directors to sell such delinquent shares, and transfer the same to the purchaser, or declare them forfeited to the company, together with all previous payments thereon. No transier of stock shall be deemed valid and complete, so long as the person transferring the same shall be indebted to said company, until the amount for which he is indebted shall be secured to the satisfaction of the president and directors; and the stock of every stockholder shall be held as collateral security for the payment of whatever sum he may be indebted to said company, by notes for stock or otherwise.

1851.

Forfeited stock

may be sold.

Lien retained by the company

on the stock to

secure debt due.

When directors are to be

Term of office.

Vacancies, how filled.

§3. That the shareholders shall meet at the place of opening books for the subscription of stock in said compa- elected. ny, on the first Saturday in December, 1851, or as soon thereafter as a majority of the individuals named in the first section of this act may deem expedient, at the office of said company, and on the first Saturday in December in each year thereafter, and elect a president and six directors, who shall continue in office until the first Saturday in December of the ensuing year, and until their successors shall be duly elected, of which elections previous notice shall be given in one or more newspapers printed in Lexington or Frankfort, at least two weeks; and in case of the death, resignation, or removal of the president or any director, the remainder of said board may fill such vacancy or vacancies, for the residue of the year; and no person shall be chosen a director who does not own five shares of stock; and, in all elections by the shareholders, each share, to the number of five, shall be entitled to one vote, and every three shares thereafter, owned by the same person, shall entitle him to one additional vote; but no person who is not a resident of the state of Kentucky shall have a vote, of directors. and no shareholder shall have a vote at any election, after the first, for president and directors, unless he shall have been the owner of the stock three months prior to such election, by a regular transfer upon the books of the company; and shares may be voted on by the executor or administrator of the deceased owner, or by proxy.

Qualification

Directors may

other

officers and require bonds to be executed.

§ 4. That the president and directors for the time being shall have power to appoint such officers and agents under Point them, and at such places as shall be necessary for executing the business of said company, and to allow such compensation as may be agreed upon, and to require and take bond and security for the faithful discharge of their respective duties and trusts. And the said president and directors shall have power to make by-laws and ordinances to laws, &c. govern the corporation, and may repeal, alter, and amend them; and the president and three directors shall constitute a quorum for the transaction of business, or four directors, without the president, one of whom shall be chosen as president for the time being.

May make by.

1851.

company.

5. That the president and directors, for the time being, Business of the shall have power and authority, in the name of the company, to make insurance at such rate of premium, or interest, as may be agreed upon by the parties, upon buildings, furniture, machinery, goods, wares, and merchandise, of every description, against fire, in town and country; and, also, to make all kinds of insurance on every description of property, transported by land or water, within the United States; and, likewise, to make insurance on lives, by sea or water, or on shore, and to contract for, grant, and sell annuities, and to make all kinds of contracts in which the casualties of life or property are involved; and every such contract, bargain, agreement, or policy, to be made by the said corporation, shall be in writing or print, and shall be signed by the president, and attested and signed by the secretary or clerk, who may be appointed by the president and directors for that purpose.

dividends to be declared.

When dividends

§ 6. That it shall be the duty of the president and diSemi-annual rectors, on the first Saturday in December and June of each and every year, to make a dividend of so much of the profits of the said corporation as to them, or a majority of them, shall appear advisable; and in case of any loss or shall not be de- losses, whereby the capital stock of the corporation shall be impaired or lessened, no subsequent dividends shall be made, until a sum equal to such diminution, and arising from the profits of said corporation, shall have been added to the capital.

clared.

Not to engage

in banking.

When they may commence

business.

§ 7. The said corporation shall not issue notes, or bills of credit, nor in any manner engage in the business of banking, otherwise than in the sale or purchase of bank stock; nor shall said corporation commence business, or grant any policies of insurance, until three hundred and fifty shares. are subscribed and paid for, or secured to be paid, as provided for in the second section; and so much of the capipart of capital tal stock of said company as may not be permanently invested, may, at the discretion of the president and directors, be loaned on promissory notes, at a discount not exceeding that authorized to be made by the banks incorporated by this commonwealth, and at no greater rate of discount, without a forfeiture of the whole debt.

May loan out

stock.

Shall promptly

curred.

§ 8. That when said corporation shall be notified of any loss sustained, or incurred, on any policy of insurance pay all losses in- granted or issued by the same, it shall be the duty of said corporation to pay the amount so lost, or incurred, on such policy, within sixty days after being notified: Provided, there shall have been no violation of the condition of the policy on the part of the insured: Provided, that no dividend shall be made so as to lessen the amount of the capital stock paid in or secured by stock notes; and if any dividend shall be made which lessens the amount of the

Proviso.

capital, the holder of the stock receiving such dividend, shall be liable to pay back the same to any creditor. Approved December 2, 1851.

1851.

CHAPTER 53.

AN ACT to create the office of Marshal of the town of Hartford.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That a marshal for the town of Hartford shall be elected by the qualified voters residing within. the limits thereof, in the same manner as the police judge is now elected. The first election for said officer shall be held on the last Saturday in December, 1851; the second election on the third Saturday in July, 1853; and thereafter, on the third Saturday in July every two years. Said marshal shall hold his office until his successor be duly elected and qualified; and in case a vacancy shall occur, it shall be filled in the same manner as a vacancy in the office of police judge of the town of Hartford.

A marshal to be elected by the citizens.

When elected.

