1852.

Annual meet

holders.

be held annually, on the first Monday in May in each year, in the town of Paducah, at the time of the annual elections; to which meetings the president and directors of the prin- ing of stockcipal bank shall present an accurate statement of the condition and affairs of the bank; and general meetings of the stockholders may be called as provided in the charter, or by the president and directors of the principal bank, when they esteem it desirable, or by any number of stockholders the by-laws of the corporation shall require.

§ 27. The legislature shall have the right to investigate the situation and affairs of said bank, by any committee they may appoint for that purpose, from time to time.

§ 28. The circuit court of the county where said bank shall be located, shall have jurisdiction to try the forfeiture of this charter, for the violation of any of the provisions of the same. The proceedings shall be by scire facias, alleging and specifying the acts of forfeiture relied on; and shall only be sued out at the instance of the attorney general, when directed to do so by order of the legislature or the governor for the time being; from the decisions of which court, appeals may be taken as in other cases.

§ 29. That William F. Norton, R. S. Ratcliffe, L. S. Trimble, John W. Crockett, jr., J. C. Calhoun, G. H. Morrow, H. S. Lewis, D. Watts, and Jesse H. Gardner, of the town of Paducah; James Taylor, Isaac N. Thompson, Christopher Graham, Sandford McBrayer, Christoper Chinn, Elijah Hutchinson, William Thompson, of the town of Harrodsburg and county of Mercer; David Thornton, Richard Shipp, jr., Medley Shelton, James C. Shouse, and George W. Carter, of the town of Versailles, Woodford county, are hereby appointed and constituted commissioners to open books and receive subscriptions for the stock of said bank, at their respective places; and any three of them shall superintend the election of the first board of directors. §30. The said commissioners, or a majority of them, shall have power, and they are authorized and required, at such time as they may deem it expedient, after giving twenty days notice thereof in some of the newspapers printed in this state, to open books for the subscription of capital stock of said bank at Paducah, Harrodsburg, and Versailles, and such other places as the commissioners may deem advisable, and cause the books to be kept open until at least seven hundred and fifty shares of stock shall have been subscribed for the bank at Paducah, and seven hundred and fifty shares of stock shall have been subscribed for the branch of said bank at Harrodsburg, and seven hundred shares of stock shall have been subscribed for the branch at Versailles, when the same may be closed. The commissioners at Paducah may appoint commissioners in any town or city in the United States to receive subscriptions of stock.

Powers of the legislature.

Powers of the circuit court.

Commissioners

to open books.

When books to be opened.

1852.

re-opened.

§ 31. The commissioners, or president and directors of Books may be the mother bank, may cause the books for the subscription of stock to be re-opened, whenever and wherever they may be requested to do so by the commissioners, or a majority of them, at the place where the branch is established, as aforesaid, or by the president and directors of said branch which may have been organized with less than the whole of the capital stock herein before allotted to them; and the said books may be kept open, or, if closed, may, from time to time, be re-opened upon request as aforesaid, until the whole amount of the capital stock of said bank shall be taken.

Books may be whole stock is

kept open until

taken.

directors to be chosen.

§ 32. If the whole five thousand shares of capital stock shall not be taken when the books of subscription shall first be opened by the commissioners, the 'president and directors may cause the books to be opened, from time to time, and at such times and places as they may direct, and cause them to be kept open, if they choose, until the whole balance shall be taken; and the president and directors may require such premium on the stock sold, at the reopening of books, as they shall deem right; and such premium shall be the property of the bank.

§ 33. When not less than twenty-two hundred shares of When board of the capital stock shall have been taken, and the commissioners shall have closed the books, it shall be their duty to give notice in some public newspaper printed in this state, and appoint a day and place in the town of Paducah for the election of the first board of directors for said bank, who shall hold their offices until the next succeeding annual election; and not less than thirty nor more than sixty days notice shall be given of the time and place of electing the said board of directors; and some three of the commissioners shall act as inspectors of the election, and shall take the proper oaths, and perform all duties of inspectors of elections in like cases.

tion to be paid.

§ 34. The payment of the shares of the capital stock How subscrip- held by individuals, companies, and corporations, shall be in gold and silver, and at the times, and in the manner following, to-wit: five dollars on each share to the commissioners, at the time of subscribing; and five dollars on each share within ten days after the election of the first board. of directors; and twenty dollars on each share within sixty days thereafter; and the residue shall be paid in such installments as the president and directors of the principal bank shall require: Provided, that no more than twenty dollars shall be called at any one time, on each share, nor shall the time between the calls be less than one hundred and twenty days.

§ 35. Should any of the subscribers to the capital stock When stock is of said bank fail or refuse to pay for their stock, as herein provided, the president and directors first giving public no

forfeited.

tice in at least two newspapers printed in this state, for the space of thirty days, by a resolution entered on the records, may forfeit such stock, and proceed, at such time as they may deem expedient, to re-sell the same; and all partial payments made on any stock which shall be forfeited, shall be held for the benefit of the bank.

1852.

to be notified.

§ 36. So soon as sixty thousand dollars of capital stock When governor shall have been paid in by individuals, corporations, and companies, in gold or silver, the president and directors shall cause the governor of this commonwealth to be notified thereof, who is hereby authorized to appoint some suitable person to count the money so paid in as capital stock, and to take the oath of the president, and not less than two of the directors, that the same has been paid in as stock, bona fide, and make due return thereof to him; and, on such appearing to be the fact, the governor is authorized to issue his proclamation, that the amount hereby required to be paid in, and in the funds required, has been done, and the said bank is authorized to commence operations as a banking institution; and from and after the first proclamation it shall be lawful for said bank to commence business.

