tants of said city, and others choosing to use or take said water, regarding the rates of which the same shall be paid for: Provided, That the said company shall, within two years from the passage of this act, furnish and continue, with no unreasonable delay, a supply of pure and wholesome water sufficient for the use of all such citizens dwelling in the said city as shall agree to take it on the terms to be demanded by said company; and in default whereof, the said corporation shall be dissolved.

§ 8. That it shall be lawful for said directors to call and demand from the stockholders respectively all such sums of money by them subscribed or to be subscribed, at such times and in such proportions as they shall see fit, under pain of forfeiture of their shares, and of all previous payments thereon, to the said president, directors, and company.

9. That if any person or persons shall willfully do, or cause to be done, any act whatsoever whereby the said works, or any pipe, conduit, canal, water-courses, mound, plug, cock, reservoir, dyke, or any engine, machine, or structure, or any matter or thing appertaining to the same, shall be stopped, obstructed, impaired, weakened, or injured, the person or persons so offending shall forfeit and pay to the said company treble the amount of damages sustained by means of such offense or injury, to be recovered by such company, with costs of suit, in any of the courts of this State, which action shall in every instance be considered as transitory in its nature, and shall and may be triable in any county in this State where jurisdiction may now be legally entertained under the provision of the law regulating jurisdiction.

§ 10. This act shall be and remain in force for the term of sixty years from and after its passage; but the Legislature may at any time alter, amend, or repeal this act by a vote of majority of each branch thereof; but such alteration, amendment, or repeal shall not be made within thirty years of the passage of this act, unless it shall be made to appear to the Legislature that there has been a violation by the company of some of the provisions of this act.

11. The general meeting of the share-holders of said. Lexington Hydraulic and Manufacturing Company may bo called at any time in the intervals between the annual meetings by the president and directors, or a majority of them, or by share-holders owning at least one fourth of the whole

stock subscribed, upon giving twenty days' public notice of the time and place of holding the same, which shall be at the place where the principal office of said company is kept named in said advertisements; and when any such meetings are called by share-holders, the advertisement shall specify the objects of the call; and if at any such meeting a majority in value of share-holders are not present in person or by proxy, such meeting shall be adjourned from day to day without transacting business for any time not exceeding three days; and if within that time share-holders holding a majority in value of the stock shall not so attend, said meeting shall be dissolved.

Approved February 27, 1882.

CHAPTER 334.

AN ACT to authorize the Owen county court to levy a tax and issue bonds for turnpike purposes in Owen county, Kentucky.

WHEREAS, The Owen county court has subscribed stock to the amount of seven hundred and fifty dollars for each mile to the following named turnpike roads, to be built and constructed in said county, viz: The Owenton and Grant County Line Turnpike Road Company, the Monterey and New Columbus Turnpike Road Company, the Monterey and Cedar Creek Turnpike Road Company, the Harrisburg and Lusby's Mills Turnpike Road Company, the New Liberty and Sparta Turnpike Road Company, the Lusby's Mills and Corinth Turnpike Road Company, the Cane's Branch and Truesville Turnpike Road Company, the Owenton and Monterey Turnpike Road Company (old subscription); and whereas, said court is desirous of an act enabling it to issue bonds and levy a tax for the payment of said subscription; therefore,

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That the county court of Owen county be, and it is hereby, authorized to issue the bonds of said county, not to exceed thirty-two thousand dollars, for the purpose of paying the stock subscribed by said court in the foregoing named turnpike companies.

§ 2. Said bonds shall bear interest at a rate not exceeding eight per cent. per annum, and shall be due and payable in

paral

fifteen years, but redeemable at any time in the pleasure of the county court.

§3 They shall not be for a sum less than one hundred dollars each, shall be signed by the county judge, attested by the county court clerk, and stamped with the seal of the They shall be made payable to bearer and pass by delivery, and the interest shall be payable annually

court

§ 4. It shall be the duty of the county judge to negotiate and sell said bonds, and appropriate the proceeds to the payment of the above subscriptions as they fall due. He shall keep a register in which he shall enter the date, amount, and maturity of each bond sold by him, and to whom the same has been sold, and which he shall, at the expiration of his duties under this act, file in the clerk's office of the county court: Provided, That before selling said bonds or any of them, said county judge shall enter into and give bond to the Owen county court, with good security, conditioned for the faithful discharge of his duties under this act, which bond shall be approved by the county court clerk, and filed in his said office.

