§ 2. That the jnrisdiction of magistrates and constables in district No. 4 and 5, now in said county, shall remain in every respect as though this act had not passed, until the regular election of magistrates is held in said county, as now provided for by law, at which time there shall be elected two magistrates and one constable in the seventh district hereby established; and the county judge of Mercer shall appoint the necessary officers to hold elections in the seventh magistrates' district, at the same time he appoints officers of election in other districts in said county, who shall be governed by the same law as other officers of elections. Approved March 10, 1854. 1854. CHAPTER 965. Names of commissioners. AN ACT to charter the Big Sandy Valley Railroad Company. §1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That William T. Nicholls, John Culver, William Hampton, Hugh Means, David D. Geiger, Kelsey N. Harris, R. I. A. Harrison, and R. C. Thornton, of the county of Greenup; Greenville Lackey, Robert D. Callihan, Samuel Short, Labern T. Moore, Tarleton Everitt, George Burgess, Daniel Johns, Ulyses Jarrett, William P. Mellen, and Archibald Borders, of the county of Lawrence; Moses Preston, David Borders, Daniel Hager, John Howse, Nathan Preston, George Selsor, George H. Look, William Logan, and Martin Franklin, of the county of Johnson; James M. Lackey, G. M. Witten, James Trimble, John B. Harris, John Burns, Hugh Harkins, William May, Lindsey Layne, and William J. Mayo, of the county of Floyd; William Weddington, Thomas Price, William Cecil, Colbert C. Cecil, John Dills, Martin Lesly, John Bevins, William Ratliff, sr., Frederick Handman, Harrison Ratliff, and George N. Brown, of the county of Pike, be and they are hereby appointed commissioners, under the direction of Their powers. any two of whom subscriptions may be received to the capital stock of the Big Sandy Valley railroad company, hereby incorporated; and they may cause books to be opened at such times and places as they may direct, for that purpose, after having given such notice as may be necessary, and continue the same open as long as may be deemed expedient. Vacancies in the office of any of said commissioners may be filled by any two of those remain ing. §2. That the capital stock of said company shall be Capital stock two million of dollars, in shares of fifty dollars each, but the same may be increased to an amount sufficient to complete said road and branches, which may be subscribed for by any individual or corporation; and as soon as two thou 1854. Corporate name and powers. paid. money. sell their bonds. sand shares of said capital stock shall be subscribed, the subscribers of said stock, their successors and assigns, shall be incorporated into a company, by the name of the Big Sandy Valley Railroad Company, and by that name shall be capable in law of purchasing, selling, and holding any real estate, but not exceeding ten thousand acres of land, and whatever other estate that may be necessary for the purposes of said incorporation; and said railroad shall have perpetual succession, and a common seal, may sue and be sued, and shall possess all the rights and powers that other railroad companies incorporated for a similar object now have. §3. That at every subscription of stock there shall be Stock, how paid to the commissioners the sum of one dollar on every share subscribed, and the residue thereof shall be paid in such amounts and at such times as may be required by the board of directors of said company: Provided, no payment shall be demanded until at least thirty days previous notice of such demand has been made by publication in one or more of the newspapers published in Kentucky; nor shall more than fifty per cent. of such stock be required of any May borrow subscribers in the same year. That should said president and directors of said company, or a majority of them, deem it necessary for the success of said road, they shall have the power at any time to borrow, on the credit of said company, a sum of money not exceeding three millions of And issue and dollars; and said president and directors are hereby empowered to issse and sell the bonds of said company on such terms, in such amounts, payable at such times and places, and bearing such rates of interest as they may deem necessary and proper, and shall have power to secure the payment of the same, and all accruing interest thereon, by executing a deed of trust or mortgage upon said road, and all the property and rights belonging to said company, conditioned for the punctual payment of the same, and with authority for the trustees to sell said road, property, and rights to raise said interest and principal if not punctually paid, on such terms and in the manner declared in the mortgage or deed of trust, without suit and decree or foreclosure. That said bonds hereby authorized to be issued may, in the discretion of the board of directors of said company, be made convertable into stock in said road, if so stipulated at the time of issuing the same: Provided however, that should said road be sold under said decree of trust, the purchaser shall be entitled to all the rights and privileges of this charter and the amendments which may be made thereto, and subject to all the obligations and restrictions of the same. How bonds to be secured. § 4. That if any of the stock shall remain unsubscribed Stock books until after the election of president and directors, they may open books and receive subscriptions by themselves or their agents. That if any subscriber should fail to pay any in may be re-open ed. stallment upon his subscription when demanded, the same may be recovered by action at law in the name of said company, and thirty days notice of such call of stock by said president and directors shall be a demand in the meaning hereof; or in case such failure or neglect to pay any such installment shall continue for the space of sixty days after notice given, the president and directors may in their discretion order that the same shall be forfeited to said company. § 5. That so soon as two thousand shares of said stock is subscribed, said commissioners, or any five of them, shall call and hold a meeting of the subscribers, upon thirty days notice. At such meeting the stockholders or a majority of them shall choose from among their number seven directors to manage the affairs of said company, and said directors, or a majority of them, shall have the right to elect a president of said company; and in such and all other elections each stockholder shall be allowed one vote for each share of stock he may hold and own; and any stockholder may depute any other person, in writing, to cast his vote. That said president and directors shall hold their offices until their successors are duly elected. § 6. That the president and directors shall be chosen annually by the stockholders, at such place as said president and directors may designate, on the