1862. company. ors elected, and how. more shall have been subscribed, they shall give notice of a meeting of the subscribers, when five dollars shall be paid in hand on each share subscribed for, and the company shall be organized, when the remaining forty-five dollars on each share shall be secured, to be paid at the time and in the manner that shall be designated by the shareholders, who have paid in five dollars on each share subscribed for. The corporators named, or any of them, who shall fail to subscribe for stock, shall cease to be members of the company; and all such subscribers as shall fail to pay five dollars on each share subscribed for on the day designated in the second notice, shall cease to be stockholders, and the stock subscribed for by them may be subscribed for by others, under the direction of the person or persons who received the original subscription; and in case any subscriber shall fail to pay any call made by the board of directors (who are hereby authorized to make such calls), for the unpaid balance of his subscription, and remain in default for the space of sixty days, the board may, in their discretion, forfeit his stock for the benefit of the company. And the board of directors may, in their by-laws, prescribe the manner in which the capital stock shall be increased; but in no event shall it exceed the sum of three hundred thousand dollars. § 4. The business of this company shall be managed by Who to manage five directors, to be chosen by the subscribers, and no business of director shall hold less than twenty-five shares of stock. When direct- An election for directors shall be held at the first meeting of the subscribers, and the directors then elected shall continue in office until the first Monday in July next succeeding, or until their successors are chosen. And on the first Monday in July of each year, an election for directors shall be held at the office of the company; such election to be held under the direction of three stockholders, who shall have been appointed by the directors, and shall be by ballot, and by a plurality of votes of the stockholders and their proxies, allowing one vote for each share of stock; and upon all questions submitted to the stockholders for decision, the same rule as to voting the stock shall apply. § 5. The board of directors may choose one of their President and number as president, in such manner and for such a period as they may ordain by their by-laws, and employ such clerk, secretary, or agent, and servants, as they may deem necessary for conducting the affairs of the company, and make such compensation as may be agreed on. At all meetings of the board of directors, a majority of the whole number shall form a quorum for the transaction of busi other officers to be chosen. ness. § 6. Whenever the sum of fifteen thousand dollars shall be paid in, and the further sum of sixty thousand dollars 1862. When may shall be secured, to be paid to the satisfaction of the president and directors, they shall have full power and authority, in the name of said company, to make insurance comm'nce busiagainst fire, on the general conditions and principles of ness. fire insurance, to the full extent now enjoyed by other companies now incorporated for the same purpose by the Commonwealth of Kentucky; and to make all kinds of insurance on vessels, boats, and crafts of every description, on the interior rivers, lakes, bays, bayous, canals, in the United States, or on the high seas, as well as on goods, wares, merchandise, produce, specie, freights of every description of property transported by land or by water within the United States, or to or from any foreign port or country, or on the high seas, on the general conditions and principles of marine insurance; they may also make insurance on the life or lives of slaves employed in the navigation of the western waters, or transported thereon, and to do and perform all things relating to the said objects, conformable to the provisions of this act and the laws of the Commonwealth. § 7. The form of certificates of shares, and manner of transfer, shall be regulated by the laws of the corporation, and a lien is hereby created in favor of the corporation on the stock of each shareholder for any claim that the company may have for the unpaid part of his shares, or other debts due or arising to said company; and no transfer shall be made except by the sanction of the board of directors. The company shall have the right to purchase the stock of any stockholder who withdraws his business from the company, or whose business is unsatisfactory to president and directors, at a discount of five per cent. upon the value of the stock as shown by the books of the company. § 8. At any regular meeting of the stockholders, (a majority of the stock consenting,) it may be determined to declare a portion of the profits of the company, by way of return premium, to such policy holders as the stockholders at such meeting may direct. Transfer of stock. Return premium may be de clared. Statement of affairs to be § 9. On the first Monday in July in each year, a fair and clear statement of the affairs of the company shall be made out. made out and exhibited to the stockholders, and a dividend of such proportion of the profits be made as a majority of the president and directors shall decide; but in no case shall the capital stock be diminished. banking privi § 10. In no case shall this corporation exercise the busi- Not to exercise ness of banking, by issuing notes as an incorporated bank, leges. but they may loan their money, on public or private securities: Provided, That if said company shall cease to do and transact a legitimate insurance business, the Louisville chancery court is hereby authorized to forfeit their charter: And provided further, That no more money shall be used 1862. Corporation de tion not held on as aforesaid than is actually paid in on the capital and the premium on hand. § 11. Should any election directed to be held under the not to be charter of said company, from any cause, be neglected to solved if eleo- be held on the day designated, or to be held on a subseday designated quent day, the corporation shall not, from that cause, be dissolved, but any and all elections made in good faith shall be held and deemed valid, as if held on the day designated by the act of incorporation. § 12. That said insurance company shall not, at any time, own real estate exceeding in value one hundred thousand dollars. § 13. The General Assembly retains the right to alter or amend this charter at pleasure. Approved March 11, 