His powers,

§ 2. That the marshal of said town shall have the same power and authority, be subject to the same penalties, and duties, and fees. receive the same fees as constables are entitled to. He shall execute and return all writs to him directed by the police judge of the town of Hartford, the presiding judge of the Ohio county court, or any justice of the peace within the limits of said county, of either a civil or criminal nature; and may execute any notice which might be lawfully executed by a constable. He shall be a conservator of the peace; and it shall be his duty to enforce the by-laws and ordinances of the trustees of the town of Hartford. He shall execute a bond, with good surety, in the Ohio county court, in the bond and take same penalty and with the like conditions to a constable's bond, which shall be filed in the office of the clerk of said county court, and upon which any person or persons aggrieved may bring suit in the same manner and for the same offenses that suit may be brought upon a constable's bond; and before entering upon the duties of his of fice, he shall take the same oath required by law for constables to take.

Approved December 2, 1851.

Shall execute

an official oath.

CHAPTER 54.

AN ACT to establish the town of Duncansville.

Town estab.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That a town, to be called and known shed. by the name of Duncansville, shall be and is hereby established, on the lands of Abraham B. Voris and others, on

406

1851.

Commission

town.

Plat to be recorded.

Title of the lots vested in

trustees.

Trustees to

dispose of the

lots.

the road leading from Harrodsburg to Bloomfield, where the road from Salvisa to Springfield crosses said road.

§ 2. That Henry Gray, A. B. Voris, Matthew T. Duncan, Henry W. Buckner, and John R. Duncan, and their sucers to lay of cessors in office, be and they are hereby appointed trustees, for the purpose of laying off said town into lots, streets, and alleys, and fixing its limits and boundaries; a plat of which they shall make out and cause the same to be recorded in the office of the clerk of the Mercer county court. The title of said lots, streets, and alleys, when so laid off, is hereby vested in said trustees, and their successors in office; and they, or a majority of them, shall have power to dispose of said lots at public auction, at such times and places as they may deem expedient, having duly advertised the time and place of said sale. The bonds for the purchase money for said lots shall be payable to said trustees, and collected by their treasurer, and paid over to the several persons owning said land, according to their respective interests therein. Said trustees, or a majority of them, or their successors in office, shall convey the title of said lots to the purchasers thereof, or to the persons entitled to receive the same. Before paying over the proceeds of the sale of said lots, said trustees shall deduct therefrom all the expenses incident to laying off said lots, &c., and the sale and conveyance of the title to the

Trustees to ap point a clerk &

marshal.

same.

§3. Said trustees, or their successors in office, shall have power to appoint a clerk and marshal of said town; to keep a record of their proceedings, and make such bylaws and regulations respecting the government of said town as they may deem expedient, not inconsistent with the constitution and laws of this commonwealth.

§ 4. Should a vacancy occur in the office of trustee, a Vacancy in majority of those remaining concurring therein, may elect a suitable person or persons, from time to time, to fill such vacancy or vacancies, until otherwise directed by

trustees, how filled.

Treasurer to be appointed and

execute bond.

law.

§ 5. Before the purchase money is collectable, the trustees shall appoint a treasurer, who shall give bond, with surety, payable to the trustees, in the penalty of one thousand dollars, conditioned for the faithful performance of his duties; which bond may be sued on by any person aggrieved by any breach of duty of the treasurer. There shall not be more than fifty acres included in the limits of said town.

Approved December 2, 1851.

CHAPTER 55.

AN ACT incorporating the Newport and Cincinnati Bridge Company. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Robert Chalfant, Elliot H. Pendleton, P. B. Manchester, Charles Cassily, Henry H. Goodman, Henry H. Southgate, and James Bryson, of the city of Cincinnati, Ohio, and Jacob Hawthorn, H. H. Mayo, H. C. Gasaway, Daniel Wolffe, Isaiah T. Hayman, John Sebastian, William M. Hawkins, Edward L. Southgate, and George Fearons, of the city of Newport, with their associates, be and they are hereby created a body politic and corporate, by the name of the Newport and Cincinnati bridge company, for the purpose of erecting and constructing a bridge across the Ohio river, between the cities of Newport and Cincinnati; and they, and their associates and successors, shall continue and have perpetual succession, and by that name and style are hereby made as capable, in law, as natural persons, to contract and be contracted with, sue and be sued, plead and be impleaded, answer and be answered, in this commonwealth and elsewhere, in all courts of law and equity; to make, have, and use a common seal, and the same to break, alter, and annul at pleasure; they shall also have the power to purchase and hold as much real estate as will be necessary for the site of said bridge, or the sites for piers, abutments, toll-houses, and suitable avenues leading to said bridge; also, to borrow money, not exceeding the capital stock mentioned in this act; but not to have or exercise the privilege of loaning money, or issuing bills or notes on banking principles; also, to ordain and establish such by-laws, ordinances, and regulations as shall be necessary for the well-being and government of said corporation, not contrary to the laws of this commonwealth, the state of Ohio, or of the United States.

§ 2. That the capital stock of said company shall consist of three hundred thousand dollars, divided into three thousand shares of one hundred dollars each, to be subscribed for and sold in the manner hereinafter mentioned.

1851.

Corporators'

nanes.

Corporate name and pow.

ers.

May borrow money, not ex

ercise banking privileges.

Capital stock

When books for subscription of stock to be open. ed,

§ 3. That within six months after the passage of this act, and the confirmation thereof by the state of Ohio, the persons before named, or a majority of them, shall cause a public advertisemeut to be made of the time and place of opening the books for subscription of stock of said company, which books shall be kept open, under the direction of said persons, or a majority of them, not less than one nor more than four months. If, however, at the closing of the subscription, it shall be found that a greater number of scribed may be shares than three thousand have been taken, then, and in that case, the persons before named, or a majority of them, shall proceed to reduce the number of shares, in an equitable and just proportion, among the subscribers, not reduc

Shares sub

reduced.