1873. to this act, the Constitution and laws of this State, and of the United States. §8. Said company shall have power to take, acquire, May acquire and hold such lands, mines, and mining rights, as they real and personal property. may deem necessary for the uses of said company, and all such personal property, machinery, boats, floats, &c., as may be necessary, and to dispose of, for the use of the company and the stockholders, any or all of the same. demn right of way for same. § 9. The company shall have power to build and conMay construct struct a railway or tramway, one or more, from their railway and con- mines and lands, to any other rail or tramway, or to the Ohio river, or any other navigable river of the State: Provided, For the condemnation of the right of way, or lands for said purposes, the same proceedings shall be had as prescribed by the Revised Statutes for the condemnation of lands for the use of turnpike and plank roads: And provided, The same shall not obstruct any public highway or navigable stream. § 10. This act shall take effect and be in force from its passage. Approved March 25, 1873. CHAPTER 581. AN ACT to amend an act, entitled "An act to amend and reduce into one the several acts incorporating the town of Brooksville, in Bracken county." Be it enacted by the General Assembly of the Commonwealth of Kentucky: §1. That section ninth of an act, entitled "An act to amend and reduce into one the several acts incorporating the town of Brooksville, in Bracken county," be, and the same is hereby, so amended as to authorize the trustees of said town to appoint a police judge, to fill any vacancy in said office that may occur, until the next regular election for trustees of said town, when a police judge shall be elected to fill the unexpired term. 2. That this act shall take effect after its passage. Approved March 27, 1873. CHAPTER 582. AN ACT for the benefit of R. F. Scott, sheriff of Garrard county. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the Auditor of Public Accounts is hereby authorized and directed to credit the revenue account of R. F. Scott, sheriff of Garrard county, for the year 1872, with the sum of five hundred and sixty-eight dollars and sixty-eight cents, the amount of the twenty per cent. damages paid by said sheriff on a judgment of the Franklin circuit [court] on his revenue account for the year 1871. § 2. That upon the return to the Auditor, properly certified by the county court, the Auditor's delinquent list charged to said sheriff, in his settlement for the year 1871, or any part thereof, the Auditor shall place the amount so returned, less his commission, four per cent. thereon, to the credit of said sheriff, on his revenue account for the year 1872. § 3. This act shall take effect from its passage. Approved March 27, 1873. 1873. CHAPTER 583. AN ACT to amend the charter of the Elizabethtown and Paducah Railroad Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. Any mortgage which the Elizabethtown and Paducah Railroad Company is authorized to make may cover property to be subsequently acquired, or road to be subsequently constructed. §2. This act shall take effect immediately upon its pas sage. Approved March 29, 1873. CHAPTER 584. AN ACT to incorporate the Deposit Bank of Cynthiana. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That there is hereby created and established in Cynthiana, Kentucky, a deposit bank, which shall be a body-politic and corporate, by the name of the Deposit Name. Bank of Cynthiana; and shall have power and authority in that name to contract and be contracted with, sue and be sued, plead and be impleaded, answer and defend, in all courts and places as a natural person; and may have and use a common seal, and alter and change the same at will. ers. Corporate pow Affairs to be § 2. The property, business, and affairs of said bank shall be under the management, government, and control under control of of a board of seven directors, one of whom shall be directors. VOL. II-LOC. L.-9 1873. Corporators' names. how filled. term of office of directors. elected president of the board, and T. J. Megibben, Wm. A. Webber, Jno. W. Peck, W. W. Trimble, W. W. Cleary, Caleb Musser, and Spears M. Smith are hereby constituted and appointed a board of directors for said bank, to serve as such until others are duly elected and qualified; and should any of the persons above named fail or refuse to qualify and serve as directors, his or their place or places may be declared and treated as vacant, and the Vacancies vacancy may be filled by the remainder; and all vacancies accruing in the board of directors may be filled by the other directors, who shall provide for an election of directors by the stockholders within one year from the organization of the company, and every year thereafter at the office of said bank, in the city of Cnythiana, notice of which shall be given in one or more papers published Election and in Cynthiana; and said election shall be held by three stockholders appointed by the board of directors, who shall certify the result for record on the books of the bank; those having received the highest number of votes shall be declared duly elected, each stockholder to have one vote for each share of stock he or she may own, and may cast the same in person or by proxy. The board may regulate Books of sub- the form of proxy in casting the vote. The board of directors herein named, after having given at least thirty days' notice thereof in some newspaper printed in Cynthiana, shall open books for the subscription of the capital stock of said institution at Cynthiana, and such other places as they may deem advisable, and cause said books. to be kept open from ten o'clock, A. M., until two o'clock, P. M., at least ten days, or until at least two hundred and fifty shares shall have been subscribed, when the same may be closed; and if more than five hundred shares shall have been subscribed by individuals, companies, or corporations, then the directors shall pro rata the subscriptions; and said directors shall prescribe how and when said subscription shall be paid. At any time when the books may be reopened for the subscription of additional stock as herein provided for, the same notice shall be given; and they shall be kept open for the length of time as herein required, and the president and directors may require such premium on the stock sold at the reopening of the books as they shali deem right; and such premium shall be the property of the institution. scription may be opened. Capital stock. 