1850. officers to take an oath. statement of the condition of the institution; which statement shall specify the amount of the stock actually paid in, and the amount not paid in, and the value of the real estate belonging thereto, and its cost; the total amount of debts due to and from the institution; the amount of gold and silver, and other coined metal and bullion on hand; the amount deposited; the amount of bills of banks; the amount of notes and bills of exchange due the same; the rate and amount of each dividend of profits, with the amount of surplus profits or contingent fund; which statement the governor shall cause to be laid before the legislature; and they shall, when required by the legislature, report all bad and doubtful debts. 16. The president, cashier, and other officers, before Directors and entering upon the discharge of their respective duties, shall take an oath before some judicial officer, faithfully, honestly, impartially, and to the best of their skill and judgment, to discharge all the duties of their respective offices under this charter, or which may be required of them by the by-laws, rules, and regulations of the corporation. § 17. This institution shall not contract for or receive a Rate of interest. greater rate of interest than at the rate of six per cent. per annum for the loan or use of money; and interest on promissory notes, negotiable and payable at the same and there `discounted, shall be calculated on the true time such notes have to run, including three days of grace, and shall be paid in advance and on banking principles, in conformity with Rowlett's tables of discount and interest. sued. §18. The president and directors shall issue certificates Certificates of of stock to the holders thereof, for so much as shall be paid for; and the shares of the capital stock shall be considered and held in law as personal property, and assignable and transferable only in such manner and at such place as the president and directors shall, by their by-laws, prescribe; certificates of deposit shall be obligatory on said institution, and shall be transferable or assignable, when made payable to order. General meet ing of the stock holders. General assembly may in vestigate its af fairs. 19. The general meeting of the stockholders shall be held annually on the first Monday in May in each year, in the city of Covington, at the time of the annual election, to which meeting the president and directors shall present an accurate statement of the condition and affairs of the institution; and general meetings of the stockholders may be called as provided in this charter, or by the president and directors when they deem it desirable, or by any number of the stockholders the by-laws shall require. § 20. The legislature shall have the right to investigate the situation and affairs of said institution, by any committee they may appoint for that purpose; and the general court shall have jurisdiction to try the forfeiture of this charter, for the violation of any of the provisions of the same. The proceedings shall be by scire facius, alledging and specifying the acts of forfeiture relied on, and shall only be sued out at the instance of the attorney general, when directed to do so by the legislature. 21. That J. T. Morehead, P. S. Bush, R. P. B. Caldwell, John D. McGill, John Chowning, John W. Clayton, James Semple, Henry M. Buckner, M. J. Dudley, and B. W. Foley, are hereby constituted commissioners to open books and receive subscriptions for the capital stock of said institution, and to superintend the election of the first board of directors, any three of whom shall be competent to exercise the powers and perform the duties required by this section. 22. The said commissioners shall have power-and they are authorized and required, on the second Monday in April next, or at such other time within two years thereaf ter as they shall deem expedient, having given not less than thirty days' notice thereof in some newspaper printed in Covington-to open books for the subscription of the capital stock of said institution at Covington, and such other places as they may deem advisable, and cause said books. to be kept open from 10 o'clock, a. m., until 2 o'clock, p. m., for at least ten days, or until at least five hundred shares shall have been subscribed, when the same may be closed; and if more than one thousand shares shall have been subscribed by individuals, companies, and corporations, the commissioners shall deduct the excess from the largest subscription, in such manner that no subscription shall be reduced and leave the subscription of another larger. 23. That if the whole one thousand shares of capital stock shall not be taken when the books shall first be opened, the president and directors may cause the books to be opened at any time and place they may direct, giving thirty days' notice thereof in some newspaper, and cause them to be kept open not less than ten days, or until the whole of the balance of the stock shall have been taken; and the president and directors may require such premium on the stock sold at the re-opening of the books as they shall deem right; and such premium shall be the property of the institution. When direct. ors may be elect §24. That when no less than five hundred shares of the capital stock shall have been taken, and the commissioners ed. shall have closed the books, it shall be their duty to give notice in some newspaper, and appoint a day in Covingington for the election of the first board of directors, who shall hold their offices until the succeeding annual election; and not less than thirty nor more than sixty days' notice shall be given of the time and place of electing said board; and at least three of said commissioners shall act as inspectors of said election, and shall take the proper oath 1850. shall be paid. and perform all the duties of inspectors of elections in like cases. § 25. That the payment of the shares of the capital How stock stock held by individuals, companies, and corporations, shall be made in gold and silver, or notes of either of the banks or branch banks in this state, and at the times and in the manner following, to-wit: five dollars on each share, to the commissioners at the time of subscribing, and five dollars on each share, within ten days after the election of the first board of directors, and five dollars every sixty days thereafter, until the whole amount of said stock is paid: Provided, that the board shall have power to prolong the time for the payment of each installment after one half of the amount of each share shall have been paid. be forfeited. § 26. That should any of the subscribers to the stock of How stock may