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1862.

Books to be opened.

chosen.

Time of eleotion.

§ 3. The corporators named in this act, or any three of them, shall, within twelve months from the passage of the same, open books for the subscription of stock, and when two thousand shares or 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 share-holders 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 the subscriber shall fail to pay any call made by the board of directors (who are hereby authorised 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 five hundred thousand dollars.

§4. The business of the company shall be managed by Directors to be nine directors, to be chosen by the subscribers, and no director shall hold less than twenty shares of stock. 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 January next succeeding, or until their successors are chosen. And on the first Monday in January, 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 num Board to elect ber 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 business.

➜ president.

1862.

What property

§ 6. Whenever the sum of ten thousand dollars shall be paid in, and the further sum of ninety thousand dollars shall be secured to be paid to the satisfaction of president may be insur'd. and directors, they shall have full power and authority, in the name of said company, to make insurances against fire, on the general conditions and principles of fire insurance, to the full extent now enjoyed by other companies now incorporated for the same purpose by the Comonwealth of Kentucky; and to make all kinds of insurance on vessels, boats, and crafts of every discription 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.

§ 7. The form of certificates of shares and manner of transfer shall be regulated by the by-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.

§ 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.

Yearly statement to be

§ 9. On the first Monday in January in each year, a fair, clear statement of the affairs of the company shall be made. 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.

§ 10 In no case shall this corporation exercise the business of banking by issuing notes or by dealing in bills of exchange, as an incorporated bank, but they may loan their money on public or private securities: Provided, That if said company shall do and transact any other than a legitimate insurance business, this charter shall be forfeited: And provided further, That no more money shall be used 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 charter of said company, from any cause, be neglected to be held on the day designated, or to be held on a subsequent day, the corporation shall not, from that cause, be

money.

May loan

1862.

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 Legislature reserves the full power to alter, amend, or repeal this charter.

Approved March 14, 1862.

CHAPTER 547.

AN ACT for the benefit of Elisha B. Treadway, sheriff of Owsley county. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That Elisha B. Treadway, sheriff of Owsley county, be allowed until the April term of said county court, 1862, to return an additional delinquent list.

§ 2. That the further time of three months be allowed, from and after the passage of this act, to said sheriff to collect and pay into the treasury one half of the revenue due from said county, and six months for the residue: Provided, however, Before this act takes effect, the sureties of said Treadway, in his official bond, shall, in the county court of said county, enter their consent of record to the extension herein given.

§ 3. This act shall take effect from its passage.
Approved March 14, 1862.

CHAPTER 548.

AN ACT for the benefit of Joseph L. McCarty.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That the Auditor of Public Accounts be, and he is hereby, authorized and directed to draw his warrant upon the treasury in favor of Joseph L. McCarty, sheriff of Whitley county, for the sum of one hundred and eighty-five dollars, the sum to which the said McCarty is entitled for conveying two lunatics to the Western Lunatic Asylum at Hopkinsville, which shall be paid out of any money in the treasury not otherwise appropriated.

§2. This act shall take effect from its passage.
Approved March 14, 1862.

CHAPTER 549.

AN ACT for the benefit of Frank Fraize, sheriff of Breckinridge county. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That Frank Fraize, sheriff of Breckinridge county, be, and he is hereby, allowed the sum of thirty dollars, out of any money in the treasury not otherwise appropriated, for necessary expenses incurred in conveying two idiotsMary E. Monroe and Allen Dalton-to the Western Lunatic Asylum, at Hopkinsville; and the Auditor of Public Accounts be, and he is hereby, directed to draw his warrant on the treasury in favor of said Fraize for the same. § 2. This act to take effect from its passage.

Approved March 14, 1862.

1862.

CHAPTER 550.

AN ACT to incorporate the Owensboro Hebrew Benefit and Burial Society. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

Corporators'

§ 1. That M. Suntheimer, Samuel Moise, Samuel Straus, S. Klein, A. Wile, S. Wile, and J. B. Lejeune, and their names. associates, the present members of the Owensboro Hebrew Benefit and Burial Society, and their successors forever be, and they are hereby, constituted a body politic and corporate, by the name and style aforesaid, and by that name shall have perpetual succession, and are empowered to receive, by gift, grant, purchase, or devise, such real estate and personal property as may be necessary for the proper enjoyment of their corporate rights as a benevolent society, not exceeding three thousand dollars in value, and to sell, exchange, transfer, and assign the same at pleasure, and to form and adopt a constitution and by-laws, not inconsistent with the laws and constitution of this Commonwealth and of the United States, for the government of said society and regulation of its affairs.

Election of

§ 2. That said society may, at such time as may be determined by the by-laws, elect a president, secretary, and officers. treasurer, and such other officers as they may think fit to elect and appoint.

3. That said society may sue and be sued by its corporate name, and in all suits against the society, service of process upon the president, and in his absence on the secretary or treasurer, shall be sufficient.

§ 4. That should said society ever be so reduced in number as to contain less than three members, it shall, ipso facto, be dissolved, and all property which shall then belong

1862.

to it shall be vested in the city of Owensboro, for the use of the public schools thereof.

5. The General Assembly shall have power to alter, change, amend, or repeal this act at pleasure.

Approved March 14, 1862.

CHAPTER 551.

AN ACT to incorporate the St. Joseph's Benevolent Society of the city of
Newport.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That Patrick Guilfoyle, M. J. King, M. V. Daly, George R. Fearons, and Edward Connoly, their associates and successors, be, and they are hereby, created a body politic and corporate, by the name and style of the St. Joseph's Benevolent Society of the city of Newport; and by that name may sue and be sued, answer and be answered; and may make and ordain such by-laws, rules and regulations, for the government of said society, not inconsistent with the Constitution and laws of the United States or of this State, as they may see fit, and alter, amend, or change the same at pleasure: Provided, That the said society shall not exercise any banking privileges.

§ 2. The General Assembly reserves the right to alter, amend, or repeal this act at pleasure; and this act shall be in force from its passage.

Approved March 14, 1862.

CHAPTER 552.

AN ACT allowing the tolls of the Versailles and Anderson turnpike road company to be appropriated to the completion of said road.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That the tolls arising from the travel on the Versailles and Anderson turnpike road, may, the stockholders consenting thereto in writing, be apppropriated to the completion of that part of said road which yet remains in an unfinished state.

§ 2. This act shall take effect and be in force from its passage. Approved March 14, 1862.

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