3. The capital stock of said bank shall be five hundred shares of the par value of one hundred dollars each; but may be increased, from time to time, to one thousand shares, as the board of directors may deem advisable and When bank may proper; and whenever as many as two hundred and fifty busi- shares of said stock shall have been subscribed and paid in, in accordance with the terms and conditions upon commence ness. which the same were subscribed, and an affidavit to that effect has been made by the president, before the clerk of the Harrison county court, said bank may proceed to transact a general banking and financial business, and may loan money, discount promissory notes, buy and sell exchange, stocks, bonds, and other securities; and promissory notes or any other paper, which may be discounted by said bank, and inland bills of exchange which may be discounted or purchased by it, shall be, and they are hereby, put upon the footing of foreign bills of exchange; and like remedy may be had thereon, jointly and severally, against the makers, drawers, indorsers, or other parties thereto. 1873. hold real and per same. § 4. The said bank may acquire and hold and possess May acquire and and use, occupy and enjoy, all such real and personal sonal property, property, goods, chattels, or other things, as may be con- and dispose of venient for the transaction of its business, or which may be pledged or conveyed to it as security for any debts, or purchased in satisfaction of any debts, judgments, or decree, and sell and convey, or otherwise dispose of the same, except real estate, as a natural person; and it shall be the duty of the president or cashier of said bank, during the first week in each year, to pay into the Treas- State tax. ury of this Commonwealth fifty cents on each hundred dollars of capital stock held and paid for in said bank, which shall be in full of all tax and bonus, and be a part of the common fund of this Commonwealth. May do general § 5. The said bank shall have power to make advances on approved securities of any kind; and it may receive banking business. stocks, bonds, and other things in pledge for the security of money loaned or debts owing, and sell the same on the non-payment of the debts or demands, in pursuance of the provisions of an act, entitled "An act for the benefit of the incorporated banks of Kentucky," approved March 16th, 1872. Said bank may receive deposits of gold, silver, bank notes, United States Treasury notes, or other currency, and pay the same in kind, or as may be agreed upon, by special or general contract; and may allow interest on deposits, not to exceed the rate allowed by the laws of this Commonwealth. It may issue certificates of credit, payable throughout the United States and elsewhere, for the convenience of merchants and travelers; but shall not issue any notes or bills to circulate as money. § 6. The board of directors of said bank are hereby Board may make authorized and empowered to enact and put in force by-laws, &c. such rules, by-laws and regulations, for the management, government, and control of its property, business, and affairs, as they may deem expedient, and alter, amend, and repeal the same at will; and shall specify therein 1873. the number of directors necessary to constitute a quorum To appoint offi- for the transaction of business. They may appoint such eers & take bond. officers, agents, and servants as they may deem necessary to conduct the business of the bank, and pay them such sums for their services, and take from them bonds in such penalties, to secure the faithful performance of their duties, as they may think reasonable and proper; and upon any bonds thus taken recovery may be had for Penalty for fraud breaches of the contract thereof. If any officer of the bank shall appropriate any funds of said bank to his own use, or shall willfully fail to make correct returns, or knowingly make false ones, on the books of said bank, with the intent to cheat or defraud the corporation or other persons, such officer shall be deemed guilty of felony, and shall, upon conviction thereof, be sentenced to confinement in the jail or penitentiary of this Commonwealth for a period of not less than two nor more then five years. in officers. §7. The stock of said bank shall be deemed personal Stock to be per- property, and shall only be assigned in accordance with such rules as the board of directors shall, from time to time, prescribe. sonal property. go security. 8. This act shall take effect from its passage, and remain in force for twenty-one years from the first organization of the said institution: Provided, It is organized within one year from its passage.. 9. The General Assembly shall have the right to examine into the affairs of said corporation by any committee they may appoint for that purpose; and reserves the right to alter, amend, or repeal this act at pleasure. § 10. That it shall not be lawful for the president, or Officers not to any of the directors, to become bound as security, or accommodation indorser, on any note or bill discounted in said institution, and such paper shall not be discounted. [Became a law without the Governor's signature, March 29, 1873.] Capital stock. CHAPTER 585. AN ACT to incorporate the Bank of Madisonville. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That there is hereby established a saving and deposit bank in the town of Madisonville, Hopkins county, Kentucky, with a capital of one hundred and fifty thousand dollars, in shares of one hundred dollars each, to be subscribed and paid for as hereinafter specified; and the subscribers, their associates, successors, and assigns, shall Name and style. be a body-politic and corporate, by the name and style of |