1854. § 3. At the expiration of said three days, or as soon thereafter as the sum of twenty-five thousand dollars shall have been subscribed, to the stock of said institution, the books of subscription may be closed and delivered to the subscribers, who shall thereupon constitute a body politic and corporate, by the name of the Deposit Bank of Eddy- Corporate name ville, to be established in Eddyville, and they and their successors shall continue a body corporate and politic for the term of thirty years, and, under the restrictions hereinafter prescribed, may contract and be contracted with, sue and be sued, plead and be impleaded, and exercise the other powers usually incident to corporations. Corporate pow ers. Election of directors. Annual meet ings of stock §4. Upon the receipt of the books of subscription, the subscribers, or a majority of them in value, shall meet and elect four persons, (who shall be stockholders,) to serve as directors of said institution, until the first Monday in January following, and until their successors shall be elected. The annual meetings of the stockholders of said bank shall thereafter be held on the first Monday in January of each holders. year, but meetings may be called at any time, by any number of persons holding one-third in value of the stock, upon giving similar notice to that prescribed in the first section hereof; and in all meetings of stockholders, each person shall be entitled to one vote for each share of stock held by him. The directors shall hold their offices for one year, and until their successors are elected, but may be removed by any regular or called meeting of the stockhold ers. They may choose one of their number, or of the other stockholders, as their president; may appoint a secretary and such other officers as they may require, fix their compensation, prescribe their duties, and take bond and security for the faithful discharge thereof; may prescribe the manner and terms of paying in stock, and shall have general control of all the affairs of the bank. 5. The directors shall annually appoint two or more stockholders to attend and hold the annual election. § 6. At each annual meeting of the stockholders, a com mittee shall be appointed who shall, at least twice in the year, examine into and report upon the condition of the institution, which report shall be filed in its office, and remain subject to the inspection of all the stockholders. Term of office. Business of § 7. The business of said bank shall be to receive money and bank notes on deposit-and it may allow the de- the bank. positor such interest thereon as may be agreed upon-to deal in gold and silver coin, bullion, bills of exchange, and promissory notes, but it shall not buy or discount promissory notes at a rate of discount exceeding that allowed to the Bank of Kentucky; to buy and sell the stock of other companies, and the bonds of this state, or of the United States; but it shall not issue notes or bills, or certificates of deposit, or any other instruments intended for circulation as money. All promissory notes purchased or 65-VOL. II. Not to issu its notes. 1854. discounted by said bank, payable at the same or at any other banking institution in this state, shall be put on the footDividends to ing of foreign bills of exchange. The directors shall annually or semi-annually declare dividends of the profits arising from the business of the bank. be declared. it. § 8. The said bank shall receive on deposit any sum ofTo receive fered during banking hours, of not less than one dollar, money on depos. and infants and femes covert may deposit therein, and may control the deposit so made, unless restrained by some competent tribunal. Should any person make a deposit in said bank and be refused payment thereof on demand made for the same according to the terms of deposit, and without lawful excuse, said bank shall forfeit and pay to the depositor the full value or amount of his deposit, with damages at the rate of fifteen per cent. per annum for the detention, to be recovered by suit in the Lyon county circuit court. estate. § 9. The said bank may purchase, hold, sell, and conMay hold real vey any real or personal estate that may be necessary to carry into effect the object of its creation, and no other, and it may receive conveyances of such property as may be proper or necessary to secure any debt due it, or which may be sold for the payment of any such debt. to be forfeited. $10. This charter, and all privileges and rights therein How charter granted, shall be forfeited by any violation of the provisions thereof by any of the officers of the institution; and the failure upon the part of the officers, or refusal by them to pay any tax imposed upon the capital stock of the institution by the general laws of this state, shall also work the forfeiture of this charter. The circuit courts of Lyon and Franklin counties shall each have jurisdiction to try and declare the forfeiture thereof upon the petition of the attorney of the commonwealth at any time, or upon the petition of, or by scire facias sued out by the attorney general, when directed to do so by the governor for the time being, or by the general assembly, fully setting forth and stating the acts of forfeiture complained of. Right of ex. reserved. § 11. The general assembly reserves the right to examine into the condition and affairs of the institution by any amination, &c. person or persons or committee selected or appointed for that purpose at any time, and in such manner as the general assembly shall think proper; and the officers of the institution are required to report to the secretary of state on the first day of January and July of each year, a full and correct statement of the business, condition, and af fairs of the institution. Approved March 10, 1854. CHAPTER 975. AN ACT for the benefit of Rockbridge Methodist Episcopal Church Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the trustees of Rockbridge Methodist Episcopal Church South, in Shelby county, be and they are hereby authorized to sell and convey said Rockbridge church, houses and lots thereunto belonging, and apply the money arising from said sale to the purchase of other lots in their immediate vicinity, and the erection of new houses thereon, Approved March 10, 1854. 