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June and December, and may continue twelve juridical days, if the business shall require it.

1852.

Critienden cir

§ 2. That the circuit court for Crittenden county shall commence on the fourth Monday in June and on the first cuit court. Monday in January, and may continue twelve juridical days, if the business shall require it.

§3. That this act shall not take effect until the first day of March, 1852.

Approved January 1, 1852.

CHAPTER 232.

AN ACT to amend the charter of the Newport Safety Fund Bank ol Ken

tucky.

§ 52 of charter amended.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the 52nd section of an act, entitled, an act to incorporate the Newport Safety Fund Bank of Kentucky, approved March 24, 1851, be and the same is so amended as that notes to be issued by said bank, of a less denomination than five dollars, may be signed by the by president or president or cashier of said bank, without being countersigned by any other officer of said bank, or by the auditor of state; and that the 55th section of said act be and the same is hereby repealed.

§ 2. That the 39th section of said act be so amended as to confer the same power on the Franklin circuit court of trying the forfeiture of the charter of said bank, as was conferred by said section on the general court.

Approved January 2, 1852.

Notes less than $5 to be signed cashier only.

39 amended:

CHAPTER 233.

AN ACT to provide for the completion of the Second Kentucky Lunatic
Asylum.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That, in addition to the appropriations heretofore made for the erection of the second Kentucky lunatic asylum, there is hereby appropriated the sum of twentyone thousand five hundred dollars, to be paid in two semiannual payments in the year 1852, and the sum of twentyone thousand five hundred dollars, to be paid in like manner in the year 1853, out of any money in the treasury not otherwise appropriated; and the auditor of public accounts is directed to issue his warrant on the treasurer for the same, on the application of the commissioners appointed under the provisions of the second and eighth sections of an act, approved February 28, 1848, concerning said asylum: Provided, however, that should there be any unappropriated money in the treasury, the two last instalments of the appropriation hereby made may be paid at an earlier day than is above specified.

Approved January 2, 1852.

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AN ACT supplemental to an act incorporating the Commercial Bank of
Paducah.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the act passed at the present session, entitled, "an act to incorporate the commercial bank of Paducah," be so amended as to change the name and style of said bank to that of "the commercial bank of Kentucky," and that all the rights and privileges granted by said charter to the commercial bank of Paducah, is granted to the commercial bank of Kentucky.

Approved January 2, 1852.

appointed

re

Bank may be ceiver, trustee

&c.

CHAPTER 254.

AN ACT to amend the charter of the Kentucky Trust Company Bank. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That, hereafter, the Kentucky trust company bank may be appointed receiver for any court in this commonwealth, trustee for any person or corporation, and treasurer for any society, person, or corporation; and whenever said bank shall be appointed to act in any of the Capital stock foregoing capacities, and shall accept the trust, the capital stock of said bank shall in every instance be bound for the faithful discharge of such trust.

liable therefor.

limit stock de posits.

§ 2. Whereas, by the terms of the original charter of said bank, the amount of stock deposits authorized to be made Directors may therein is unlimited; for remedy whereof, Be it further enacted, that the directors of said bank may, at any time, limit the amount of such stock deposits, by their by-laws, to any sum which, in their judgment, will be the best policy for said bank and the community.

notes.

Not to exceed capital stock.

on presentation.

§3. That the said bank shall hereafter have the privilege Bank may issue of issuing bank notes, payable to the bearer in gold and silver coin on demand, at its banking-house, of denominations not less than one dollar; but the amount so to be issued shall at no time exceed the amount of the stock of said bank actually paid in; and all such notes, when preTo be redeemed sented at said banking house in regular banking hours, and payment demanded, shall be redeemed by said bank in gold or silver coin of the United States; and if said bank shall at any time fail or refuse to redeem any of such notes, when so presented, or unnecessarily delay the payment of the same, said bank shall forfeit and pay to the holder of such note or notes damages at the rate of twelve per cent. per annum, for the delay occasioned, to be recovered by action in any court of justice within this commonwealth having jurisdiction thereof; and for any such refusal or delay, it shall be lawful for the circuit court for the county in which said bank is situated, upon petition filed and sworn

For failure to

redeem, 12 per

cent. damages

forfeited.

In such cases,

circuit court

way close up its

concerns.

to by any citizen of this state, to appoint a commissioner to take possession of all the books, papers, money, and other property of said bank, and close its affairs, under such orders and judgments as may by said court be rendered in the premises, and apply all and singular the effects of said bank to the payment of its creditors, pro rata, according to the several demands.

Approved January 2, 1852.

1852.

CHAPTER 259.

AN ACT to incorporate the Commercial Bank of Paducah.

Style of corporation and am't

Powers of the corporation.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That there shall be and is hereby estab- of capital stock. lished, a bank, by the name of "the Commercial Bank of Paducah," with a capital of five hundred thousand dollars, to be divided into shares of one hundred dollars each, and to be subscribed and paid for by individuals, companies, and corporations, in the manner hereinafter specified; which subscribers and stockholders, their successors and assigns, are hereby created a body politic and corporate, by the name and style of "the Commercial Bank of Paducah," and shall so continue a body politic and corporate until the first day of May, 1880; and, by that name under the restrictions hereinafter named, shall be competent to contract and be contracted with, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts or places, in all matters whatsoever, as natural persons, with full power to acquire, hold, possess, use, occupy, and enjoy, and the same to sell, convey, and dispose of, all such real estate, goods, effects, and chattels, as shall be convenient for the transaction of its business, or which may be conveyed to said bank as surety for any debt, or purchased in satisfaction of any judgment or decree in favor of the bank, or in the purchase of any property on which said bank may have a lien; and said bank may have and use a common seal, change, alter, and renew the same at pleasure; and it may ordain and put in execution such by-laws, rules and regulations for the good government of said bank, and the prudent and efficient management of its affairs, as may be thought most proper: Provided, that they be not contrary to the constitution and laws of this state or the United States.

