by said bank for the aforesaid purposes exceeding in the aggregate the sum of one hundred and fifty thousand dollars. SECTION 2. This act shall take effect upon its passage. Approved February 25, 1926. Chap. 48 AN ACT RELATIVE TO THE PUBLICATION OF INFORMATION CONCERNING THE FINANCES OF THE CITY OF GLOUCESTER. Be it enacted, etc., as follows: Chapter six hundred and eleven of the acts of nineteen hundred and eight is hereby amended by striking out section eleven and inserting in place thereof the following: - Section 11. The municipal council shall at the end of each municipal year cause a full and complete examination of all books and accounts of the city to be made by competent accountants, and shall publish the result of such examination. Approved February 25, 1926. Chap. 49 AN ACT PLACING UNDER CIVIL SERVICE THE CLERICAL EM Clerical employee of selectmen of Methuen placed under civil service. Submission to selectmen, etc. PLOYEE OF THE BOARD OF SELECTMEN OF THE TOWN OF Be it enacted, etc., as follows: SECTION 1. The provisions of chapter thirty-one of the General Laws, and the rules and regulations made thereunder, shall hereafter apply to Albert Slack, the clerical employee of the board of selectmen of the town of Methuen, but without requiring him to take an examination. SECTION 2. This act shall take effect upon its acceptance by said board of selectmen at any time during the current year. Approved February 25, 1926. Chap. 50 AN ACT TO PROTECT FISH IN CERTAIN WATERS OF MENEMSHA Protection of fish in certain waters of Menemsha and Nashaquitsa ponds in town of Chilmark. Penalty. AND NASHAQUITSA PONDS IN THE TOWN OF CHILMARK. Be it enacted, etc., as follows: SECTION 1. No person shall engage in beam-trawling or otter-trawling in the waters of Menemsha pond or of Nashaquitsa pond which lie within the town of Chilmark without first securing a permit therefor from the selectmen of said town. The said selectmen may, subject to such regulations as they may from time to time prescribe, grant permits in writing to engage in beam-trawling or otter-trawling in such waters, and may charge a reasonable fee therefor. They may revoke said permits at any time. SECTION 2. Violation of this act shall be punished by a fine of not more than fifty dollars. Approved February 25, 1926. AN ACT TO INCORPORATE THE MONARCH LIFE INSURANCE Chap. 51 COMPANY. Be it enacted, etc., as follows: Insurance SECTION 1. Gurdon W. Gordon, Carlton E. Nay and Monarch Life Clyde W. Young, their associates and successors, are hereby Company, made a corporation under the name of Monarch Life In- incorporated. surance Company, to be located in the city of Springfield, for the purpose of making insurance upon lives and issuing Purpose. annuities and pure endowment contracts; with all the rights, powers and privileges, and subject to all the duties, Powers, duties, liabilities and restrictions, conferred or imposed by all etc. general laws now or hereafter in force, applicable to domestic stock life insurance companies, so far as the same are not inconsistent with the provisions of this act. surplus, ment, etc. SECTION 2. The capital stock of the corporation shall be Capital two hundred thousand dollars, divided into two thousand stock and shares of the par value of one hundred dollars each. The amount, paycapital stock together with a surplus of not less than one hundred thousand dollars shall be paid in, in cash, within twelve months after this act becomes effective; and no certificates of shares and no policies of insurance, annuities or pure endowment contracts shall be issued until the whole capital stock and surplus are so paid in. Said capital may, Increase of upon vote of the stockholders, be increased from time to capital. time as provided in section seventy of chapter one hundred and seventy-five of the General Laws. stock. members of SECTION 3. At any time when the net surplus of the Retirement corporation shall exceed twice the amount of the capital of capital stock, said stock may be retired, and in such case the policy Policy holders holders shall become members of the corporation and direct to become its affairs as in the case of domestic mutual life insurance corporation, companies, and all general laws then or thereafter in force and applicable to such companies shall apply to said corporation. Approved February 25, 1926. etc. AN ACT AUTHORIZING THE FRANKLIN TYPOGRAPHICAL SOCIETY Chap. 52 TO HOLD ADDITIONAL PERSONAL ESTATE. Be it enacted, etc., as follows: Society The Franklin Typographical Society, incorporated by Franklin chapter