penses of clearing away trees, removing drift wood and other obstructions, and of erecting any and every work, dam, lock, gate, or other building or appurtenances, and of keeping the same in repair; and of all moneys by them received in the way of tolls, rents, or duties of any and all kinds whatsoever; and on the first day of January, in each year, after the said work is, in whole or in part, completed, shall have the same made up, and the balance of profits struck and divided among the stockholders; and if it shall appear from the report so made, as aforesaid, under the oaths of the president and directors, that the profits, so divided, or to be then divided, do not net the amount of six per cent. per annum on the capital expended, the president and directors shall be authorized to add to the tolls for the succeeding year, until the net profits, after deducting all expenses, repairs, and necessary improvements, shall amount to the sum of six per cent. per annum. But should it appear from the aforesaid report, that the net profits exceed six per cent. per annum, the legislature reserves the right to reduce the rates of tolls, so that the net profits shall not exceed six per cent. per annum, as aforesaid. § 18. The work done, the stone, timber, gravel, and other materials collected, the quarries cleared, and the lock sites purchased, be and the same are assigned to the said Licking river navigation company; and the governor is hereby authorized to convey them to said company: Provided, however, that said conveyance and grant shall not be consummated until it shall satisfactorily appear to the governor that one thousand shares of the capital stock of said company has, in good faith, been subscribed: and, provided further, that when said conveyance is made, the company shall not be required to declare a dividend thereon, but the same shall be taken as a donation by the state to said company. 1852. Dividends. State property surrendered to the company. State may buy out the stock of 19. The commonwealth shall have, and now reserves to herself, at any time after the expiration of fifteen years after the passage of this act, to buy out the stock of said said company company from the stockholders, upon the payment of the amount of said stock, with interest at the rate of six per cent. per annum, less the dividends yearly declared and paid by the company, computing said interest from the time said stock shall be paid to the treasurer: Provided, that in the purchase of the stock by the state, the state shall only be required to repay to the company the amount of money actually expended by the company, with six per cent. per annnm interest thereon, less the dividends aforesaid. § 20. The said company are hereby required to commence the work for the improvement of said river within Work to com years. two years from the passage of this act, and complete the mence within 2 same to the mouth of Fleming creek, in Nicholas county, within ten years. 1852. § 21. The said company may, by their president and diCapital stock rectors, increase the amount of their capital stock to any amount not exceeding three million of dollars. may be increas ed. issued. § 22. The president and directors of said company may Bonds to be issue the bonds of said company, which bonds shall not exceed, in the aggregate, the amount of the capital stock of said company that may at the time be subscribed by good and solvent subscribers. The said bonds may be made to run for a period not exceeding fifty years, and may bear interest at a rate not exceeding seven per cent. per annum, and may be sold at such place and at such rate of discount as the said president and directors may deem advisable; and the said president and directors are authorized to execute a deed of trust, or mortgage, of the real and personal property and chartered privileges of said company, to secure the prompt payment of the principal and interest of said bonds. Company may created by their use water power dams. Who to sub scribe stock. not to pay toll § 23. The said company are authorized to use any water power that may be created and made available by the erection of their dams and locks, or may sell or lease the same to individuals or corporations, for manufacturing or other purposes; and to enable the same to be made available, the said company may enter upon any lands, and take therefrom such materials as may be necessary in and about rendering said water power available. They shall also have the right to locate races and sites for mills and other manufacturing purposes; and in case the said company cannot, with the owner of the land, arrange the price of the land and materials so to be taken and enjoyed by said company, then they may proceed to condemn the same, in the same manner that is provided for condemning lands, &c., for locks, dams, lock-houses, &c., in the 13th section of this act. § 24. The capital stock of said company may be subscribed by individuals or by corporations. § 25. Any and all flatboats, rafts, or crafts, not propelled Certain craft by steam, which may descend said Licking river from a point above the influence of slackwater, in descending said river, shall be permitted to pass the locks of said company without paying toll. to be forfeited. § 26. If the said company shall fail to commence the When charter improvement of said river within two years, and complete the same as far as the mouth of Fleming creek within ten years, they, the said company, shall forfeit their charter, and all the rights and privileges by this act granted. to be impeded. § 27. If, at any time, the navigation of said river be hinNavigation not dered or impeded, or in any manner injured by means of the use of the water power created by the erection of the locks and dams aforesaid, any of the courts, of competent jurisdiction, of any of the counties along said river, is hereby empowered and authorized to enjoin and restrain the said company from the enjoyment and use of said water power, so long as said use and enjoyment continues to be a hindrance or injury to the navigation of said river, as aforesaid; and the application for restraining and enjoining, as aforesaid, may be made to such court, as aforesaid, by any person who may feel himself aggrieved by such hindrance or injury: Provided, such person, before suing out such order, shall comply with the law regulating similar proceedings in other cases. Approved January 9, 1852. 1852. CHAPTER 469. AN ACT to change the time of holding the August term of the Laurel Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the August term of the quarterly court of Laurel county shall be held on the second Monday in August in each year, instead of the time now provided by law. Approved January 9, 1852. CHAPTER 470. AN ACT concerning Common Schools in the city of Lexington. