fort, shall be, and the same is hereby repealed New compa- and a company shall be formed for the purpose of ny formed. making an artificial road from Lexington, by the way of Versailles, to Frankfort.

Capital stock.

Comm❜rs.

The capital stock of said company shall consist of $150,000, to be divided into 1500 shares of $100 each.

Subscriptions towards constituting the stock of Books for sub said company, shall be opened in the towns of scription tobe Lexington, Versailles and Frankfort, on the first opened. Monday in March next, or in convenient time thereafter, under the direction of the commissioners hereinafter mentioned, and shall continue open one year, unless sooner filled. The following persons shall be, and are hereby appointed commissioners, to do and perform the duties hereinafter prescribed, to wit: In the county of Fayette, James Morrison, John T. Mason and John Postlethwaite; in the county of Woodford, Nathaniel Hart, William B. Long and Randolph Railey, sen.; and in the county of Franklin, Martin D. Hardin, John H. Hanna and Peter &. Voorhies. It shall be the duty of said commissioners to report to each other, at the end of every month, the number of shares subscribed on the books. As soon as one thousand shares shall be General meet subscribed, the commissioners shall appoint a ing of share- time and place for the meeting of the company, which shall be advertised in one or more newspapers printed in Lexington and Frankfort, four times, the first publication, being not less than thirty days prior to the time appointed for the meeting. The subscribers shall, at the time and Appointment place appointed, proceed to the choice of a presiof officers. dent and five managers, a treasurer, and such other officers as they may think necessary for conducting the business of said company; which, when organized, shall be a corporation or body politic, to be known by the name of "The Lexington and Frankfort Turnpike Company," and shall possess the like powers, authorities, privileges and immunities, be subject to the like duties, fines and forfeitures, and be entitled to the like tolls and profits, as by the before recited act are given, granted, prescribed or imposed on the

holders.

Powers, &c. of company.

resident and managers of the Lexington and Louisville turnpike road company.

The commissioners herein appointed, or a majority of them, shall possess all the powers for laying out and designating the route of said road, as are given to the commissioners designated in the before recited act. They may commence laying out the route for said road without waiting for subscriptions,. they being made individually responsible for any expence incurred thereby, if said company should not be organized.

Former law

8. Be it further enacted, That so much of the act to incorporate a turnpike road company from authorising a Lexington to Louisville, approved February 1817, turnpikefrom as authorises the said company to form an artifi- Frankfort to cial road on any part of the route from Frankfort Shelbyville, repealed. to Shelbyville, shall be, and the same is hereby repealed; and a company shall be formed for the New compa purpose of making an artificial road from Frank- ny formed. fort to Shelbyville, under the name, style and title of "The President, Directors and Company of the Frankfort and Shelbyville Turnpike Road," and by the same name, style and title shall have perpetual succession, and all the privileges and franchises incident to a corporation, and shall be capable of taking and holding their capital stock, and of purchasing, taking and holding, to them, their successors and assigns, and of selling, transfering and conveying in fee simple, all such land, tenements, hereditaments and estates, real and personal, as shall be necessary to them in the prosecution of their works, and of suing and being sued, pleading and being plead, and of doing all and every other matter and thing which a corporation or body politic may lawfully do.

9. Be it further enacted, That the capital Capital stock. stock in said company shall be $100,000, divided

into 1000 shares of $ 100 each.

§ 10. Be it further enacted, That for the pur- Comm'rs.

pose of carrying into effect the powers which are hereafter granted, the following persons shall be appointed commissioners, to do and perform the several duties hereafter mentioned: In the county of Franklin, Thomas Todd, John A. Mitchell, John H. Hanna and Thomas Hughes; in

the county of Shelby, Singleton Wilson, James Simrall, George Gill, James Bradshaw, Charles Baird, Randolph Perry and Adam Middleton. They shall furnish as many books to procure subscriptions to the stock in said company as may be necessary, in which they shall enter as follows : "We whose names are hereunto subscribed, do promise to pay to the president and directors of the Frankfort and Shelbyville turnpike road company, the sum of one hundred dollars for every share of stock in said company set opposite our respective names, in such manner and proportions, and at such times as shall be determined by the president and directors of said company, agreeable to the act incorporating the Frankfort and Shelbyville turnpike road company. Witness our " They shall

