president and directors shall declare a dividend of such portion thereof on each first Monday of January and July, as they may deem expedient; but no dividend shall be paid out to the shareholders in money out of any of the unearned premiums of insurance received by the company. The business committee may call meetings of the directors when deemed necessary.

ness.

1854.

When may

§ 6. Whenever the sum of twenty thousand dollars in cash has been paid by the shareholders, and the further commence busi sum of forty-five dollars on each share subscribed has been secured by note as herein before provided, the president shall have full power and authority, in the name and on behalf of the said company, to make all kinds of marine and fire insurance, and re-insurance on property of any and every kind, within the United States, or elsewhere, on the general conditions of marine and fire insurance, or upon particular principles and conditions designated in the policies issued by the said company.

Nature of their

§ 7. The said company shall have the right to employ any portion of their capital stock, or surplus funds on business. hand, in the purchase or discount of foreign and domestic bills of exchange and promissory notes made negotiable and payable at the office of said company, or at any of the banks, or branches of banks, chartered by this commonwealth; and any of the promissory notes purchased or discounted by said company shall be and they are hereby placed on the same footing with foreign bills of exchange, and remedy may be had thereon, jointly or severally, against the drawers and indorsers, and with like effect, except as to damages. And the said company may sell and buy bankers' and bank checks, and may receive deposits of money, payable on demand, or at some fixed date, and issue certificates therefor, which certificates shall only be transferable by indorsement, and the company may contract to pay interest on such deposits, or on any of them.

May conduct insurance plan.

§ 8. The said company may, with the concurrence of the owners of a majority of the shares of the capital stock, it on the mutual transact the insurance business upon the mutual principle, dividing the profits with insurers on such terms as may be prescribed in the by-laws of the company, and issuing scrip stock certificates for the proportion of profits divided to non-shareholders, which scrip stock shall be liable for losses before the capital stock of the company. And when scrip stock has been issued to the amount of three hundred thousand dollars, the subsequent accumulation of profits represented by scrip stock shall be applied to the redemption of the amount in excess of three hundred thousand dollars, beginning with the certificates of oldest date outstanding, paying pro rata of the sum to be thus applied when there is a larger amount of scrip of one date than the sum applicable to its redemption.

9. The form of certificates of stock and certificates of scrip stock, and the manner of transfer of the same, shall be fixed in the by-laws of the company. And a lien is hereby created in favor of the corporation on the shares of stock, or scrip stock, of any holder thereof, for any claim of any kind whatever which the company may hold against the holder of such shares of stock or scrip stock.

§ 10. The principal office for the transaction of the business of the corporation shall be in Louisville, in Jefferson county, but the president and directors may establish agencies, or branch offices elsewhere, if deemed necessary by them.

§ 11. The General Assembly hereby reserves the right to change, alter, modify, or repeal this act at pleasure. Approved March 1, 1854.

may change the road.

CHAPTER 430.

AN ACT to authorize the county courts of the counties of Laurel and Rockcastle to make changes in the Wilderness Turnpike Road, to sell the gate on said road, and provide for the appointment of overseers.

§ 1. Be it enacted by the General Assembly of the CommonCounty courts wealth of Kentucky, That the county courts of the counties of Laurel and Rockcastle counties be and they are hereby authorized to make such changes in the location of the turnpike and Wilderness roads, to-wit: that from Richmond, by way of London, to Cumberland Gap, and that leading from Crab Orchard, by way of Mount Vernon and London, to Cumberland Gap, as said courts may deem necessary for the improvement of said roads, within the limits of their respective counties, under the provisions of law governing the action of county courts in opening and improving roads.

§2. That the Rockcastle county court be and it is hereby empowered, at the April term of said court, 1854, to sell at public outcry, to the highest bidder, for the term of twelve months, and annually thereafter, the keeping and profits of the pike gate known as the "Rockcastle gate," on the Crab Orchard road; and said court shall take from the purchaser of the gate, bond with approved security for the payment of the amount of money bid for the gate: Provided however, that no sale of said gate shall be made unless the same shall bring the sum of twelve hundred dollars or more; if that sum or upwards be not bid, then the county court shall appoint a gate keeper as heretofore.

§ 3. That the county judge of Rockcastle county, have power to appoint two overseers on that portion of the Crab Orchard and Cumberland Gap Wilderness Turnpike Road which lies within the limits of Rockcastle county. This act shall take effect from its passage. Approved March 1, 1854.

CHAPTER 431.

AN ACT for the benefit of Samuel Murrell, of Warren county. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the board of directors of the Bell's tavern and Bowlinggreen turnpike road company are hereby authorized and empowered to inquire into the facts relating to the alleged loss of six hundred and fifty seven dollars and twenty-five cents, belonging to said company, and of which Samuel Murrell, its president, is represented to have been robbed in September, 1853; and if a majority of said board of directors, after a full investigation, shall believe that said Murrell was robbed of said money, and was not culpable in the loss thereof, nor guilty of negligence in keeping the same, they may, in their discretion, make an order releasing said Murrell from all liability to said road company for said sum of money; and such order of release, when made in conformity herewith, shall operate as a full extinguishment of said Murrell's liability to the state of Kentucky, on his bond as president, or otherwise, for whatever portion of said money the commonwealth is, or would be, entitled to.

Approved March 1, 1854.

1854.

CHAPTER 432.

and powers.