§ 2. The said bank shall have and keep its principal office of discount and deposit in the town of Paducah; and it shall have one other office of discount and deposit in the town of Harrodsburg, Mercer county; and one other at Versailles, in Woodford county. The business shall be to loan money, discount promissory notes and bills, and deal in exchange; and it may issue bills and bank notes, paya

Principal and branches.

Issues.

1852.

notes to signed.

be

ble to bearer on demand, at either of its offices of discount and deposit, but not of less denomination than one dollar; and it shall not issue any notes, bills, checks, or orders, payable to bearer, other than such as are made payable on demand. The promissory notes made payable to any person or persons, and payable and negotiable at the principal office of discount and deposit, or branches of said bank, or at any other bank, and indorsed to and discounted by said bank, shall be and they are hereby put on the same footing as foreign bills of exchange, and remedy may be had, jointly or severally, against the drawer and indorser, and with like effect, except as to damages, and except that in a regular course of administration, they shall have no other or greater dignity, or priority of payment, than other notes; and the said bank shall not, directly or indirectly, deal or trade in any thing except in loaning money and exchange, and in gold or silver coin and bullion, or in the sale of goods, chattels, rights, credits, really and truly pledged for money lent, and not redeemed in time, or goods which shall be the proceeds of its lands.

§3. The bank notes to be issued by said bank, shall be By whom the signed by the president of the principal bank, and countersigned by the cashier thereof; and said bank shall be restrained from issuing checks or orders payable at either of its offices or elsewhere, to any person or order, or to any person or bearer, with the intent that the said checks or orders shall circulate as bank notes.

directors liable.

4. Said bank shall not, at any time, owe, whether by bond, bill, note, or other contract, an amount exceeding twice the amount of the capital stock actually paid in, exPresident and clusive of sums due on deposits; and, in cases of excess, the president and directors, under whose administration it shall have taken place, shall be liable for any or all of the debts of said bank, in their individual capacities, by a joint or several actions or modes of proceedings usual in the courts of this commonwealth, against them or any of them, their heirs, executors, or administrators, in any court having jurisdiction thereof, by any creditor or creditors of said bank, and shall be prosecuted to judgment and execution, any condition or agreement to the contrary notwithstanding: Provided, that if the president or any of the directors may be absent when the excess may be contracted or created, or, being present, shall dissent from the act by which the excess is about to be contracted or created, he or they shall not be liable under this section, if he or they shall, within ten days from the creation of such excess, or discovery thereof, make affidavit of their absence or dissent, and file the same for record with the recording officer of the county; and shall, moreover, within ten days, give notice thereof in one of the public newspapers printed in this state, and transmit a copy thereof to the governor of this state for

the time being; and shall, in said notice, call a meeting of the shareholders, which they are hereby authorized to do.

§ 5. Said bank shall not, at any time, suspend, fail, or refuse payment, in gold or silver, of any of its notes, bills, or other obligations, due and payable, or any moneys on deposit; and, in such case, the officers, in the usual banking hours, at the office of discount and deposit, where the same shall be payable, shall refuse payment, in gold or silver, of the amount of any note there demandable and presented for payment, or the payment of any money previously deposited at such office, and then due and demandable, by any person or persons entitled to receive payment of the same, said bank shall be liable to pay damages, at the rate of six per centum per annum on the amount thereof, from the time of such failure or refusal until payment thereof; and for such failure or refusal, or for any violation of this charter, the same may be forfeited; and a scire facias may be sued out in the name of the commonwealth, by the attorney general, by order of the governor for the time being; and such proceedings may be had as to declare such forfeiture by the judgment of a court; and from and after the judgment of forfeiture, said corporation shall cease to exercise any of the powers and privileges hereby granted: Provided, said forfeiture shall not be construed to prevent said bank from suing and being sued, and continuing its operations for the purpose of closing its concerns, nor from making any contracts that may be convenient and proper for that purpose.

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Who to control

Directors chos

§ 6. The real and personal estate, business, property, the affairs. funds, and prudential concerns of said bank, and the administration of its affairs, shall be under the direction, management, and control of five directors, chosen as hereinafter directed. They shall be stockholders, and, after the first election, shall have been stockholders at least three months previous to their election. They shall be residents of this state, and citizens of the United States; and, after the first election, they shall be elected annually on the first Monday in May in each year. Each director shall be a stockholder in his own right; they shall hold their offices for one year, and until their successors shall be chosen. The directors shall be chosen by the shareholders, who shall meet at the annual elections in the town of Paducah, at such time and place as the directors, for the time being, shall direct; and notice of the time and place of holding the annual election shall be published in at least two authorized newspapers, thirty days next preceding the election. The election shall be by plurality of votes, to be counted and read in public, after all the votes are taken; the election shall be conducted under the direction of three shareholders, acting under oath and previously chosen by the directory, and not of their own body. No person, who is a director

en.

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