eighty-one of the acts of eighteen hundred and Typographical twenty-four, is hereby authorized to hold, for the purposes may hold of the society, personal estate to an amount not exceeding personal one hundred and fifty thousand dollars in value. Approved February 25, 1926. estate. AN ACT RELATIVE TO THE REQUIREMENTS FOR THE FORMA- Chap. 53 TION OF CERTAIN MUTUAL INSURANCE COMPANIES. Be it enacted, etc., as follows: SECTION 1. Section seventy-three of chapter one hundred G. L. 175, § 73, and seventy-five of the General Laws is hereby amended by amended. Issue of policies by mutual fire insurance companies. G. L. 175, § 90A, etc., amended. Issue of policies by insurance companies. striking out, in the third line, the words "nor by a mutual fire company with" and inserting in place thereof the following: and having no guaranty capital or having, so as to read as follows: Section 73. No policy shall be issued by a mutual fire company organized subsequent to April twenty-third, eighteen hundred and ninety-four, and having no guaranty capital or having a guaranty capital of less than one hundred thousand dollars, until not less than one million dollars of insurance, in not less than four hundred separate risks upon property located in the commonwealth, has been subscribed for and entered on its books. No policy shall be issued under this section until a list of the subscribers for insurance, with such other information as he may require, shall have been filed with the commissioner, nor until the president and secretary of the company shall have certified on oath that every subscription for insurance in the list so filed is genuine and made with an agreement with every subscriber for insurance that he will take the policies subscribed for by him within thirty days of the granting by the commissioner of a certificate to issue policies as provided by section thirty-two. If such officers shall make a false oath relative to such list, they shall be guilty of perjury. 66 SECTION 2. Section ninety A of said chapter one hundred and seventy-five, inserted by section seven of chapter two hundred and sixty-seven of the acts of nineteen hundred and twenty-five, is hereby amended by striking out, in the fourth and fifth lines, the words or by any such a company with" and inserting in place thereof the following: - and having no guaranty capital or having, so as to read as follows: Section 90A. No policy shall be issued by a certain mutual mutual company formed to transact business under the third clause of section forty-seven, or under clause (b) or (c) of section forty-eight A, and having no guaranty capital or having a guaranty capital of less than one hundred thousand dollars, until not less than one million dollars of insurance in not less than four hundred separate risks upon property located in the commonwealth, in case of a company formed under said third clause or said clause (b), or not less than two million dollars of insurance in not less than eight hundred separate risks as aforesaid, in case of a company formed under said clause (c), has been subscribed for and entered on its books. G. L. 175, 93B, etc., amended. Issue of policies by SECTION 3. Said chapter one hundred and seventy-five is hereby further amended by striking out section ninetythree B, inserted by section ten of said chapter two hundred and sixty-seven, and inserting in place thereof the following: Section 93B. No policy shall be issued by a mutual certain mutual company formed to transact business under clause (d) of section forty-eight A, until it has secured the applications for insurance required by sections ninety-two, ninety-three and ninety-three A, or any of them, in respect to the classes of business which it proposes to transact and until it has insurance companies. established the guaranty capital required by section ninety AN ACT TO RESTORE THE CIVIL SERVICE STATUS OF URSULA Chap. 54 F. CARLETON AND PEARL M. TOWER. Be it enacted, etc., as follows: civil service Ursula F. Tower. Ursula F. Carleton and Pearl M. Tower, who now hold Restoration of positions in the division of banks and loan agencies of the status of department of banking and insurance and who, by reason Carleton and of transfer and operation of law, have been deprived of their Pearl M. civil service status, shall hereafter hold said positions subject to the provisions of chapter thirty-one of the General Laws and the rules and regulations made thereunder, notwithstanding the provisions of section five of said chapter thirty-one. Approved February 25, 1926. AN ACT RELATIVE TO NOMINATION PAPERS AND BALLOTS FOR Chap. 55 CITY ELECTIONS IN THE CITY OF NEWTON. Be it enacted, etc., as follows: § 2, amended. papers for Chapter two hundred and sixty-one of the Special Acts of 1916. 