i sors and assigns, by that name, shall be a body corporate, with perpetual succession, and which may sue and be sued, contract and be contracted with; have and use a common seal, and the same to break, change, and alter at their pleasure; purchase and hold, sell and convey, and take by gift, all such real estate and personal property necessary and requisite to carry out its legitimate purposes and the intent and object of its creation: Provided, said corporation shall, within five years from the accrual of the right of property, either legal or equitable, in any real estate which may be taken as security for any debt or demand due to it, or which may be purchased in satisfaction of any debt or demand due to it, or under any judgment or decree of any court, sell, convey, and finally dispose of the same; otherwise, the same shall be forfeited by proceeding in chancery, onehalf to the use of the relator, who shall sue in behalf of the attorney general, and the other half to the use of common schools, to be set apart as a portion of the capital stock of the common school fund; but nothing herein contained shall be construed to authorize the said corporation to purchase any real or other property, under execution or decree aforesaid, unless the said execution or decree shall be for the use and benefit of said corporation. § 2. The capital stock of said institution shall be ten thousand dollars, which may be increased by the board of directors, upon the vote of a majority, in interest, of the stockholders, to the sum of fifty thousand dollars; and the said increase of the stock may be made at different times, but not to exceed, in all, the sum of fifty thousand dollars. The shares shall be fifty dollars each; and Thomas W. Fleming, James Dudley, Samuel Stockwell, jr., D. R. Stewart, John Heddleston, sr., Elisha Fitch, John R. Ringo, Geo. S. Fleming, Robert Armstrong, William T. Howe, Harvey T. Wilson, Garnett Hickerson, John Donaldson, William Crain, sr., Thompson Brown, William H. Cord, Moses Kirk, and William T. Hendrick are appointed commissioners, who, or a majority of whom, shall open books and procure subscriptions of stock in said bank, at such times and places as a majority of those who act shall direct and appoint; and such as shall act are invested with as full and complete power as if all concurred. A majority of those who may act are authorized to appoint any other commissioners to procure, in like manner, stock subscriptions at such places as they may appoint; but in all cases the times and places of opening books, and the object thereof, shall be advertised for at least ten days before the time, by such written or printed advertisement as they may direct; and after the said sum of ten thousand dollars shall have been subscribed, a majority of the commissioners, who shall act, shall order an election of a president and five directors by the stockholders thereof, at such times and places as they may direct, and after ten days' notice of the same. 1850. Corporate powers. Capital stock. Commissioners. 1850. Duty of the president. Cashier and other officers to be elected. the bank. 3. The president shall preside at and over all meetings of the board of directors, superintend all elections of officers, in such manner and times and at such places as is herein prescribed, or may be prescribed by the board of directors, and do all other acts which they may direct, not inconsistent with and contrary to this charter. He shall sign all bonds, bills, assignments, conveyances, and other writings which the board of directors may direct to be signed. § 4. The directors shall elect a cashier, and all such other officers, attorneys, and agents as they may think necessary for the use and benefit of said institution. They shall prescribe the place and mode of conducting all elections after the first. They shall have power to make all necessary rules, regulations, and by-laws for the government of the corporation, prescribe the terms on which deposits may be received and paid out, and direct in what manner stock may be transferred. They shall keep a journal of their proceedings, acts, and orders, and may, by order and without seal, make any contract they are hereby authorized to make, which shall be as fully binding on said bank, and may be sued on as if it was made by a natural person, or may authorize any one by order to do so. The 5. The business of said bank shall be to receive money, Business of plate, and other valuables on deposit, and deal in gold and silver coin, and bullion, and loan the same; to deal in bills of exchange, receive promissory notes by assignment as security for money loaned, and purchase and sell promissory notes; and do all other acts a bank may of right do, except it shall not issue any bill, bond, note, certificate of deposit, or other written or printed obligation or instrument as money, nor for any other purpose, or in any other manner, unless by assignment. All bills of exchange and notes drawn by the bank, payable to it or to any other banking institution, shall be on the footing of foreign bills of exchange Provided, none of the parties to said bills shall be liable to damages as in foreign bills of exchange. bank shall receive any sum, not less than one dollar, on deposit, during banking hours; and infants, married women, and any person authorized to contract, and corporations and bodies politic, may deposit and control their deposits. Any depositor, or joint depositors, by making known his, her or their intention to be a stockholder or stockholders, and have said intention entered on the journal of the board of directors and the books of the corporation, shall be entitled to dividends in proportion to the amount so deposited, and from the time so deposited, as stock; and such depositor, or joint depositors, may, in the like manner, at the same or different times, make other deposits, until the whole amount thereof shall be equal to one share of stock, when a certificate of stock shall be issued to him, her or them; and so he, she or they may go on and deposit, and receive cer 1850. Penalty for fail. ing to pay de tificates of deposit, from time to time, when the amount of §7. No person shall be president, cashier, or director of said bank, unless he shall be bona fide the holder and owner of at least two shares of stock. The officers first elected shall hold their offices until the first Monday in January thereafter, and until their successors are