all and every other person or persons, hereafter becoming members of the "Breckinridge savings bank," in the manner hereafter mentioned, shall be and are hereby created and made a corporation and body politic, by the name and style of "the Breckenridge savings bank;" and, by that name, shall have perpetual succession, and be capable, by law, to hold and dispose of property, to sue and be sued, plead and be impleaded, answer and defend, and be answered and defended, in all courts of law and equity, or in any other place whatever; and to receive and make all deeds, transfers, contracts, covenants, conveyances, and grants whatsoever; and to make, have, and use a common seal, and the same to change and renew at pleasure; and generally to do every other act or thing necessary to carry into effect the provisions of this act, and to promote the object and design of said corporation: Provided, however, that after the first election (hereafter provided for,) should any of the persons herein named decline to be members, by not depositing money in this institution, they shall cease to be members of the corporation, and the president and directors shall fill such vacancy or vacancies, by such person or persons as will become depósitors therein." § 2. That there shall be a meeting of the members of said Breckinridge savings bank on such day in the month of March or April next, and at such place as the five persons first named in this act. or any three of them, shall appoint, notice of such meeting being given, by advertisement in three public places in the town of Hardinsburg, Cloverport, Stephensport, and Big Spring, at least ten days previous to such meeting, and on such day in the month of March or April next, and at such place annually thereafter as the by-laws of said institution shall provide, for the purpose of choosing from amongst the members nine directors, who shall choose a president from their body, (no member in any case having more than one vote,) to manage the affairs of the said institution for twelve months thereafter, and until a new election shall take place; and the five members first named shall be judges of the first election of directors; and the judges of all future elections shall be appointed by the board of directors, and notice of such elec tion given in such manner as the by-laws shall provide; and in case of the death, resignation, or vacancy from any other cause in said board of directors, the remaing directors shall fill the vacancy or vacancies, from the members of said corporation, for the unexpired term or terms of the director or directors whose seat or seats have been vacated; and if the election, from any cause, shall not be made on the day designated, this corporation shall not, from that cause, be dissolved; but the directors then in office shall, by the same notice, appoint another day for holding said election. 1851. Annual election of directors. 1851. May appoint all necessary of ficers & agents. deposits. § 3. That the president and directors for the time being, or a majority of them, shall appoint all such officers, agents, and servants as they shall deem necessary to conduct or execute the business and affairs of the institution, fix their compensation, and, in their discretion, to dismiss them; provide for taking bonds to the corporation from all or any of their officers, agents, or servants by them so appointed, with security, conditioned in such form as they shall prescribe, for the faithful execution of their several duties; and, to secure the corporation from loss, regulate the manner of making and receiving deposits, the form of certificates or shares to be issued to depositors, and the manner of transferring the same; provide for the investment of the funds of the corporation in such manner as they shall deem most safe and beneficial; provide for paying all necessary expenses in conducting the affairs of the corporation; and, generally, shall pass all such by-laws as shall be necessary to the exercise of the said powers, and of the other powers vested in said corporation by this charter, and the said bylaws, from time to time, to alter and repeal: Provided, that all such by-laws as shall be made by the directors may be altered or repealed by a majority of the members assembled at any annual meeting, or at any general meeting called in pursuance of any by-law made for that purpose; and a majority of the members may, at any annual or general meeting, pass by-laws which shall be binding on the directors: Provided, that such by-laws shall not be contrary to the laws of this state or of the United States. § 4. That said corporation shall be capable of receiving, May receive from any free person or persons, any deposit or deposits of money; and that all moneys so received, shall or may be invested in public stock, or other securities, at the discretion of the directors, and in the manner deemed most safe and beneficial: Provided, always, that such investment of the funds of the corporation shall be in the manner provided by the by-laws, and that no director or member shall be liable, in his person or property, for any debts, contracts, or engagements of the said corporation; but that the money, property, rights, and credits of said corporation shall be liable for the same, and nothing more: Provided, also, that no part of the funds of said corporation shall be loaned to any treasurer or other officer of said corporation. to be appointed. § 5. That it shall be the duty of the directors, at least A committee once every six months, to appoint, from the members of of examination said corporation, five competent persons as a committee of examination; which committee shall appoint another committee of five persons from the depositors (who are not voting members) in said institution; which two committees, so appointed, shall investigate the affairs of said corporation, and make and publish a report thereof; and at any time it shall be required, by a majority of the members of said corporation, there shall be, as aforesaid, an examination and report of the condition of said institution; and it shall be the duty of the directors, on the first Monday in January and on the first Monday in July, in each and every year, to make and declare a dividend of the interest and profits or said corporation, after paying its expenses, and the same to pay over to the stockholders and depositors, or their legal representatives, in thirteen days thereafter. 