AN ACT to incorporate the North Bend Baptist Female Institute. § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That there be and is hereby created a Corporate name body corporate, in the county of Boone, under the name and style of the North Bend Baptist Female Institute, with perpetual succession, and in that name and style to sue and be sued, plead and be impleaded, and to acquire, by gift, purchase, or otherwise, any estate, real, personal, or mixed, the same to hold, devise, sell, or convey, and to do all else that may be necessary or proper for establishing and sustaining an institute in said county for the education of females.

Names of com

missioners.

§ 2. That the capital stock of said company shall be fif- Capital stock. ty thousand dollars, to be divided into shares of twentyfive dollars each. Books for the subscription of stock shall be opened immediately after the passage of this act, in the county of Boone and elsewhere, under the direction of Gabriel J. Gaines, Ben. M. Allen, Owen Kirtley, Leonard Stephens, John P. Scott, William Huey, John D. McGill, Daniel Piatt, George F. Northcut, and Cary F. Allen, or either of them, all of whom are hereby appointed commissioners for the purpose of obtaining subscriptions to said institute; and they shall procure a book or books, which shall contain the following obligation, and shall be signed by every person who shall take stock: "We, whose names are hereto subscribed, all severally promise and bind our

篇

Covenant

1854.

Election

trustees.

selves, respectively, to pay to the trustees of the North Bend Baptist Female Institute the sum of twenty-five dollars for every share of stock set opposite our names, in such manner and proportions, and at such times, as shall be required by the trustees of said institute."

§3. So soon as four hundred and eighty shares of stock of shall have been taken or subscribed for, the commissioners shall call a meeting of the stockholders, first giving ten days notice thereof in writing at such places as they may deem necessary, for the purpose of electing eight trustees. §4. The power of holding and conducting the election of the trustees of said institute shall be vested in any five of the commissioners who may be present when the subscribers shall assemble, they, or a majority of them representing the larger amount of the shares, shall proceed to the election of the above named trustees, who shall hold their office until their successors are elected and qualified. § 5. In all elections for officers, or in deciding questions affecting the interest of said corporation, each subscriber shall be entitled to as many votes as he may own shares of stock. At the meeting of the stockholders for the election of trustees, or at some subsequent meeting held for that purpose, the said institute shall be located at some eligible point within the limits of said county, a majority of the votes cast concuring therein.

Each share of stock to have 1

vote.

Annual elec. tions.

Other officers to be appointed.

ed.

§ 6. That after the first election as aforesaid, the said trustees shall be elected annually on the second Monday in July which elections shall be held at such places as, by the by-laws of said corporation, may be prescribed.

7. That the said trustees may appoint a treasurer, clerk, and other subordinate officers, fix their compensation, define their powers, and prescribe their duties; require of them bonds in such penalties and with such conditions as they shall deem necessary, and remove said officers at pleasure; and from time to time make such bylaws, rules, and regulations for their own government, and for the management and superintendence of said institute and all matters and things pertaining thereto, which they may deem expedient, not inconsistent with this charter.

8. That said corporation shall not be required to proNo seal requir cure a common seal, but all its corporate acts may be performed and evidenced under the official signature of the President; and the said President shall be chosen by the trustees out of their own body annually.

Vacancies, how filled.

§ 9. The said trustees may fill all vacancies which may occur among them, and keep a faithful record of their proceedings, which shall be laid before the stockholders at their annual meeting, for their inspection and examination. 10. That said trustees shall, after said institute shall Dividende to have gone into operation, declare dividends annually, on the second Monday in July, if deemed expedient. Approved March 1, 1854,

be declared.

CHAPTER 433.

AN ACT to incorporate the Lancaster and Sugar Creek Turnpike Road
Company.

§ 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That persons who subscribe stock to construct a turnpike road from a convenient point on the turnpike road from Lancaster to Lexington, to the Kentucky river, in one half mile of the mouth of Sugar creek, be a body politic and corporate, under the style of the Lancaster and Sugar Creek Turnpike Road Company, and by that name may sue and be sued, and shall have perpetual succession, and the capital stock shall not exceed twentyfive thousand dollars.

1854.

Corporate name

and powers.

Names of com. missioners.

§ 2. The following persons shall be commissioners to obtain stock in said turnpike road company: Squire T. Leavel, Benjamin Dunn, Sr., Estham Allan, Wm. Roysten, and Andrew T. Burdett, any two of whom may act; they may at any time they think proper, cause the books for the subscription of stock to be opened, after having given ten days notice of the place of meeting, by posting up printed advertisements in five or more public places in Garrard county; the stockholders shall be authorized to organize and elect a board of officers whenever three thou- be elected. sand dollars of stock is subscribed, and ten days notice has been given of such election.

Directors to

Annual elec

§ 3. The said road shall be under the control and management of a president and five directors, who shall, after tions. the first election, hold their offices one year and until their successors are elected and qualified; the first board of officers shall be elected at such time and place as the commissioners who act shall direct, who shall hold their offices until the first Monday in May succeeding, and until their successors are elected and qualified.

§ 4. The provisions of an act of the General Assembly of the Commonwealth of Kentucky, approved the first of March, 1844, entitled, an act to incorporate the Danville and Hustonville Turnpike Road Company, so far as the same are not changed by this act and are applicable, shall be the law governing the Lancaster and Sugar Creek Turnpike Road Company: Provided, that no notice for calls on stock or meetings under this charter shall be published in any newspaper; all such notices may be given by posting up advertisements.

§ 5. This act to take effect from its passage.

Approved March 1, 1854.

Former act adopted.

CHAPTER 434.

AN ACT for the benefit of J. R. Dodge, of Hickman county.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the auditor of public accounts be and he

8-VOL. II.