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1863.

to year, for the next twenty years if needed, levy a special tax not exceeding fifteen (15) cents on each one hundred dollars value of taxable property in said city, in addition to the taxes otherwise authorized by law; and, if they deem it expedient to do so, may pledge the proceeds of said special tax to the payment of the said bonds and interest.

3. That the general council shall dispose of said bonds, or appropriate the proceeds thereof towards the repairing and improvement of the streets of the city of Louisville, as may by ordinance be designated and specified.

§ 4. The money realized from the bonds authorized to be issued by this act shall only be appropriated to the repairing and improvement of such streets in the city of Louisville as may, by ordinance, be designated and specified, and the tax herein provided for shall be levied as may be specified in the tax levy ordinance from year to year until a sum sufficient shall be realized to pay said bonds and in

terest.

Approved March 3, 1863.

CHAPTER 1058.

AN ACT for the benefit of James R. Hughes, late county and circuit court clerk of Union county.

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

§ 1. That James R. Hughes, former clerk of the Union county and circuit court, be allowed the further time of two years from and after the passage of this act, to collect his fee bills as clerk of said courts, and shall have power to distrain for the same.

§ 2. That this act take effect from its passage.

Approved March 3, 1863.

CHAPTER 1059.

AN ACT for the benefit of Jos. L. McCarty, sheriff of Whitley county. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That further time until the first day of July next, be and is hereby given Joseph L. McCarty, sheriff of Whitley county, to collect and pay over to the credit of the treasury the unpaid balance of the revenue of said county for the year 1861, for which judgment has been rendered against him in the Franklin circuit court, in the following manner: The one half of said judgment on the first day of May

next, the balance on the first of July as aforesaid; and upon his paying the amount of the principal and costs of said judgment, as herein provided, and by the times prescribed, no interest shall be charged against him upon the principal of said judgment.

§2. That said Joseph L. McCarty have further time until the 15th day of December next, to collect and pay over to the treasury the revenue of said county for the year 1862, in the following manner: The one-third part thereof on the first day of June next; one-third on the first day of September, and the remainder on the fifteenth day of December, as aforesaid; and upon his paying the principal as herein provided, no interest shall be charged against him on the principal: Provided however, He shall not be entitled to the benefits of this act unless his sureties enter their assent to the extensions given him by this act, which shall be entered of record in the county court clerk's office of said county, and the same shall be certified by the clerk to the Auditor of Public Accounts.

§3. This act shall be in force from its passage.

Approved March 3, 1863.

1863.

CHAPTER 1060.

AN ACT concerning the Bardstown road in Shelby county. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That it shall be the duty of the county judge of Shelby county to lay off the Bardstown road, crossing Bullskin, into districts or precincts, in Shelby county, not exceeding three; he shall appoint an overseer over each district or precinct; all the hands living in each district or precinct, living on lands adjoining the road, or living within one-half mile of the road, shall be allotted said overseer, to work and keep the said dirt road in repair; and the overseer and hands shall be governed and subject to all the laws made and provided for the overseeing and working the roads of this State.

2. This act to take effect from its passage.

Approved March 3, 1863.

71

1863.

names, & when to open books.

CHAPTER 1064.

AN ACT to incorporate the Deposit Bank of Frankfort. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

1. That Cornelius Drake, Alexander Julian, Thomas Commissioners' Farmer, John R. Scott, S. I. M. Major, and A. W. Dudley, are hereby appointed commissioners to obtain subscriptions to the stock of the corporation hereinafter created, who, or a majority of whom, may meet at some convenient time and place in the town of Frankfort, of which due notice. shall have been given in the Frankfort Commonwealth" and "Kentucky Yeoman," published at Frankfort, at which time they may open books and receive subscriptions of stock to said institution; and shall keep said books open for one month, and as much longer as said commissioners shall deem necessary, or until the stock is taken.

Capital stock.

When to be a body corporate.

directors.

tng.

§ 2 The capital stock of said institution shall not be less than twenty-five thousand dollars, nor more than one hundred and fifty thousand dollars, divided into shares of filty dollars each, which shall be personal estate, and transferable only on the books of the company, in such manner and subject to such regulations as the board of directors may prescribe.

3. As soon as twenty-five thousand dollars shall have been subscribed and paid in to the stock of said company, the book of subscription may be closed and delivered over to the subscribers, who shall thereupon constitute a body politic and corporate; with the corporate name of the "Deposit Bank of Frankfort." They and their successors shall so continue for the terin of twenty years; and may contract and be contracted with, sue and be sued, plead and be impleaded, and may exercise all the other powers usually incident to such corporations.