first Monday in June every year. That said president and directors may fill any vacancies in the board: Provided, that if said elections are not, from any cause, held on the day herein designated, the same may be held in thirty days thereafter, upon due notice. § 7. That the president and directors shall have power to elect a treasurer and any other officers and agents they may deem necessary, and may require of their treasurer and any other officers such bonds and in such penalties as they may think proper, upon which said bonds, at law or in equity, recovery may be had for any breach of the terms of the same. § 8. That the president and directors of said company are hereby vested with all powers and rights necessary to the construction of a railroad from some point on the Ohio river, near the mouth of Big Sandy river, by the most practicable route, through the valley of Sandy river, to a point of connection with the Virginia and Tennessee railroad, or to any other point they may desire; said route to be by them selected and determined upon, not exceeding one hundred feet in width, with as many sets of tracks as they may deem necessary. They, their agents, engineers, &c., may enter upon, use, and excavate any land which may be wanted for the site of said road and its use, or for any other purpose necessary or useful in the construction or repair of said road or its works; may take and use any 64-VOL. II. 1854. May build tun nels and bridges Unite with any other railroad. earth, timber, stone, gravel, or other material which may be necessary or useful for the construction, completion, or repair of said road, and for that purpose the 11th, 12th, and 13th, sections of an act to charter the Louisville and Covington railroad company, approved November 28, 1851, are hereby adopted and made applicable hereto; and all the rights, powers, and privileges conferred by said recited sections on said Louisville and Covington railroad company are as fully and to the same extent given to this company as though said sections were transcribed. § 9. That said company shall have the right to construct tunnels and to build bridges in the route of said road: Provided, such bridge or bridges shall not be so constructed as to interfere with or hinder the free navigation of any stream. They may unite or consolidate this road with any other road, upon such terms as they may agree; and And construct the same power to construct branches to said road to any point in this state is given as is conferred on said company to construct the main stem. And the power is hereby given any other railroad company, that desires it, to subscribe to the capital stock of said company, or to loan their credit to or indorse the bonds of the same upon such terms and conditions as may be agreed on by them. branches. when five miles are made. § 10. That so soon as the company shall complete five May operate miles of said road or branches at any one point, they may commence and prosecute their business as though the whole work was completed; and they shall have the right to charge for the transportation of persons and property of any kind, any sum or rate the president and directors may establish. Counties, cit ies, and towns may take stock, and how vote to be taken. § 11. That the 15th, 16th, 17th, and 18th sections of an act, entitled, an act to charter the Louisville and Covington railroad company, are hereby adopted and made applicable to this company as though said recited sections were transcribed herein-except that the words Covington and Louisville are excluded therefrom, wherever they may occur. §12. That it shall be lawful for the mayor and councilmen of any city, the county courts of any counties, and the trustees of any towns interested in the construction of this road or its branches, to subscribe on behalf of such city, county, or town, to the capital stock of this company, upon the same terms and conditions that county courts are required and empowered to subscribe stock to the Louisville and Nashville railroad company, by an act approved January the 9th, 1852, entitled, an act to amend an act, entitled, an act to charter the Louisville and Nashville railroad, and the act amending the same, approved March 20th, 1851; and the 2d, 3d, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 19th, 20th, and so much of the 21st sections as does not prohibit the holding said election on a regular election day, of said act, are hereby adopted and made as fully applicable hereto as if inserted herein, except striking out the words Louisville and Nashville wherever they occur in said recited sections and inserting in lieu thereof the words "Big Sandy Valley" Provided, that if such vote is taken at a general election, that then it shall only require a majority of the votes cast to authorize such subscription; but if said vote is taken at a time other than at a general election, then it shall require a majority of all the qualified votes in such county, town, or city. 1854. banking powers granted. § 13. That no power is hereby conferred on said No company of loaning money, or issuing bills or notes on banking principles; and nothing in this act contained shall prevent the general assembly from incorporating other companies to build roads across, parallel to, or to connect with this road. Approved March 10, 1854. CHAPTER 970. AN ACT to establish the Woodford Academy. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the trustees of the Woodford academy, to be elected and chosen as hereinafter directed, be and they are hereby created and constituted a body corporate and politic, by that name to sue and be sued, plead and be impleaded, &c. Trustees incorporated. § 2. That the sum of twenty thousand dollars shall con- Capital stock. stitute the capital stock of said Woodford academy, in shares of one hundred dollars each. named. § 3. That John Neet, Lewis A. Berry, Randolph Railey, Commissioners Henry Moss, and John K. Goodloe, be and they are hereby appointed to receive subscriptions of stock in said acad emy. § 4. That when the amount of ten thousand dollars shall be subscribed, the shareholders shall hold a meeting on some day to be appointed by a majority of the persons named in the third section, and shall then elect six trustees of said academy. Election of trustees. And may erect § 5. That when five thousand dollars of the amount of said subscription shall be paid or so secured as to be made a building. available in the payment of contracts, the said trustees shall have power to contract, either privately or publicly, for the construction of suitable and necessary buildings for the use of said academy, and a house or houses for the occupation of teachers, &c. Investment of § 6. That the whole of the first ten thousand dollars may he invested in buildings, and books and apparatus for said capital. academy, and the next ten thousand shall be invested in profitable stocks or otherwise, and the interests or proceeds |