§ 5. For the purpose of paying off said bonds, and to enable the county court to provide for the payment of the principal and interest of said bonds, as also of all other bonds heretofore authorized, it may levy an annual ad valorem tax of not exceeding fifty cents on each one hundred dollars' worth of taxable property in said county, which shall be collected and accounted for by the sheriff as all other taxes.

$6. The county court shall have power to make all orders necessary for carrying into effect and execution the provisions of this act. The county judge of said county is hereby authorized to issue bonds, under the same provisions and restrictions that the present bonds of said county were issued, and sell the same at not less than their par value in open market. The money or proceeds of the sale of same to be applied to the purchase of its present outstanding bonds: Provided, The bonds so issued shall bear a lower rate of interest than the bonds so redeemed.

7. This act shall take effect and be in force from its passage.

LOC. L., VOL, I—38

Approved February 27, 1882.

Style.

Capital stock.

fications.

Officers.

CHAPTER 335.

AN ACT to incorporate the Grant County Deposit Bank of Williamstown, in Grant county.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

1. That there is hereby created and established in the town of Williamstown, Kentucky a deposit bank, which shall be a body-politic and corporate, by the name of Grant County Deposit Bank; and in this name shall have power to sue and be sued, to contract and be contracted with, plead and be impleaded, defend and answer, in all courts and places as a natural person, and have a common seal, and alter or change the same at pleasure.

2. That the capital stock of said corporation shall be fifty thousand dollars, divided into shares of twenty-five dollars, and may be increased, if deemed advisable by the directors, to one hundred thousand dollars. The stock shall be personal estate, and transferable on the books of the corporation according to the by-laws.

3. That the property, business, and affairs of this corpoDirectors-quali ration shall be under the direction, management, and control of a board of seven directors, who must be citizens of Grant county, Kentucky, and stockholders, one of whom shall be elected annually president of the board, and one of whom shall be elected annually vice president of the board. After the first election they shall be elected annually on the first Monday of January in each year, and shall hold office until their successors are duly elected and qualified. Said board of directors shall have the full control and management of the business and affairs of the bank, and may employ and appoint such agents, officers, and servants as may be necessary to conduct the same, and pay them such salaries and wages as they may agree upon, and take such bonds for the faithful performance of the duties of same as they may think proper and reasonable. Said board shall have power to receive subscriptions for so many shares of stock of said bank remaining unsold as they may at any time choose to sell; to declare dividends of the profits arising out of the business; to provide for the administration of oaths to the different officers, and to enact any and all necessary by-laws not inconsisteut with the Constitution and laws of Kentucky for the government of the corporation, and to amend or

Bonds.

repeal the same at pleasure. The election of a board of directors provided for by this section shall be held by three persons appointed by the board for that purpose, and each stockholder shall be entitled to one vote for each share of stock owned by him in said election. Any vacancy occurring in said board may be filled by appointment until the next

annual election.

§4. William Points, O. P. Hogan, sr., W. Harrison, D. W. Commissioners. Williams, Andrew Board, R. J. Blackburn, Lee Hume, J. W. Mount, and John T. McClure are hereby appointed commissioners, who may open books and receive subscriptions to the capital stock; and when one thousand shares of stock shall have been subscribed for, it shall be their duty to give notice, by sending a written or printed circular to each subscriber of stock, informing him of the amount subscribed, and appointing a time and place for the election of a board of directors, who shall hold office until the next annual election. The payments for the shares subscribed shall be made as directed by the first board of directors; and should any subscriber fail to pay for their subscription for stock, after giving them twenty days' notice in writing, the directors may, by resolu- Notice. tion entered on their books, forfeit such stock, and sell the same at such time as as they may deem expedient; and all partial payments made on any stock which shall be forfeited shall be held for the benefit of the stockholder, after deducting any unpaid calls and costs of sale. Said corporation may begin business so soon as twenty-five thousand dollars of the capital stock has been paid in, and the president and directors first elected shall have made oath thereto before the judge of the Grant county court.

5. Said corporation may acquire and hold, possess and use, occupy and enjoy, all such real and personal property, goods and chattels, as may be convenient and necessary for the transaction of its business, or which may be pledged or conveyed to it as security for any debt, or purchased in satisfaction of any debts, judgments, or decrees, and may sell or convey or dispose of the same as a natural person.

6. Said corporation shall have power to loan money on approved securities of any kind. It may receive stocks, bonds, produce, merchandise, and other things in pledge for the security of money. It may also receive in "pledge, or as security for money loaned, United States bonds or certificates.