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sell, grant, demise, alien or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended in courts of record, or any other place whatsoever; and also to make, have and use a common seal, and the same to break, alter and renew at their pleasure; and also to ordain, establish and put in execution such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of said corporation, and which are not contrary to law; and generally to do and execute all and singular the acts, matters and things which to them it shall or may appertain to do, subject, nevertheless, to the rules, regulations, restrictions, limitations and provisions herein prescribed and declared.

which an in

§ 2. It shall be lawful for any person, co-part- Regulations nership or body politic, to subscribe for such or as to the numso many shares as he, she or they shall think fit, ber of shares not exceeding thirty, until the number subscribed dividual may shall amount to five hundred shares, reserving, subscribe. however, a right to the president and directors, with the assent of a majority of the shareholders, to increase the said number of shares to any amount not exceeding the two hundred thousand dollars.

va

lue of each

§3. Each of the shares shall be one hundred dol- Nominal lars, payable in gold or silver, or such public se- share, when curities as the president and directors of the com- to be paid. pany, with the assent of the majority of the shareholders, shall choose to receive, in five equal payments, if they, or a majority of them, shall so require it, to wit: Ten thousand dollars to be paid, or secured to be paid by the first day of June next; and ten thousand dellars to be paid on the first day of September next, or secured to be paid; the residue to be made payable at such times and in such proportions as the president and directors of said company shall thereafter require, giving at least thirty days notice previous thereto, in one or more newspapers printed in the town of Louisville. In case any shareholder shall fail to Forfeited pay any instalment within two months after it shares to be sold, and exshall have become due, what he shall have paid cess of sale to shall be forfeited, and his share or shares shall be be paid to the publicly sold, under such rules as the said corpo- delinquent,

or to pay for ration shall provide; and out of the amount of any deficien- sale, the money due to the company shall be first

cy.

paid, and if there is any excess, it shall be paid to such delinquent; and in case such share or instalment shall sell for less than the sum due to the company, the deficiency shall be recovered of the delinquent shareholder by suit.

4. Subscriptions shall be received by the Subscriptions persons named in this act, or such officer or offiby whom re- cers as they shall appoint to receive the same, until the first meeting of the shareholders shall be held under this act.

ceived.

§ 5. The shareholders of the company, or a Annual elec- majority of those present, shall annually elect a tions of pres- president and eight directors, who shall continue in office one year from the time of election, except those first in office.

ident and di

rectors.

When and where held.

Notice to be given by advertisement.

§ 6. The said shareholders shall meet for the purpose of electing the first president and directors under this act, at their office in Louisville, on the first Monday in June next, and on the first Monday in January in every year thereafter, at such place as the president and directors then in office shall appoint, of which appointment four weeks notice shall be given in the newspapers printed at Louisville; and in case it should at any time happen that an election of president and directors should not be made upon any day when pursuant to this act it ought to have been made, the said corporation shall not for that cause be dissolved, but it shall be lawful to appoint another day, in such manner as shall have been regulated by the laws and ordinances of the said corporation; and the former president and directors shall continue in office until such election is made; and in case of the death, resignation or removal of a presi how to be fil- dent or director by the shareholders, his place may be filled up by a new election for the remainder of the year, in such manner as shall be directed by the laws and ordinances of the corporation.

Vacancies,

led.

7. The president and directors for the time Powers of the being, shall have power to appoint such officers, president & clerks or servants under them as shall be necesdirectors in sary for executing the business of the said corpo

ration, and to allow them such compensation for regard to the their services respectively as shall be reasonable, election of of ficers, &c. and to require security for the discharge of their respective functions and trusts; and shall be capable of exercising such other powers and authorities, for the well governing and ordering the affairs of the said corporation as shall be described, fixed and determined by the laws, regulations and ordibances of the same.

of

the share

§ 8. The president and dire tors shall at any To call g time have it in their power to calf a meeting of meeting the shareholders; and the president and four di- holders. rectors shall be sufficient to form a board, or, in the absence of the president, five directors shall ́ ́form a board, appointing one of themselves president pro tempore.

Shares may

transfer

69. The shares in the said corporation shall shares be transferable under such régulations as shall be be provided by the by-laws and ordinances of the red. said corporation.

&c.

