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1851.

Capital stock.

Books to be subscription of

opened for the stock.

When to go

into operation.

rying this act into effect, which corporations for limited purposes may generally do, not inconsistent with the laws and constitution of this state or of the United States.

§ 2. The capital stock of said corporation shall not exceed eighty thousand dollars, and shall be divided into shares of one hundred dollars each, to be subscribed for and taken agreeably to such rules and regulations as the corporators may direct. For all stock, when fully paid for, certificates shall be issued, under the seal of the corporation, signed by the president and contersigned by the secretary, which may be transferred on the books of the corporation, in person or by attorney in fact; and the assignee shall be entitled to a new certificate, upon the surrender of the old one; the stock shall be deemed personal estate, pass, descend, and be held as such; and each share shall entitle the holder thereof to one vote in all elections and at all meetings of the stockholders.

§ 3. Said Hulme, Morton, Wilson, and Cromie, or any three of them, are authorized to open books for the subscription of stock in said corporation, at any time, after giving ten days' notice thereof, in at least one newspaper published in Louisville; and so soon as one hundred shares are subscribed, they may call a meeting of the subscribers, who are shareholders, at such time and place in said city as they may name, after notice delivered to each member, or published as aforesaid, five days previous thereto; and the stockholders shall, at any time, and on the first Monday in January in each year thereafter, elect a board of managers, to consist of a president and three directors, all of whom shall be stockholders to the amount of at least five shares cach. The business of the corporation shall be confided to said board of directors; and they may engage in such traffic, and purchase, lease, or erect such buildings and machinery, and employ such agents and laborers as they may deem necessary to carry on said business. The said board shall appoint a secretary and treasurer, and require of each a bond, in such penalty, and with such surety as they may judge sufficient, for the performance of their several duties; and on the first Monday in January, in each year, a full and fair statement of the business of the preceeding year shall be laid before the stockholders by the president of the board; and the board may then pay the profits to the stockholders. It shall be the duty of the board to publish an annual statement of the debts of the corporation, in a newspaper printed in Louisville, if requested so to do by any creditor thereof, but not otherwise.

§ 4. The corporation may go into operation so soon as one hundred shares are subscribed; and the residue of the stock may be sold at such time, and in such manner as the board of directors may determine. The president and directors shall continue in office until their successors are elect

ed and qualified; and if any member of the board shall die or resign, the remainder shall supply the vacancy for the residue of the term.

1851.

Shall keep a record of their

§ 5. A faithful record of the proceedings, and correct accounts of the business and operations of the corporation acts. shall be kept, which, with all the papers of the corporation, shall be subject to the inspection of the stockholders at all their general meetings.

§ 6. The stockholders, three-fourths in amount concurring, may at any time dissolve the corporation, and wind up its business; but the capital stock shall not be reduced by dividing or withdrawing the same, until the debts of the corporation are paid; and said capital stock shall remain liable therefor.

Approved March 3, 1851.

CHAPTER 365.

AN ACT to incorporate Montgomery Lodge, No. 18, of the Independent
Order of Odd Fellows.

Members in

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That O. S. Poston, Charles H. Spill- corporated. man, W. F. Curry, and Jacob K. Bishop, are hereby constituted a body politic and corporate, to be known by the name of the corporate committee of Montgomery lodge, No. 18, of the independent order of odd fellows; and, by that name shall have perpetual succession, and use a common seal, with power to change and alter the same at pleasure; and, by that name, may sue and be sued, plead and be impleaded, in any action or suit, in any court whatever, and contract and be contracted with.

§ 2. That said corporate committee may purchase or receive, by deed of gift, deed of trust, or otherwise, any real and personal property, not exceeding in value ten thousand dollars, and hold the same in fee simple for the use and benefit of said lodge.

3. That said corporate committee shall have power and authority, out of the proceeds of any real and personal estate, which shall hereafter belong to said corporate committee, to create and establish a permanent fund, to be called the widows, orphans, and school fund, the principal and interest of which may be appropriated to the purposes of benevolence, as connected with the charities bestowed by said order on widows, orphans, and the education of orphans.

4. That said corporate committee shall, after the payment of all the debts of said lodge, have power and authority to establish and maintain such schools or colleges, and library, as said corporate committee may deem expedient; appoint suitable preceptors, and such other officers

May hold real estate.

May establish & permanent fund, &c.

May maintain

a school, &c

1851.

And control the same.

how filled.

as may be deemed necessary to superintend and conduct the same; purchase or receive, by deed of gift, deed of trust, or otherwise, any houses, lands, books, and apparatus, as they may deem necessary to carry on the said school or college, upon such system as the said corporate committee shall hereafter establish.

§ 5. That said corporate committee shall have power, authority, and control over such school, college, lands, and apparatus, together with the proceeds and profits, and alter, amend, and abolish the said school or college: Provided, that the houses, lands, books, and apparatus, together with the proceeds and profits arising therefrom, shall be held for the use and benefit of said lodge, in manner and form as hereinafter directed.