1854. CHAPTER 976. AN ACT for the benefit of the trustees of Caruther's Chapel of the Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the trustees of Caruther's Chapel of the Methodist Episcopal Church South, in Spencer county, be and they are hereby authorized to sell and convey said Caruther's chapel, houses and lots thereunto belonging, and apply the money arising from said sale to the purchase of other lots in their immediate vicinity, and the erection of new houses thereon. Approved March 10, 1854. CHAPTER 978. AN ACT allowing further time to collect the fee bills of the clerks of the Nicholas and Pendleton county and circuit courts. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That John G. Parks, clerk of the Nicholas county court, and also administrator of Lewis H. Arnold, deceased, late clerk of the Nicholas circuit court, be allowed the further time of two years to collect, by distress or otherwise, the uncollected fee bills held by said Parks as clerk of said county court, and as administrator of said. Arnold, late clerk of said circuit court. § 2. That Reuben McCarty, late clerk of the Pendleton county and circuit courts, be allowed the further time of two years to collect, by distress or otherwise, the uncollected fee bills held by him as late clerk of said county and circuit courts. §3. This act shall take effect from its passage. Approved March 10, 1854. AN ACT to change the 1st and 2nd Magistrates' Districts in Owen county, § 2. That the present place of voting in district No. 7, in Whitley county, be changed from the house of Nicholas White to William Darip's Horse Mill, in said district. Approved March 10, 1854 and style of. CHAPTER 980. AN ACT to incorporate the Falls City Bridge Company. 1. Be it enacted by the General Assembly of the CommonCorporators, wealth of Kentucky, That Geo. W. Dunlap, T. C. Coleman, James S. Lithgow, William Watkins, James S. Speed, Daniel Lavielle, Bland Ballard, Sanders Shanks, D. T Monsarrat, William Riddle, Thomas A. Hurley, Oscar Wilder, T. Y. Brent, Jabez Baldwin, Paul Vilier, B. Musselman, Andrew Graham, Richardson Burge, Isham Henderson, Isaac P. Miller, and George Stealey, of the city of Louisville, with their associates, be and they are hereby created a body politic and corporate, by the name of the Falls City Bridge Company, for the purpose of erecting and constructing a bridge across the Ohio river, between the city of Louisville and a point opposite in the State of Indiana; and they and their associates and successors shall continue and have perpetual succession, and by that name and style are hereby made as capable in law as natural persons to contract and be contracted with, sue and be sued, plead and be impleaded, answer and be answered, in this commonwealth and elsewhere, in all courts of law and equity; to make, have, and use a common seal, and the same to break, alter, and annul at pleasure; they shall also have the power to purchase and hold as much real estate as will be necessary for the site of said bridge, or the sites for piers, abutments, toll houses, and suitable avenues leading to said bridge; also to borrow money, not exceeding the capital stock mentioned in this act; but not to have or exercise the privilege of loaning money, or issuing bills or notes on banking principles; also to ordain and establish such by-laws, ordinances, and regulations as shall be necessary for the well being and government of said corporation, not contrary to the laws of this commonwealth, the state of Indiana, or of the United States. 2. That the capital stock of said company shall consist of one million of dollars, divided into ten thousand shares of one hundred dollars each, to be subscribed for and sold in the manner hereinafter mentioned. § 3. That within six months after the passage of this act, and the confirmation thereof by the state of Indiana, the persons before named, or a majority of them, shall cause a public advertisement to be made of the time and place of opening the books for subscription of stock of said company, which books shall be kept open, under the direction of said persons or a majority of them, not less than one nor more than four months. If, however, at the closing of the subscription it shall be found that a greater number of shares than ten thousand have been taken, then, and in that case, the persons before named, or a majority of them, shall proceed to reduce the number of shares, in an equitable and just proportion, among the subscribers, not reducing any one below five shares; and they shall have the right to demand and receive from every person subscribing for stock of said company, a sum not exceeding ten nor less than one dollar on each share subscribed, at the time of making the subscription; and no subscription shall be deemed valid unless such payment be made if required by the condition of the subscription. 1854. Capital stock. § 4. That when one-fifth of said shares shall have been May organize. subscribed, the said persons or a majority of them, shall advertise a meeting of the subscribers at Louisville, Jeffersonville and New Albany in the state of Indiana, giving at least ten days notice of the time and place of such meeting; and the stockholders shall thereupon proceed to elect a president and six directors; and those persons named in the first section of this act who shall not then be stockholders shall cease to be members of this corporation; and the said shareholders shall also proceed to fix what compensation the said president and directors shall be entitled to receive, if any be allowed; also to ordain and adopt any such by-laws for the permanent organization of said corporation as they may deem needful, at which meeting each shareholder shall be entitled to one vote for each share to the number of fifteen, and to one vote for every five shares over fifteen to the number of fifty, and to one vote for every ten shares exceeding fifty; and at all subsequent elections or general meetings of the stockholders, no shares shall be voted on that have not stood in the name of the person claiming to vote at least three months previous to the day of election or meeting; and that the shares in said company may be voted on by proxies, duly recorded, conforming to the foregoing regulations. Officers, for § 5. That the president and directors first chosen shall hold their offices until the first Monday in May ensuing what time elect said election, and until others are chosen in their places; ed. |