the legal voters in said district, are authorized to select the location, not exceeding forty square rods of land, and to determine the damage to be paid to the owner of the land so selected, in the manner provided in sections thirtyeight and thirty-nine of chapter thirty-eight of the General Statutes and subject to the right of appeal as therein provided.

Selectmen may
select site for
reservoir if vot-
ers of district
cannot agree,
&c.

May take water from Ten Mile River.

May construct conduits and drains.

SECTION 2. Said district is also empowered to take water from the Ten Mile River within the limits of the district and convey the same to all parts thereof, and may, with the approval of the selectmen of the town, take and hold all land necessary for raising, holding and preserving such water, and may erect thereon proper dams, buildings, fixtures and other structures, and may make excavations and procure and operate any machinery therefor: and may also construct and lay down conduits, pipes and drains under or over any water-course, and under any railroad and under and along any street, highway or other way in said town, in such manner as will do the least

damage, and for the purpose of constructing, laying down, maintaining and repairing such conduits, pipes and drains, and for all other purposes of this act, may dig up any such street, highway or other way; but all things done upon any street, highway or other way shall be subject to the direction of the selectmen of the town, and all things done upon any railroad shall be subject to the direction of the county commissioners for the county of Bristol. Within sixty days after the time of taking any Description of land as aforesaid, the district shall file in the registry of filed in registry deeds for the county in which such land lies, a description of deeds. thereof sufficiently accurate for identification, together with a statement of the purposes for which the same is taken.

land taken to be

tion.

SECTION 3. For the purpose of defraying necessary May raise expenses and liabilities incurred in the construction and money by taxa. maintenance of said works, said district upon a two-thirds vote of its legal voters, present and voting at a meeting called for the purpose, may raise by taxation on the polls and estates of the persons residing within its limits, and of non-resident owners of real estate therein and liable to taxation in said town, any sums of money, not exceeding in the whole amount ten thousand dollars for the first year; and after that sum shall have been raised and expended for the purposes herein provided, said district may thereafter raise in the manner heretofore provided in this act, further sums of money, not exceeding one thousand dollars annually, for the purpose of extending and repairing said works.

sessed by the

town.

SECTION 4. Whenever a tax is duly voted by said Tax to be asdistrict, the clerk shall render a certified copy of the assessors of the record to the assessors of the town, who shall proceed, within thirty days, to assess the same on the polls and estates of the inhabitants of said district, and on nonresident owners of real estate therein, and on all real estate which any resident holds in the town, the same being under his own actual improvement.

The assessment shall be committed to one of the town collectors, who shall collect said tax in the same manner as is provided for the collection of school district taxes, and shall deposit the proceeds thereof with the town

treasurer.

SECTION 5. Instead of raising money as provided in District may section three, said district may issue bonds, signed by the issue bonds not

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