§ 6. That in case of a vacancy in said corporate comVacancies, mittee, by death, ceasing to be a member of said lodge, resignation, or removal from Mercer county, said lodge shall have power to elect a member or members of said order, belonging to said lodge, resident in Mercer county, to fill such vacancy or vacancies; who shall have all power and privileges with which the foregoing committee are invested by this act.

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§ 6. That when, by ceasing to be a member of said lodge, resignation, or removal from the county of Mercer, a majority of said corporate committee, as allowed in the first section of this act, shall have been vacated for one year and a day, then, and in that case, the title to all real and personal property which may have vested in them by virtue of this act, shall vest in said lodge; and said corporate committee shall forfeit all power and authority conferred hereby.

§ 8. That said corporate committee shall have power to ordain any and all rules and regulations for their government and conduct, as they may deem necessary, not in conflict with the provisions of this act, or of the constitution and laws of this state.

§ 9. That there is hereby reserved to the general assembly the power to alter, amend, or repeal this act at pleas

ure.

Approved March 3, 1851.

CHAPTER 366.

AN ACT authorizing the sale of certain streets in the town of Glasgow. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the trustees of the town of Glasgow, be and they are hereby authorized and empowered to sell and convey that portion of Race street, lying south of Brown street, in such manner, and upon such terms and conditions as to them may seem most advisable; and to

appropriate the proceeds of said sale to, or prescribe, as the condition thereof, the improving, or grading and paying such other street or streets in said town as the interest and convenience of the citizens may require: Provided, that said street be not sold for a less consideration. than will at least procure the grading, guttering, and paving that part of Brown street between Race street and the turnpike road.

§ 2. That they are, in the same manner, and for the same purposes, authorized and empowered to sell and convey that part of Back street lying between Race street and the turnpike road: Provided, the owner or owners of grounds lying adjacent thereto consent to said sale.

Approved March 3, 1851.

1851.

CHAPTER 367.

AN ACT to incorporate the Cumberland Presbyterian Church, in the town of Paducah.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Joseph S. Hobbs, C. H. Bonnin, and R. M. Searcy, and their successors in office, shall be and they are hereby created a body politic and corporate, by the name of the trustees of the Cumberland presbyterian church, at Paducah; and, in their corporate name, may, for the use of said church, acquire and hold the right and title to one lot of ground in said town, heretofore purchased by said church, and upon which a house for public worship has been erected, and are authorized to sell and convey the same, or any part thereof, whenever a majority of said trustees, or their successors, may think proper, for the use of said church, and vest the proceeds thereof in other grounds for the use aforesaid. They shall have power to do any legal act in changing said ground for the use aforesaid, for the purpose of public worship, or for a grave yard; they shall have power to maintain any action for the safe-keeping and preservation of said lot, and the appurtenances and improvements: Provided, that no sale and conveyance of said property, or any part thereof, shall be legal without a concurrence of a majority of the trustees then in office.

§2. That in the event of the death, resignation, removal, or refusal to act of any of said trustees, those in office may appoint others to fill such vacancy.

Approved March 3, 1851.

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AN ACT for the benefit of Alfred F. Gowdy, Clerk of the Taylor Coun. ty Court.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Alfred F. Gowdy, clerk of the Taylor county court, have two years, from the passage of this act, to issue and collect, or have collected, by distress, any fees due him for services rendered as county court clerk since the first day of March, 1848.

Approved March 3, 1851.

CHAPTER 369.

AN ACT authorizing the trustees of Winchester to sell the public spring lot in said town.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the trustees of the town of Winchester, a majority concurring, are hereby authorized to sell at auction, for the benefit of said town, the public spring lot in said town, and make to the purchaser a deed of conveyance for said lot; which sale shall be on a credit of six months, the purchaser giving bond with sufficient security, payable to said trustees, for the price thereof, bearing interest from the date, and reserving in said deed a lein on said lot for the payment of the purchase money; but before exposing said lot to sale, they shall fix the minimum price thereof.

Approved March 3, 1851.

City of Cov. Ington may sub

scribe stock.

CHAPTER 370.

AN ACT to amend the charter of the Covington and Lexington Railroad
Company.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That in addition to the bonds heretofore authorized by law to be issued by the city of Covington to pay for stock subscribed in the Covington and Lexington railroad company, said city is hereby authorized to issue bonds to an amount not exceeding two hundred thousand dollars, payable to said railroad company, to be due and payable within thirty years from the time they shall be is sued, to bear interest at the rate of six per cent. per annum, payable semi-annually, and to be transferrable by proper assignment thereon by said railroad company. But before any such bonds shall be issued, the city council shall, in such manner as it shall deem most advisable, ascertain clearly that a majority of the qualified voters of said city are in favor of the issuing of said bonds, and of subscribing their amount as capital stock in said railroad company.

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