1862. Corporators' names, and cor CHAPTER 482. AN ACT to incorporate the Tradewater Coal and Transportation Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That N. W. Casey, S. L. Casey, and James F. Casey, and their associate successors and assigns, be, and porate powers. the are hereby, created a body politic and corporate, under the name and style of the Tradewater Coal and Transportation Company; and under and by that name they, and their successors, shall have succession, contract and be contracted with, sue and be sued, in all courts and places; shall have power to organize said company by the appointment of a president and such other officers as they may deem necessary, at such time and place as they may designate by notice previously given by them; and when thus organized, they and their successors may have a common seal, and alter the same; and shall have power to make such by-laws, rules and regulations, as they may deem necessary, from time to time, for the government and the management and prosecution of the business of said company, not inconsistent with the constitution and laws of this State and the United States. agents. § 2. The said company may appoint and employ such May appoint agents and trustees as may be required by them, and define the powers and prescribe the duties of such agents. § 3. The said company may receive, buy, and hold such May hold real real estate, not exceeding one thousand acres, mining rights, rights of way, steamboats, barges, and any other kind of property that may be deemed necessary by them to the successful prosecution of their business, and the execution of the powers herein granted; and shall have estate, &c. power to lay out and construct such wagon roads, railroads, and appurtenances thereunto, on and from the lands of said company, to such points on the Tradewater and Ohio rivers as they may deem expedient and proper, and to engage generally in the mining and purchase of coal, the transportation and sale of the same, and with all powers necessary and adequate to carry into effect the successful prosecution of their business, and the execution of the powers herein granted. § 4. The said company shall have power, from time to time, to incur such indebtedness as they may deem necessary for the successful prosecution of its business, and may issue bonds therefor, not exceeding one hundred thousand dollars, payable at such time or times as they may deem proper, bearing interest not exceeding six per cent. per annum, and may secure the payment of such bonds by mortgage or mortgages on all their real and personal property, steamboats, and barges. § 5. All steamboats, barges, and other boats so mortgaged by said company, shall be named or numbered by the trustee in not less than four conspicuous places by branding; and when any boat or barge so named or numbered is lost or worn out, it shall be the duty of said trustee to see that it is replaced by said company. 1862. May inour indebtedness. Steamboats, &c., mortgaged by said compaDr. ny to be num two sets of coupons. § 6. The bonds issued by said company shall have two Bonds to have sets of coupons, one bearing six per cent., payable to the holder of the bond, the other coupon to bear four per cent. interest per annum, which coupons are to be detached from the bond, but to be numbered to correspond, and are to be placed in the hands of the trustee, and to whom they are to be paid, to create a sinking fund, to aid in the payment of the bonds at maturity; and should said company, at any time, fail to pay said four per cent. coupons for sixty days after maturity, it shall be the duty of said trustee to proceed immediately to compel the payment of the same. Said trustee shall, as he receives said interest, immediately invest the same in Kentucky or United States bonds, and the interest received upon said investment shall also be invested in like bonds. § 7. The General Assembly retains the right to repeal, alter, or amend this charter at pleasure. § 8. This act shall take effect from and after its passage. Approved March 11, 1862. CHAPTER 483. AN ACT providing for the collection of the public revenue in the county of WHEREAS, It is represented to this General Assembly that 1862. vacated his office by leaving the county, joining in the rebellion against the government, and by failing to discharge his duties as sheriff in the collection of the public revenue for said county; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky; § 1. That it shall be the duty of the Carter county court, at its March, April, or May terms, 1862, to appoint a collector for said county, to collect the public revenue due from said county for the year 1861 remaining uncollected, in the same manner, with the same obligations and duties prescribed by the laws now in force in relation to the appointment of a collector upon the failure of the sheriff to give the requisite bond for the collection of the public revenue: Provided, however, That nothing in this act shall be so construed as to exempt the said William J. Fields, and the sureties in his official bond as sheriff or collector, from the liabilities imposed by law upon defaulting sheriff's or collectors of the public revenue. § 2. This act shall take effect from and after its passage. Approved March 11, 1862. names, and corporate powers. CHAPTER 484. AN ACT to incorporate the Henderson Coal and Iron Manufacturing Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That Geo. D. Dicken, John B. Harris, M. S. MontCorporators' gomery, Silas Lillard, and David Luney, and their successors and assigns, are hereby created a body politic and corporate, under the name and style of Henderson Coal and Iron Company; and by that name shall have perpetual succession, may contract and be contracted with, sue and be sued, plead and he impleaded, in all courts and places; have a common seal, and alter the same at pleasure; may make all necessary by-laws and regulations for the government of said company not inconsistent with the laws of Kentucky or of the United States. affairs of company. § 2. Said company shall have power and authority to Who to manage appoint any one or more of its members, or other person or persons, to manage, control, and direct the business of said company, according to the by-laws, rules, and regulations which may, from time to time, be adopted by said company for its government and the transaction of its business. § 3. The capital stock of said company shall be five Capital stook. hundred thousand dollars, to be divided into shares of one hundred dollars each, which may be subscribed and paid |