trustees, and under like rules and regulations, and not to be closed sooner than five o'clock in the afternoon; and when a majority of those who vote shall be in favor of borrowing money for such improvements, the trustees may proceed to do so: Provided, however, the sum to be borrowed shall be stated before the poll is opened, and the trustees shall have no authority to borrow any larger sum; the bonds to be signed by the chairman and countersigned by the clerk. 1851. §22. The treasurer, every year, before the election of Treasurer's duty trustees comes on, shall make a public expose of the financial condition of said town, and therein exhibit the receipts and expenditures for the last fiscal year. Marsha! may § 23. The marshal, with the consent of the trustees, may appoint a deputy marshal, who shall take such oath as the appoint deputy. trustees may require and prescribe; and for his official acts, the marshal shall be responsible, under the same rules and regulations as sheriffs are responsible for the acts of their deputies. 24. That whenever the voters may desire it, they may elect the marshal, clerk, treasurer, and assessor; but this wish must be made known to the trustees by petition, to be presented at least one month before the succeeding election, to be signed by a majority of the voters. § 25. That nothing in the twentieth section of this act shall be so construed as to authorize the trustees to prohibit the sale of spiritous liquors by merchants, as now authorized by law; and no license granted by said trustees for the keeping of taverns, groceries, victuallers, confectioneries, establishments for retailing liquors, alleys for nine or ten pins, or any public house, shall authorize the person to whom license may be granted to sell spirituous liquors before such person shall obtain a license from the clerk of the Montgomery county court, authorizing such sale for the period of one year; nor shall the owner of a nine or ten pin alley use the same for profit, by virtue of such license from the said trustees, until such owner shall obtain a license from said clerk, authorizing the use of said nine or ten pin alley for one year; which license said clerk shall issue upon the payment, by such owner, of fifteen dollars, and upon the payment, by such holder of the license for the sale of spirituous liquors, of the sum of ten dollars; which sum, so received by said clerk, he shall pay to the trustee of the jury fund. Approved March 12, 1851. Voters may elect officers. Prohibition. CHAPTER 421. AN ACT for the benefit of Joseph A. Vance. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the second auditor be directed to draw 1851. his warrant on the treasurer, in favor of Joseph A. Vance, for the sum of one hundred and fifty-six dollars and eight cents, to be paid out of any money in the treasury not otherwise appropriated, being the amount of loss sustained by said Vance by reason of an attachment against his goods in the Warren circuit court; the said goods having been deposited in a warehouse, and stolen by burglars whilst in the custody of the law and beyond the control of said Vance. Approved March 11, 1851. CHAPTER 422. AN ACT for the benefit of the Danville and Hustonsvile Turnpike Road Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the president and directors of the Danville and Hustonsville turnpike road company be and they are hereby empowered to borrow such sum or sums of money as may be necessary for the completion of the aforesaid road: Provided, that the sum or sums, so borrowed, shall not exceed the sum of one hundred thousand dollars, nor be borrowed at usurious interest; and before any such sums of money shall be borrowed by the president and directors, they shall be directed so to do by a majority of the stockholders of said company. Approved March 11, 1851. Authorized to take stock in certain railroads. CHAPTER 424. AT ACT to authorize the city of Louisville to subscribe stock in certain § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the mayor and council of the city of Louisville shall be and are hereby vested with power and authority to subscribe, in the name of the city of Louisville, not exceeding three hundred thousand dollars to the stock of the Jeffersonville railroad company, and not exceeding one hundred thousand dollars to the stock of the Maysville and Lexington railroad company, and pay for said stock in the bonds of the city of Louisville, payable at thirty years after date, with interest at six per cent. per annum thereon, payable half yearly; interest and principal payable in New York, or other eastern cities. The said subscriptions shall be on such terms and conditions as the city and the respective companies, in writing, may agree upon. And the stock and dividends in the respective companies shall stand pledged for the payment of the interest and principal of the bonds issued to such company; and the surplus dividends on such stock, after paying the interest, shall be applied, from time to time, in the purchase and withdrawal of said bonds, in such manner, and under such direction as the respective companies may, in said writing, agree; and said writing shall also stipulate how the interest on said bonds shall be raised, until the dividends on the stock be sufficient to pay said interest. § 2. That the mayor and council of the city of Louisville shall be and are hereby vested with power and authority to subscribe, in the name of the city of Louisville, not exceeding one million of dollars in the Louisville and Nashville railroad company, and to pay for five hundred thousand dollars thereof in the bonds of the city, payable thirty years after date, with interest at the rate of six per cent. per annum, payable half yearly; interest and principal payable in New York, or any of the eastern cities; and to raise the other five hundred thousand dollars as provided in the 6th, 7th, and 8th sections of an act, entitled, "an act to amend the charter of the Frankfort and Louisville railroad company," approved the 29th day of February, 1848, which sections are hereby re-enacted and made appliable, in all respects, as to the raising and distributing, amongst those paying the tax, this five hundred thousand dollars to the Louisville and Nashville railroad company; and the mayor and council of the city of Louisville shall have power and authority to subscribe any additional sum or sums they may deem proper, to any branch or branches of said road, and pay for such additional subscription, in whole or in part, by the bonds of the city, in the manner as above provided, or, in whole or in part, by taxation, as above provided; the