10. No person that is not a resident citizen of Kentucky shall have a vote, although a stock- Regulations holder; and no stockholder or stockholders shall as to voting, have a vote at any election for president and directors, unless such st ck had stood in his or their own name on the books of said corporation for at least three months previous to the election aforesaid. No person shall be elected a president or director that does not own at least five shares in said institution. At an election for president and directors, each share shall be entitled to one vote,. unless the shareholder shall have more than twenty shares, and in that case he shall not exceed twenty votes. Shares may be voted for by proxy, attorney in fact, executor or administrator of such owner.

on

§ 11. The president and directors shall have To make infull power and authority, in the name and on be- surance half of said company, to make all kinds of in- boats, vessels, surance upon vessels, boats or crafts of any des- &c, and a cription navigating the waters west of the Alle- gainst fire,& ghany mountains, &c. &c.; also against fire in town or country, and upon the inland transportation of goods, wares and merchandize; and generally to do, transact and perform all matZ

proceeded against.

Corporation 6 20. Where any thing is due to any person how to be or persons for amount insured, for general average loss, or return of premium, and the same shall not be paid by said president and directors within thirty days, as before mentioned, it shall be lawful for the circuit court held in Louisville, who are bereby invested with jurisdiction of the said causes, to give judginent, on motion, for the amount of the sum due, against the president and directors of said company, with interest from the end of the said thirty days to the time of payment, and costs: Provided always, that ten days notice in writing that such motion would be made, shall have been left at the office of said company in Louisville; and the like remedy shall be had against the said president and directors upon every undertaking they shall make in behalf of said insurance company, whether by policy, bond, bill, obligation, note or otherwise.

Proviso

21. The same summary remedy is hereby Same remedy given against all persons who shall hereafter be given in favor bound by bond, bill, obligation or note in writing, of the corpo- or assignment of the same, to the president and

Tation.

directors of said company; and shall be lawful for the circuit court in which the party bound shall reside, and said court is hereby empowered to give judgment, on motion, for the amount of any such bond, bill, obligation or note, against the obligor or assignor, as the case may be : Provided always, that ten days notice in writing shall be given by said president and directors to the person or persons against whom the motion is to be made of such motion, if to be found, if not, a copy thereof shall be left with some white person above the age of twenty-one years at his, her or their place of abode.

22. On all motions judgment shall be given Duty of at the first court, unless for good cause the court courts, &c. shall continue it to the second, beyond which it shall on no account be continued.

( 23. Where the defendant requires it, a jury Defendant shall be summoned instanter to enquire into any may require a question of fact which either party shall state jury to find facts, &c. under the direction of the court, and which is not agreed to ; and upon the finding of such fact or

facts, or the agreement to them, the court shall give judgment according to the very right of the case, without regard to form and without pleadings in writing.

The above

24. Be it further enacted, That all the rules and regulations herein made relative to the in- provisions surance and loss of property on the river before ble to policies made applicanamed, to the making and issuing of policies, and of insurance the conditions thereof, and as to suits respecting against losses the same, shall be in force as to policies of insurby fire, &c. ance respecting losses by fire, as far as the same may be applicable; and that the corporation created by this act shall not have or possess banking privileges or powers.

CHAP. CCLXIV.

An ACT supplemental to the act establishing Independent Banks in this Commonwealth.

APPROVED February 3, 1818..

at

1. BE it enacted by the General Assembly of the Commonwealth of Kentucky, That a bank to be de- Bank estab nominated the Farmers and Mechanics' Bank of lished Springfield, be, and the same is hereby establishSpringfield. ed at the town of Springfield, in the county of Washington, with a capital of $150,000, to be divided into 1500 shares of $100 each. Books for the sale and subscription of the said shares shall be opened in the town of Springfield, on the first day of April next, to continue open for sixty days, unless the said stock be sooner subscribed"; and Thomas C. Roberts, John Hughes, jun. CommissionThomas W. Nantz, John Calhoon, Christopher ers. A. Rudd, Matthew Walton and Paul I. Booker, shall be commissioners for the subscription of said stock, who, or a majority of whom, shall superintend the subscription."

A bank to be denominated the Hinkston Ex- At Millersporting Company, be, and the same is hereby es- burg. tablished at the town of Millersburg, in the county of Bourbon, [with a capital of $100,000,] to be divided into 1000 shares of $100 each.Books for the sale of the shares and sub

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