1851. Rule as to charg § 6. That all bills and notes at any time discounted, or made payable to said institution, having the words "with- ing interest. out defalcation" embodied in it or them, shall be put upon the same footing as foreign bills of exchange; and said institution is to calculate and charge interest according to the rules laid down in Rowlett's tables of interest, and as is usual on discounted notes, any law, custom, or usage to the contrary notwithstanding: Provided, there shall be no damage or any such bills or promisory notes discounted by said institution, and they shall have no greater dignity or priority of payment, in a regular course of administration, than other bills or promissory notes. § 7. That said institution may receive deposits from minors, the consent of such minors' parents, guardians, or masters being given thereto, in writing; but shall not pay over such deposits to such minor or minors, or any part of the interest accruing thereon, until such minor shall have attained the full age of twenty one years, unless the parents, guardians, or masters of such minor consent thereto, in writing. § 8. That this corporation shall not make or issue notes or bills of credit, in the nature of bank notes or bills, payable on demand or at a future day, to bearer or order, or in any other form; but they may, if found necessary, deal in bills of exchange, and draw for funds transferred to them, or in any manner to their credit, in any place whatsoever out of the county of Breckinridge; but shall in no event exercise any banking or other privileges, except such as are herein granted and provided for. § 9. That should any person or persons, body politic or corporate, make any deposit or deposits of money, bank notes, or other valuable thing, in the office of the institution, on the terms and conditions that shall be published by the officers thereof, and, under the conditions of said deposit, draw for the same, and be refused payment thereof, or be unnecessarily delayed in receiving his, her, or their money, the said institution shall forfeit and pay to any such depositor damages at the rate of ten per centum per annum for the delay occasioned, to be recovered by an action, to be brought at the next term of the Breckinridge circuit court after such delay or refusal to pay; and should the corporation at any time fail to repay the deposits made with them, this act shall cease and determine; and, on the May receive deposits from minois. Shall not isque bilis of credit. Penalty for fail deposit. ing to pay any 1851. Certificates of be issued in cer membership to tain cases. same being satisfactorily proved to the Breckinridge circuit court, the judge of said court shall appoint commissioners to take possession of the estate and effects of said corporation, and to divide the same among the creditors thereof in equal proportions to their several demands. § 10. That in the event of any member of this institution becoming owner of more than one share of the original sixty-two shares of stock, hereby incorporated, by purchase or otherwise, it shall be the duty of the directors, for the time being, to cause certificate or certificates of membership to be issued to a weekly depositor or depositors in said institution, creating them voting members of this corporation, in order that the number of voting members shall always be kept at the original number of sixty-two, herein incorporated. This charter shall continue for and during, and until the expiration' of the year 1875, and no longer. Approved March 11, 1851. Municipal af fairs vested in five trustees. be elected. CHAPTER 420. AN ACT to incorporate the town of Mountsterling. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That hereafter the prudential, fiscal, and municipal concerns of Mountsterling shall be vested in five trustees, who shall be elected annually on the first Monday in June, by the voters who are duly qualified as such under the constitution, and by all white male citizens of the commonwealth of Kentucky, who are freeholders in said town; said trustees, when elected, shall hold their offices for the term of one year, and until their successors are elected and duly qualified. That said trustees, before they enter upon the duties of their office, shall take an oath before some justice of the peace, or police or other judge, that they will faithfully, and without partiality or affection to any one, discharge the duties of trustees to said town during their continuance in office. § 2. That said trustees, after their qualification, shall Chairman to proceed to elect one of their number chairman, who shall preside at their meetings, and have power to convene the board, when, in his opinion, the interest of the town demands it. It shall be his duty to see that all the ordinances and by-laws of said town are duly executed. Trustees incorporated. § 3. That said trustees, and their successors in office, shall be a body politic and corporate, and shall be known by the name and style of "the trustees of Mountsterling ;" and, by that name, shall be capable, in law, of contracting and being contracted with, suing and being sued, pleading and being impleaded, answering and being answered, and of defending and being defended, in all courts and places; and do all acts, matters, and things which a body politic or corporate, having perpetual succession, can lawfully and rightfully do. § 4. That said trustees, or a majority of them, shall have power to make or receive all necessary conveyances in relation to said town; they shall have power over the streets, alleys, and sidewalks of said town, or which may hereafter be opened, and may direct the improvements of the same as they may deem most beneficial to the interest of said town; they shall have power to levy and collect an ad valorem tax on the property in said town, not exceeding twenty-five cents on the one hundred dollars in any one year, and a poll tax on each white male over the age of twenty-one years not exceeding two dollars; they shall have power to tax auction sales, shows, and exhibitions for money or profit, such sum as they may deem. proper and just, or as may be provided in their by-laws; they shall have the power to suppress all tippling and gambling houses, and to fine all those who may violate their by-laws, any sum not exceeding twenty dollars for each offense, except for disturbance of religious worship, riots, routs, unlawful assemblies, breaches of the peace, tippling houses, and gambling houses, where the penalty may be one hundred dollars, which may be recovered before the police judge, hereinafter provided for, or any justice of the peace in Montgomery county; they shall have power to remove all itinerant free persons of color from within the limits of said town, and to annex such penalty as they may deem advisable, for any free negro in said town permitting any slave being at his or her house without the permission of the master of such slave; they shall have power to declare what are nuisances, and to remove the same; they shall have power to provide for the security of said town against fire, by organizing a fire company, defining their duties, and punishing, by fine, those who shall fail to perform the duties required of them; they shall have power to fine any trustee for not attending a meeting of the board, to fill all vacancies, to pass all bylaws and ordinances necessary for the carrying into effect all the powers herein granted, and executing all the provisions of this charter. 1851. Trustees, their powers. Trustees to appoint town § 5. That it shall be the duty of said trustees to appoint a clerk, treasurer, marshal, and such other officers as they omcers, &c. may deem necessary, and take from them, respectively, bonds with approved security, payable to the trustees of Mountsterling, and their successors in office, in such penalty as said trustees may direct, conditioned for the faithful discharge of their respective duties; and for a violation of the condition of such bond, or the duties of such officer, suits may be brought and motions made before any tribunal having jurisdiction thereof, in the same manner, and under |