duly installed into office; and after the first election, every regular election shall be held on the first Monday in January in every year; and a majority of all the directors shall concur to make valid every act of said board of directors. § 8. No officer of said bank shall become indebted to it, at any one time, any sum exceeding five hundred dollars; and if said bank shall be guilty, at any time, of any fraudulent act, the officers shall be personally liable, jointly and severally, to the party injured. § 9. There shall be paid, at the time of subscribing stock, to said commissioners, the sum of five dollars on each share subscribed; and, after the election of officers, calls shall be made in such manner as the board of directors may direct, until all is paid. If any subscriber to the capital stock shall fail or refuse to pay up his, her or their calls for thirty days after the same shall become due, then he, she or they shall forfeit double the amount of said call; and if, for thirty days thereafter, he, she or they shall still fail or refuse to pay said call, then he, she or they shall forfeit three times the amount thereof; and after sixty days, shall forfeit the Directors must be stockholders. Limit of indebtness of officers. Payments on stock subscribed 112 1850. stock subscribed to said bank, to be recovered, with the damages, for the use thereof. The dividends of said bank shall be made of its profits semi-annually, on the first Mondays in January and July in every year, and paid or passed to the credit of the shareholders. § 10. The bank shall go into operation within five years When bank to from the passage of this act; otherwise, the same shall be be put in opera tion. null and void. § 11. The general assembly hereby reserves the power to Power reserved. change, alter, amend, modify, or repeal this charter at any time, except that vested rights shall not be thereby affected. Approved December 21, 1850. May sue for re loaned. CHAPTER 125. AN ACT to amend an act, entitled, "an act for the benefit of Common §1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That it shall be lawful for the treasurer covery of money appointed by the county court of Graves, and now in office by virtue of the act to which this is an amendment, to sue, in any court of this state having jurisdiction in like causes, either at law or in equity, for the recovery of all such sums of money as may be due him, as treasurer, on account of money loaned or otherwise due, in virtue of the act to which this is an amendment; and it shall and may be lawful for any person hereafter appointed treasurer by virtue of said act, either in his own name or that of his predecessor, either at law or in equity, to sue for and recover of the debtor all such sums of money as may be due by virtue of said act; and should the person in whose name such suit may be commenced go out of office pending such suit, the same may be continued and prosecuted in the name of such person, or his representative, to final judgment, and the money collected and paid over to the successor of such person. Judgment shall principal and 10 per cent. interest be rendered fr § 2. That upon all sums of money falling due by virtue of the act to which this is an amendment, and not promptly paid, and for the recovery of which suit may be brought, judgment shall be rendered for the principal debt, with ten per cent. interest, from the time due until paid. § 3. That it shall be the duty of the county attorney of Graves county to superintend and examine the settlements ty attorney of made by the treasurers appointed by virtue of this act, and Duty of coun. Graves. the one to which it is an amendment, and to see that their ment. § 4. That it shall be the duty of the clerk or other proper officer to issue all such process, and to discharge all other duties that may devolve on him or them, when a suit shall be instituted by virtue of this act and the act to which it is an amendment, free of charge; and the sheriff or other officer shall execute all process issued and directed to him or them, by virtue of this and the act to which it is an amendment, free of charge. Approved January 16, 1851. CHAPTER 126. AN ACT to incorporate Hancock Division, No. 12, Sons of Temperance; of the State of Kentucky. Members § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the members of Hancock division, incorporated. No. 12, sons of temperance, of Hawesville, Kentucky, and their associates and successors, be and they are hereby created a body politic and corporate, by the name and style of "Hancock division, No. 12, sons of temperance, of the state of Kentucky," with perpetual succession; and, by that name, shall be capable, in law, of contracting and being contracted with, of suing and being sued, of purchasing and holding property of any kind, and of selling, conveying, and disposing of all such property as they may now have, or may hereafter acquire: Provided, the amount vested in real estate shall at no time exceed ten thousand dollars, in addition to the buildings to be erected thereon. § 2. That it shall be lawful for said corporation to have a common seal for their use, and change, alter or renew the same at pleasure, and shall, in general, have and exercise all such rights, privileges, and immunities as, by law, are incident or necessary to corporations, and that may be necessary to enable said division to exercise and carry out its objects for the relief of the sick and distressed, and for the promotion of their purposes generally. Corporate powers. Trustees to be §3. That the management of the concerns of said corporation is hereby confided to three trustees, whom the di- elected. vision shall appoint annually, and who, or a majority of whom, shall have full power to make all contracts pertaining to the business of the division, either in purchasing, building, renting, or for any other purpose, which shall be obligatory on the division, when made and done according to and in pursuance of the constitution and laws of this state, the constitution, by-laws, and instructions of the division. When a vacancy in said board shall occur, by or in consequence of death, resignation, removal from the how filled. county, or from ceasing to be a member of said division, the division may proceed to fill the same at any time, and may remove any or all of the trustees at pleasure, and fill all vacancies therein. All suits by or against said division Vacancies, |