Stock forfeited on certain con

§ 37. If any stockholder or stockholders in said bank, who shall not be a resident or residents of the United ditions. States, shall vote, or authorize any person to vote at the election of directors for said bank, upon the stock held by such person or persons, not a residnet or residents of the United States, or which may be held by others for his or their use and benefit, that such stock, so held and may have been voted upon, or authorized to be voted upon, at any of the elections for directors of said bank, shall be forfeited by such stockholder or stockholders, to and for the use of said bank.

for public dues.

§ 38. The bills or notes of said corporation, originally Bills receivable made payable to bearer, shall be receivable in all payments to the State, and on account of county levies, so long as it shall redeem its notes in gold or silver, on demand, unless otherwise directed by law.

directors.

§ 39. No person shall be eligible to the office of director Qualification of in the principal bank, or branches, who is not the owner of stock, in his own right, at the time of his election or appointment.

security.

§ 40. It shall not be lawful for the president or any di- No officer to be rector of the principal bank or branches, to become bound as surety or accommodation indorser on any note or bill discounted in said bank; and a violation of any of the provisions of this section shall subject the person violating the same to the penalty of two thousand dollars, to be recovered by action or petition, in the name of the corporation, and for their use and benefit.

How debts due

§ 41. Said bank shall not make any loan of money, or discount any note or bill, on the pledge of the stock of to be paid.

1852.

report.

said bank, whatever; and no stockholder shall be allowed to pay any debt he may owe the bank, by the surrender of the stock of the bank, until all the notes of the bank shall have been redeemed, and all the debts of the bank paid; and stockholders who shall become indebted to the bank, shall be compelled to pay their debts, in all respects, as other persons dealing with the bank; nor shall any stockholder be allowed to make payment of the shares of stock held by him, by means of a loan or loans obtained from said bank.

§ 42. The president and directors of the principal bank Cashier to make shall cause their cashier to make semi-annual reports, on the first day of January and July in each year, in alphabetical order, of all the debts due said bank, setting out the amount due by each individual, with the names of the indorsers or securities, and a note of the other securities, the date of the notes or bills, and when payable; and they shall cause the cashiers of the branches to make a like complete memorandum, in alphabetical order, of all the debts due at the branches, by each individual, with the names of the indorsers or other security, and the date of the notes and bills, and when payable; one copy of which shall be retained at the branch; another copy shall be transmitted. to the principal bank; and these memorandums shall, at all times, be open to the examination of the president and directors of the principal bank and branches.

§ 43. The president and directors of the principal bank shall have power and authority to purchase and to transfer any scrip or bonds which may be issued by the state: Provided, not more than one-half of the capital stock of said bank paid in, be held in such scrip or bonds at the same time.

§ 44. Notes to be issued by said bank, of a less denomination than five dollars, may be signed by the president or cashier of said bank, without being countersigned by any other officer.

§ 45. The president and directors of the principal bank may, under the direction of such agent or agents as they may think proper to appoint, and keep open books for the transfer of the stock of said bank, at such places, and under such rules and regulations as they may deem proper.

§ 46. Nothing in this charter or act of incorporation shall be construed so as to prevent the bank to be established at Paducah from going into operation whenever seventy-five thousand dollars of stock shall be subscribed and taken, and the sum of twenty-two thousand five hundred dollars shall have been paid in, as required in sections thirty-three and thirty-six; and the branch at Harrodsburg shall go into operation whenever seventy-five thousand dollars of stock shall have been subscribed and taken for said branch, and the amount of twenty-two thousand five hundred dol

lars shall have been paid in; and the branch at Versailles shall go into operation whenever the seventy thousand dollars of stock shall have been subscribed and taken for said branch, and the amount of twenty thousand dollars shall have been paid in.

Approved January 3, 1852,

1852.

CHAPTER 260.

AN ACT concerning certain Public Books.

Hc officers to be returned.

Books of pub

Duty of the

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky. That it shall be the duty of every person in this commonwealth, heretofore and not now holding the offices of judge of the court of appeals, judge of a circuit court, or commonwealth's attorney, within thirty days after the passage of this act, to return to the clerk of the county court of the county of his residence all public books in his possession, to be held by such clerk subject to the order of the secretary of state; and it shall be the duty of each clerk receiving such books forthwith clerks. to transmit by mail, to the secretary of state, a full and complete list of all books so received by him; and upon the production of the affidavit of any of the judges of the court of appeals, or judges of the circuit courts, now in office, stating that he has not received all the books to which he is entitled by law, and specifying such as he may not have received, it shall be the duty of the secretary of state to give him an order for the books wanting, upon the most convenient clerk or clerks having such books subject to his order: Provided, That after the supply of all the above mentioned officers with books, as above, then the said secretary shall distribute, by order, as above, the remaining books among the county judges not heretofore supplied.

2. All laws now in force requiring the secretary of state to purchase books are hereby repealed.

§ 3. The secretary of state is hereby directed to forward a copy of this act to each of the late judges of the court of appeals and circuit courts, and commonwealth's attorneys, immediately after its passage.

Approved January 3, 1852.

Duty of Sec. retary of State:

CHAPTER 270.

AN ACT to fix the time of holding the Circuit Courts in the Eighth Judi

cial District.

§1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That, hereafter, the circuit courts for the several counties in the eighth judicial district shall commence in the several counties at the times hereinafter