the owner of said stock, and the officer shall be responsible on 6. That this act shall be submitted to the qualified voters shall not be in force. § 7. That it shall be the duty of the sheriff, at least thirty days before the next August election, in at least three public places in the precinct, to post notices that a vote will be taken on the first Monday in August, 1882, for or against the "stock law." 8. That this act shall take effect on the first day of October, 1882. Approved March 17, 1882. Corporators. Style. CHAPTER 450. AN ACT to incorporate the Kentucky Land and Cons'ruction Company. § 1. That M. Mundy, Edwin McKenna, Wm. J. Duncan, T. § 2. That a majority of the persons named in the preceding section may hold a meeting at any time, within ninety days from and after the passage of this act, for the purpose of electing a board of five directors, and doing such other acts 1 as may be necessary to complete the organization of said. company. §3. That the capital stock of said company shall be fifty Capital stock. thousand dollars, to be divided into one hundred shares of the par value of five hundred dollars each; but the amount of such capital stock may be diminished or increased by a majority of the directors at any meeting thereof; and in case of the increase at any time of the capital stock of said company, each share-holder shall have the privilege of taking said stock in proportion as his own bona fide holding of original stock stands to the whole, and the directors shall give due notice of such proposed increase to each share-holder before offering the same to others. § 4. The board of directors may, by by-laws, provide how payments on stock subscription shall be made, except that not more than twenty per cent. per month shall at any time be called for, and no assessment above the amount of the par value of the stock shall at any time be called for any purpose, nor shall any share-holder be liable for any debt of said com. pany, unless the same shall have been fraudulently contracted with knowledge and consent of such share holder. 5. The officers of said company shall consist of president, Officers. vice president (who shall act as president in case of the absence or disability of that officer), a secretary, treasurer, and a general manager, who may also be vice president, to be chosen, from time to time, by the board of directors, for a term of twelve months, and until their respective successors shall be elected and qualified; but the board of directors shall have power, by a majority vote, to remove any officer or offi. cers of said company at pleasure, and to fill the vacancies thus created, and appoint such other officers as they deem expedient. § 6. The directors elected as aforesaid shall serve for twelve Terms. months, and until their successors shall be duly elected and qualified; and thereafter the directors shall be elected by the stockholders at their regular meetings, to be held at such times and places in or out of this State as the by-laws of said company may provide, or the directors may, from time to time, determine. Vacancies in the board of directors occur. ring in the intervals between stockholders' meetings may be temporarily filled by the remaining members of the board. By-laws 7. The said company shall have power to purchase, own, sell, or improve lands, manufacture or buy or sell lumber; may take such action as they deem best to induce emigration; appoint such agents as they may deem proper in this or other countries for that purpose; may build and operate railroads in this or other States, as employes or contractors, and acquire land in connection therewith, either by donation, purchase, or State or United States grant; may buy or sell its own or other securities; and may acquire by purchase, lease, or other rental such real and personal property in this or other States as may be necessary or convenient for carrying on its said business. § 8. The board of directors shall have power to make bylaws, not inconsistent with this act or with the Constitution of this Commonwealth, and the same to modify at pleasure; and to appoint times and places for their own meetings, in or out of this State, as may be most convenient for the transaction of the company's business; and may by such by-laws increase the number of directors. No officer of said company shall make any contract on its behalf, or incur any liability for the company, except upon the approval of the board of directors, or in pursuance of power granted in the by-laws or by resolution of the board of directors. 9. The board of directors shall keep books of record of the operations and business of said company, which shall at all times be open to the inspection of all the stockholders, and of any and all creditors of the company. § 10. The company shall terminate its existence twentyfive years from and after its organization, unless sooner terminated by general consent. § 11. This act shall take effect from and after its passage. Approved March 17, 1882. CHAPTER 451. AN ACT in relation to the Shawneetown and Paducah Railway Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the Shawneetown and Paducah Railway Company, a corporation formed and existing under the laws of the State of Illinois, be, and it is hereby, made a corporate body within this Commonwealth, with all the rights and privileges, and subject to all the duties and liabilities conferred or imposed upon other railroad companies incorporated by the laws of this Commonwealth. § 2. That said Shawneetown and Paducah Railway Com- Purposes. pany shall have the right to build and operate a railroad in the county of McCracken, and in the city of Paducah, from the terminus of any railroad bridge or transfer that may be built or established across the Ohio river in said county to any station or depot in said city, or junction with any other railroad company, and may construct, maintain, and operate a railroad transfer across the Ohio river at Paducah, either alone or in connection with other companies, upon such terms as may be agreed upon; and may purchase, lease, or make running arrangements with any other railroad company with which it may connect; and may carry and transfer its locomotives, cars, freight, and passengers across said river. It being the intent and purpose of this act to enable and authorize the said company to build, own, and operate a line of railway from some convenient point in the city of Paducah to any such bridge or transfer landing, and so as to connect the same with a line of railway in the State of Illinois by bridge or river transfer, and may establish and construct such depots, sidings, turn-tables, shops, and offices as may be deemed. expedient, and may purchase, lease, or otherwise acquire real and personal property for the said railroad tracks, transfer landings, depots, sidings, shops, offices, and other purposes of the said company; and for these objects may condemn such property, by proceedings in the McCracken court of common pleas; and in such proceedings the owner or owners or claimants of the property sought to be condemned shall be made defendants as in other actions, and such actions shall be tried by a jury, unless a jury be waived; and all the proceedings shall be according to the practice in cases of a traverse of the return upon a writ of ad quod damnum. § 3. The said Shawneetown and Paducah Railway Com- Bonds. pany may issue and sell its negotiable bonds, bearing a rate of interest not exceeding seven per centum per annum, payable at such times and place as it may determine, and may secure the same, or other obligations, by a mortgage upon its property, rights, and franchises in this Commonwealth, either LOC. L., VOL. I-49 separately or in connection with its property, rights, and franchises out of this Commonwealth. § 4. The said company, shall have the right to build and operate its railroad over and along such public ways in the city of Paducah as may be permitted by the common council of said city, and upon such regulations as said council may by ordinance require. § 5. The Shawneetown and Paducah Railroad Company is hereby authorized and empowered to subscribe stock in the Paducah and Illinois Bridge Company. § 6. The Legislature reserves the right to regulate the charges for passage and freights on said railroad or by said railroad company; also reserves the right to repeal, amend, or alter this charter. § 7. This act to take effect from its passage. Approved March 17, 1882. CHAPTER 452. AN ACT to amend an act, entitled "An act establishing a new charter for the city of Louisville," approved March 3, 1870. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the terms of office of receiver of taxes and treasurer of the city of Louisville shall be, and is hereby, extended to the first Tuesday in December, 1885, and that the terms of office of said officers shall thereafter be four years, and until their successors are qualified. That the present receiver of taxes and treasurer, at the end of the term for which they are elected, shall execute bond, with good sureties, conditioned for the faithful performance of the duties of their offices until the election herein provided for. § 2. Every receiver of taxes and treasurer elected under the provisions of this act shall, before entering on the duties of his office, execute bond to the city of Louisville, with good and sufficient sureties, conditioned for the faithful performance of his duties. §3. This act shall take effect from its passage. Approved March 17, 1882. |