261 (S), nineteen hundred and sixteen is hereby amended by striking out section two and inserting in place thereof the following: -Section 2. Candidates for city offices to be elected shall Nomination be nominated only by nomination papers in accordance with city elections the provisions of chapter fifty-three of the General Laws; in Newton. provided, that nomination papers for the office of mayor Provisos. shall be signed by at least one hundred voters, for members of the school committee and for alderman at large by at least fifty voters, and for alderman by ward by at least twenty-five voters of the ward in which the election is to be held, and provided further, that every nomination paper may state, in not more than eight words, the public offices which he holds or has held, and, if he is an elected incumbent of an office for which he seeks re-election, that he is a candidate for such re-election. Against the name of any such Certain statecandidate there shall be printed on the official ballot for the ments in election the statement contained in the nomination paper papers to be placing him in nomination. Approved February 25, 1926. AN ACT RELATIVE TO THE CONSTRUCTION OF SPECIAL ACTS Be it enacted, etc., as follows: nomination printed on ballots, etc. Chap. 56 Section eight of chapter four of the General Laws is hereby G. L. 4. $8, amended by striking out, in the first and fifth lines, the amended. words "or town" and inserting in place thereof in each instance the words: town or district, so as to read as follows:-Section 8. In construing any special act au- Construction thorizing a city, town or district to incur indebtedness for a of special the incurring of indebtedness by cities, towns or districts. specified purpose to a limited amount, such limitation of amount shall be deemed to apply only to the indebtedness authorized by the special act, and not to affect any other power which the city, town or district may have to incur indebtedness for said purpose under any other provisions of law; and in special acts authorizing loans to be payable by proportionate payments, such provision shall be construed to mean payments as nearly equal in amount as is possible without unreasonable fractions, but no payment of the principal shall be greater than any preceding payment. Approved February 25, 1926. Chap. 57 AN ACT TO AUTHORIZE THE NORTHFIELD SCHOOLS TO HOLD The Northfield real and per- ADDITIONAL REAL AND PERSONAL ESTATE. Be it enacted, etc., as follows: The Northfield Schools, a corporation incorporated by hold additional chapter six hundred and nine of the acts of nineteen hundred and twelve, is hereby authorized to receive by gift, grant, devise, bequest or otherwise, or to purchase, and to hold and manage, property, real or personal, to an amount not exceeding four million dollars in addition to the amount now authorized by law, and from time to time to invest and reinvest such personal property and the proceeds of any sale or exchange of such real or personal property. Approved February 25, 1926. Chap. 58 AN ACT TO ESTABLISH THE DATE FOR FILING ANNUAL COUNTY G. L. 35, § 28, etc., amended. Estimates of county fi nances, preparation, form, etc. Recording. ESTIMATES WITH THE DIRECTOR OF ACCOUNTS AND THE Be it enacted, etc., as follows: Section twenty-eight of chapter thirty-five of the General Laws, as amended by chapter three hundred and thirty-six of the acts of nineteen hundred and twenty-one, is hereby further amended by striking out, in the thirteenth line, the word "fifteenth" and inserting in place thereof the word: twentieth, and by striking out, in the sixteenth line, the word "first" and inserting in place thereof the word: tenth, so as to read as follows: Section 28. The county commissioners shall annually prepare estimates of county receipts and expenditures for the ensuing year, in the form prescribed by the director of accounts and upon blanks by him furnished, including estimates for construction and repair of county buildings, with a statement of the corresponding appropriations for the preceding year, and expenditures for each of the three preceding years, explaining any difference between the amount of an estimate and the latest appropriation for the same purpose, and citing the laws relating thereto. The clerk of the commissioners shall record the foregoing in a book kept therefor, and, on or before |