Books to be hands this day of opened.

give notice in the newspapers printed in Frankfort and Shelbyville, that books will be opened to receive subscriptions to the stock in said company, on the third Monday in February, and that the same will be continued open from time to time, by adjournment or otherwise, until the whole stock shall be taken. They shall give notice at what time and places books will be opened, at which place some one of the commissioners shall attend, and permit and suffer all persons of lawful age, who wish to subscribe in the said books, in their own name, or the name of any other person who shall authorise the same, for any number of shares they wish. Each of the commissioners who have the charge of books for subscriptions shall report once a week to the chairman of the board of commissioners, and to each other; and whenever it shall appear by the reports as aforesaid that one half of the stock in said company has been subscribed, notice shall be given for a general meeting of the stockholders, at a time of which meeting at least thirty days notice shall be given in the same papers that notice of books for subscriptions of stock was given; when the stockholders shall meet at the place appointed by the commissioners, either in person or Officers to be by proxy, and elect a president and six directors, appointed. and treasurer, to manage the interests and con

cerns of said company. The president and directors shall, as soon as they may think for the interests of said institution, proceed to carry the same into effect, agreeable to the true intent and meaning of this act.

11. Be it further enacted, That for the stock stock, when subscribed in the capital of said company, one paid. tenth part, or ten dollars on each share, shall be paid at the time of the first general meeting of the stockholders to elect a president and directors; and ten dollars on each share in ninety days thereafter; and ten dollars on each share every six months, until one half of the stock shall be paid up; the other half of the stock shall be paid by instalments, in such proportions as shall be determined by the president and directors of said: company, or as shall be required to complete thesaid turnpike road, not being in shorter periods than ten dollars on each share in any six months. Payments of stock in said company shall be made in gold or silver coin, in notes on the bank of the United States or some of its branches, in notes of the bank of Kentucky or any of its branches, or in notes on such other banks as the commissioners in the first instance shall determine, and afterwards in such notes as the president and directors shall direct.

§ 12. Be it further enacted, That the commis- Powers, &c, sioners appointed by this act, and the president of company. and directors of said company, shall possess all the powers, authorities and privileges, and shall and may do all the acts and things necessary for carrying on and completing the said turnpike road, and for laying out the same; and shall be subject to all the duties, qualifications, restrictions, penalties, fines and forfeitures, and be entitled to the like tolls and profits, in proportion to the distance, as were given and granted to the commissioners, and to the president and managers of the Lexington and Louisville turnpike road company, by the act incorporating the said company; and the whole of the said recited act, so far as the same will apply, with the same powers and authorities, shall be granted by this act, as if the said recited act wer ehereby re-enacted.

13. Be it further enacted, That the commisComm'rs. to sioners hereby appointed, may, if they think prolay out and per, at any time proceed to run, lay down and mark road. mark the route intended for the track of said turnpike road, if they choose to do so at their own expence, in case the said company shall not be organized; and they are hereby authorised to take and receive conditional subscriptions for stock in said company, if they shall think proper, for the road to run crossing at the permanent Frankfort bridge, and running on the general course of the old road; and also for subscriptions for the road to run on the general course of the new road from the mouth of Benson creek, and running on the north side of Tick creek, &c.; and from the amount of subscriptions made to each, they may determine the route of said road, so as to insure the completion of the same.

CHAP. CCLXIII.

An ACT to incorporate the Louisville Insurance

Company.

APPROVED January 31, 1818.

1. BE it enacted by the General Assembly of Shareholders the Commonwealth of Kentucky, That Daniel Fetincorporated. ter, Thomas Bullitt, Wm. S. Vernon, Jas. A.

Pearce, C. B. King, S. S. Goodwin, Thos. R. West, Anderson Miller and Jas. Berthoud, together with those who shall hereafter become shareholders in the manner hereinafter directed, shall be, and are hereby created and made a corporation and body politic, by the name, style and Style of in- title of "The President and Directors of the Loucorporation. isville Insurance Company," and shall so continue until the first day of January 1838; and by that name are hereby made able and capable in law to have, purchase, receive, possess, enjoy and retain to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects of what kind, nature and quantity soever, to an amount not exceeding in the whole two hundred thousand dollars, and the same to

Corporate powers.