said subscription shall also be on such terms and conditions as the mayor and council of the city of Louisville and the Louisville and Nashville railroad company may, in writing, agree; and the stock paid for in bonds, and the dividends thereon, shall stand pledged for the payment of the interest and principal of said bonds to the company; and the surplus dividends on such stock, after paying the interest, shall be applied, from time to time, in the purchase and withdrawal of said bonds, in such manner, and under such directions as said company may, in said writing, agree; and said writing shall also stipulate how the interest on said bonds shall be raised until the dividends on the stock shall be sufficient to pay the interest; and the mayor and council of said city of Louisville may subscribe not less than one hundred thousand dollars of the above million of dollars to organize the company, and afterwards include it in their agreement, as provided in this section. §3. That no subscription shall be made, under the first and second sections of this act, until after the mayor and council of the city of Louisville shall have passed an ordi 1851. Stock, how to be divided. nance authorizing the same to be made, and prescribing the terms and conditions upon which it is proposed to make such subscription, and payment therefor; and if it is proposed to provide for the payment by taxation, such ordinance shall specify the descriptions of property upon which the tax shall be assessed, and the rate per cent. of said tax, which tax shall be levied on such property as may be subject to state taxation; nor until after such ordinance shall have been published at least ten days, in at least one of the daily public newspapers printed in the city of Louisville; nor until, on a day designated in such ordinance, and after the publication provided for, as above, the question as to such subscription shall have been submitted, in such form, and under such regulations as may be provided by said mayor and council, to a vote of the voters of Louisville qualified to vote for members of the general assembly of Kentucky, in the several wards, and at the usual places of voting in said city. And if, after a submission to the voters, as aforesaid, a majority of the votes cast for and against the same shall be cast for it, then the mayor and council of said city shall make such subscription, on the terms and conditions set forth in the ordinance authorizing the same, and not otherwise. § 4. That should any part of the principal or interest of the bonds of the city of Louisville, given in payment of this stock, or any stock authorized to be subscribed by the first and second sections of this act, or now subscribed in the Louisville and Frankfort railroad company, or hereafter subscribed in said road and paid for by taxation on the property of the inhabitants of said city, or those having property therein, then, and in all such cases, all the stock obtained for the payment of the interest and of the principal shall be divided pro rata amongst those paying the tax, in the same manner that stock paid for by taxation in the Louisville and Frankfort railroad company has been distributed amongst those paying for the same by taxation; and the provisions of the Louisville and Frankfort railroad company, upon this subject, shall also be in force for the purpose of carrying out this provision. § 5. The provisions of the fourth section of this act shall not operate so as to subject to pro rata distribution among the tax paying citizens of Louisville, any stocks or bonds held in the Louisville and Frankfort railroad, by the mayor and council of the city of Louisville, not now subject to such distribution, without the express assent of the mayor and council of said city. Approved March 15, 1851. CHAPTER 425. AN ACT to incorporate the Deposit Bank of Maysville, 1851. Bank establish Corporate powers. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That there is hereby established the "Deposit Bank of Maysville," with a capital of fifty thousand ed. dollars, in shares of fifty dollars each, to be subscribed and paid for by individuals, companies, and corporations, in the manner hereinafter specified; which subscribers and shareholders, their successors and assigns, are hereby created a body politic and corporate, by the name and style aforesaid, and shall so continue a body politic and corporate until the first day of June, 1880; and by that name, under the restrictions hereinafter prescribed, shall be competent to contract and be contracted with, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts and places, and in all matters whatever, as natural persons, with full power to acquire, hold, possess, use, occupy, and enjoy, and the same to sell, convey, and dispose of, all such real estate, goods, effects, and chattels, as shall be convenient for the transaction of its business, (provided the value thereof shall not exceed ten thousand dollars,) or which may be conveyed to said institution as surety for any debt, or which may be received in discharge of any debt or purchase in satisfaction of any judgment or decree in its favor, or in the purchase of any property on which it may have a lien; and said institution may have and use a common seal, change, alter, and renew the same at pleasure; and may ordain and put in execution such by-laws, rules, and regulations for the government of the same as may be deemed necessary: Provided, they be not contrary to the constitution and laws of this state or of the United States. § 2. That the business of the institution shall be to receive money on deposit, upon which it shall pay an interest to the depositor of not more than six per cent., nor less than two per cent. per annum, as it may choose, dependent upon the length of time for which said deposit may be made; to loan money, discount promissory notes and bills of exchange; the promissory notes made pay able to any person or persons, or order, or payable to this institution or order, and negotiable and payable at their banking house, or at any bank or office of discount and deposit, or branch of any bank, and indorsed to and discounted by said institution, shall be and they are hereby put upon the same footing as foreign bills of exchange, and remedy may be had, jointly and severally, against the drawers and indorsers, and with like effect, except as to damages, and except that in a regular course of administration they shall have no other or greater dignity or priority of payment than other notes; and the said institution shall not, directly or indirectly, deal or trade in any Business of the bank. |