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the mayor and council of the city of Lexington are hereby authorized to appoint a commissioner to ascertain and report to them, annually, the number of free white children in said city, between the ages of six and eighteen years; and that the number, so ascertained and reported each year, shall, from time to time, be the basis upon and according to which the said city shall receive its annual proportion of the school fund of Kentucky. Approved January 9, 1852. CHAPTER 471. AN ACT to incorporate the Kentucky River Navigation Company. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Jacob Swigert, Harry I. Todd, R. K. Woodson, and D. S. Crockett, of the county of Franklin; David Thornton, R. R. Bailey, Harrison Brown, and William Graddy, of the county of Woodford; J. C. Wilmore, Tucker Woodson, and Thomas T. Cogar, of the county of Jessamine; Alvin Herndon, David Bond, and James Ferguson, of the county of Anderson; Samuel Daviess, Corporators. 1852. Christopher Graham, W. S. Chaplin, and George Thompson, of the county of Mercer; R. Pindell, J. J. Bullock, John G. James, and George Robertson, of the county of Fayette; Stephen Goggin, Thomas Broaddus, Thomas Richardson, Abner Oldham, Samuel Halley, John Noland, Walter Chenault, Mile Baxter, James Dejarnett, David Irvine, Daniel Breck, E. H. Field, Jacob S. White, and William Terrill, of the county of Madison; George R. McKee, S. T. Leavell, Gabriel J. Salter, George Bowman, and Robert Miller, of the county of Garrard; Hiram McGuire, John S. McGuire, J. W. Seal, and Jacob Howerton, of the county of Owsley; William G. Jackson, Josiah Park, Ansel Daniel, E. D. Stockton, and Sidney M. Barnes, of the county of Estill, be and they are hereby incorporated as a Corporate name body politic and corporate, to be known as the Kentucky river navigation company; and, by that name, shall have perpetual succession, and all the privileges and franchises incident to a corporation; shall be capable of taking and holding their capital stock, and the increase thereof; to contract and be contracted with, sue and be sued, in all the courts of this commonwealth and elsewhere; and shall have power to ordain and establish such by-laws, rules, and regulations for the government and control of the affairs of the company, as shall be deemed necessary, not being inconsistent with this act, nor the laws and constitutions of the United States and the state of Kentucky. and powers. company. § 2. That the business of said company shall be the imObjects of the provement of the navigation of the Kentucky river from lock No. 5, on the Kentucky river, to the three forks, in Owsley county, which shall be done by the erection of as many locks and dams as they may think necessary. §3. The capital stock of said company shall not exceed Capital stock. six hundred thousand dollars, to be divided into shares of fifty dollars each. of land. § 4. That said company shall have the right to have not Condemnation exceeding one acre of ground on each side of said stream, to be laid off in reasonable shape, at the place where they may wish to erect any abutment, or any dam they may determine to build, which land may be condemned and valued in the same manner that lands are authorized to be condemned for the use of the Louisville and Frankfort railroad company; and when the company shall have paid the damages, the owner thereof shall convey the same to said company. § 5. That said company shall be liable to any individual, Company liable company, or corporation, for any damages that may result for damages re- in consequence of the overflowing of any lands, and for the obstruction of any water power or other vested rights, or for any damage which may result in any manner whatever by the erection of said dams; and said company shall Bulting from overflows. not have the right to erect a dam which will raise the water above fifteen feet from low water mark. § 6. That the corporators named in the first section of this act, or any two of them, may open books for the subscription of stock to said company; and a majority of them shall have power to determine at what times and places said books shall be opened, and to appoint suitable persons, if necessary, to attend to the same. When, in the opinion of said corporators, a sufficient amount of stock shall have been subscribed to build one lock and dam upon said river, they shall call a meeting of the stockholders, by advertising as they may think proper; at which meeting, the stockholders shall proceed to elect a president and nine directors, who shall hold their offices one year, or until their successors are elected. Said president and directors shall have the management and control of the affairs of said company. At the meeting so held, the stockholders shall fix upon a time for the annual election of the officers by the stockholders.. 1852. Books to be opened. Organization. Election of directors. § 7. If, at any meeting of the stockholders, a majority of them should fail to attend, in person or by proxy, the elec- Annual election. tion shall be postponed by the president to some further day; and if a majority should fail to attend on that day, the election shall be postponed until the next annual elec tion. § 8. That in all elections, the stockholders shall vote in person or by proxy. The president and directors shall adopt some rule for the verification of proxies. Each stockholder shall have one vote for every share of stock he may hold up to twenty, and one vote for every two shares he may own over twenty and not exceeding fifty, and one vote for every five shares he may hold over fifty. Number votes. Record. Treasurer to § 9. The president and directors of said company shall keep a record of all their proceeding. They shall appoint a treasurer, who, before he enters upon the duties of his office, shall enter into bond with good security, to be ap- execute bond. proved by the directors, with such conditions as they may prescribe. The duty of the treasurer shall be to keep the books and accounts of the company, to receive and take charge of all moneys due the company, to pay out such sums only as he may be authorized to do by order of the president and directors. He shall exhibit to the stockholders, at the annual meeting, a statement of the finances of the company, showing the receipts and expenditures, and such other information as he may be required to give touching the finances of the company. 10. The president and directors shall have power to appoint as many agents, managers, engineers, and artists as they may deem proper. Agents. § 11. The president and directors shall have the power Calls on stock. to make any call upon the capital stock subscribed, not ex |