said institution fail or refuse to pay for their stock as herein provided, the president and directors, first giving public notice in two or more newspapers for the space of thirty days, by resolution entered on the records, may forfeit such stock, and proceed at such time as they may deem expedient to re-sell the same; and all partial payments made on any stock which shall be forfeited, shall be held for the benefit of the institution. may commence business. § 27. That so soon as five thousand dollars of the capiWhen the bank tal stock shall have been paid in by individuals, companies, or corporations, as heretofore required, the president and directors shall cause the governor to be notified thereof, who is hereby authorized to appoint some suitable person. to count the money so paid in, and to take the oath of the president and at leat two of the directors, that the same has been paid in as capital stock, bona fide, and make due return thereof to him; and, on such appearing to be the fact, the governor is authorized to issue his proclamation that the amount hereby required to be paid in, and in the funds herein required, has been done; and the said institution is then hereby authorized to commence operations. § 28. That no one individual, company, or corporation, Limitation to shall be allowed to hold more than one hundred shares of subscriptions of the capital stock of this institution, either in their own No director to become security names or in the names of others, in order to transfer them; and all stock that any individual, company, or corporation shall take or hold contrary to this provision, shall be forfeited to the institution for the benefit of the other stockholders; and no individual, company, or corporation shall be allowed, in person or by proxy, to vote at the first election of directors, on any stock which may stand in his, her or their names, without first making oath that the stock bona fide belongs to them, and is not held in trust for others. § 29. That it shall not be lawful for the president or any of the directors to become bound as security or accommodation indorser on any note or bill discounted in said institu tion; and a violation of the provisions of this section shall subject the person violating the same to a penalty of one. thousand dollars, to be recovered by action of debt in the name of the corporation, for its own use and benefit. 1850. No loans to be § 30. That said institution shall not make any loan of money, or discount any note or bill in any case whatever, made for stock for the purpose of enabling any individual to make payment for its own stock; and no stockholder shall be allowed to pay any debt he may owe the same, by the surrender of stock; and stockholders who shall become indebted to the institution, shall be compelled to pay their debts in all respects as other persons dealing with the same; nor shall any stockholder be allowed to make payment of the shares of stock held by him or them, by means of loan or loans obtained from the institution. Real estate acquired to be sold § 31. That the real estate purchased by this institution, or the legal title of which shall be acquired in any way, within 5 years. (except such as may be held for the purposes mentioned in the first section of this act,) shall be sold within five years. after it shall have perfected its title thereto; and on their failure to comply with the provisions of this section, the same shall vest in the commonwealth. 32. That it shall not be lawful for said institution to issue any note or bill to be passed and used as currency; and if it shall so presume to do, the charter shall be forfeited, as provided in the fourth section of this act. Approved December 16, 1850. No note to be issued as cur. rency. CHAPTER 88. AN ACT for the benefit of Edward Artsman, of Bracken county. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That it shall and may be lawful for Edward Artsman, of the county of Bracken, to keep his mill dam across the north fork of Licking river at its present height, the navigation of said stream not being impeded thereby. Approved December 18, 1850. CHAPTER 89. AN ACT for the benefit of the Town of Ghent, in Carroll county. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That it shall be lawful for the trustees of the town of Ghent, in Carroll county, to convey, by deed, to Robert Pattison, lot number sixty-four, in said town; and, also, to convey to Watty C. Farris lot number sixty-five, in said town, or so much of said lot as said Farris now has title to and possession of. § 2. That it shall be lawful for the trustees to receive and hold, for the benefit of said town, title to lots number 1850. forty-four and forty-five, and a small part of lot number CHAPTER 90. AN ACT for the benefit of Col. Edward Brooks, of the State of Michigan. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the second auditor be directed, whenever applied to for that purpose, to daw his warrant on the treasurer of this commonwealth, in favor of Col. Edward Brooks, of Michigan, for the sum of one hundred and five dollars and fifty cents, that being the amount of his claim against this commonwealth for services rendered, and money expended by him, in conveying from the city of Monroe, Michigan, to the city of Covington, Kentucky, the remains of about fifteen persons, which were exhumed in improving and excavating a street in said city of Monroe, and which were ascertained, by satisfactory evidence, to be the bones of Kentucky soldiers who perished on the banks of the river Raisin, in the bloody battles of the 18th and 22d days of January, 1813. Approved December 18, 1850. CHAPTER 91. AN ACT fixing the time for holding the charter election for the city of Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the election for mayor and other officers of the city of Covington, specified in the charter of said city, shall be held on the first Saturday in January, 1851. And at the same time each year thereafter, until otherwise provided by law. Approved December 18, 1850. CHAPTER 92. AN ACT to establish a ferry across the Ohio river at Milton. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That a ferry from Milton, in the county of Trimble, across the Ohio river, is hereby given to John M. Abbott, to be located on his land opposite lot No. 1, in said. town; that before said Abbott shall exercise said privilege, he shall cause a safe and convenient landing place to be made on said land, and shall furnish a good and substantial steam ferry boat for use at said ferry. He shall give bond, with freehold security, to be approved by the county court or probate judge of said county, as required by the |