§ 4. Upon the receipt of the books of subscription the When to elect subscribers, or a majority in value of them, shall meet and elect five persons, who shall be stockholders, each the owner bona fide of ten shares of stock, to serve as directors of said institution until the first Monday in January Annual meet- following, and until their successors shall be elected. The annual meeting of the stockholders shall thereafter be held on the first Monday in January in each year. but meetings may be held oftener if the directors, or a majority of them, How stock require it; and in all meetings of stockholders each person shall be entitled to one vote for every share of stock held by him. The officers shall hold their offices for one year, and until their successors shall be elected, but may be removed by a majority at any regular or called meetOfficers to be ing of the stockholders. The directors may choose one of their number, or out of the other stockholders, as their president; may appoint a secretary, and such other officers as they may require; fix their compensation, prescribe their

voted.

Term of office.

appointed.

duties, and take bond and security for the faithful discharge thereof; may prescribe the manner and times of paying in the stock; and shall have the general control of the affairs of the bank.

5. The directors shall annually appoint two or more stockholders to attend and hold the annual election.

1863.

Committee to be appointed to

§ 6. At each annual meeting of the stockholders a committee shall be appointed, who shall at least twice in each examine bank. year, examine into the condition of the bank, and file their report in said bank, subject to the inspection of all the stock holders, and shall also publish this report in one of the papers published in Frankfort for two weeks.

7. The business of said bank shall be to receive money and bank notes on deposit, and it may allow the depositors such interest thereon as may be agreed on, not exceeding the rates of interest allowed by law; to loan money; to deal in gold and silver coin, bullion, bills of exchange and promissory notes; to buy and sell the stock of other companies, and the bonds of this State, and 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.

§ 8. All promissory notes negotiable and payable at some incorporated bank of issue in this State, purchased or discounted by said bank, shall be put on the footing of foreign bills of exchange, so far as pertains to the responsibili ty of the parties and the modes of collecting, and remedy may be had jointly and severally against the drawers and endorsers thereon; but this provision shall not authorize any usurious interest or discount under color of exchange. § 9. The directors shall annually declare dividends of the profits arising from the business of the bank. 10. 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 pay to the depositor the amount of his deposit, and fifteen per cent. damages on the amount thereof, to be recovered by suit in the Franklin circuit

court.

§ 11. Said bank shall pay its deposits in gold and silver, or currency of the like kind of that deposited.

§ 12. The said bank may purchase, hold, sell, and convey any real or personal estate which may be necessary to carry out the object of its creation; and it may receive conveyances of real estate or any other property as may be necessary or proper to secure any debt due to it, or which may be sold for the payment of such debt.

13. Said bank shall be located in Frankfort.

bank.

Business of

Promissory notes, &c.

Dividends.

Penalty for falling to pay deposits.

[blocks in formation]

Stockholders liable for debts

§ 14. If at any time the charter of said deposit bank shall be forfeited, or a depositor shall be refused payment to of the whole or any part of his deposit in said bank, ac

amount of stock owned.

1863.

cording to the provisions of section ten herein, in order to secure the payment of the debts of the bank, each and every stockholder shall be responsible for the full amount of his stock in said bank, at the date of such forfeiture or refusal, to the creditors of the bank, and to that extent shall be personally liable for the debts due from said bank; and upon his failure to pay the same, suit may be instituted against the stockholders jointly or severally, for the recovery of such debts, in any court of competent jurisdiction. § 15. The General Assembly reserves to itself the right General Assem to examine into the affairs of this institution, by any person or persons they may select for that purpose, and to alter, amend, or repeal this act at pleasure.

bly may examine into affairs of bank.

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

Approved March 3, 1863.

names and corporate powers.

CHAPTER 1066.

AN ACT to incorporate the Louisville and Southern Park Railway

Company.

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

§ 1. That U. E. Ewing, Joseph B. Kinkead, David H. Corporators Davies, Z. M. Sherley, Thos. T. Shreve, and Alfred Harris, their associates and successors, are hereby made a corporation, by the name of the "Louisville and Southern Park Railway Company," with power and authority to construct, maintain, and operate a single track railway, with all necessary and convenient tracks for turn-outs, side tracks, and appendages, from such point on Third street, in the city of Louisville, as the general council of said city may designate; thence along Third street to the Louisville House of Refuge; thence along the Park avenue to the main entrance to the Southern Park.

without consent

§ 2. That the road shall not be made within the limits of Not to be but the city of Louisville without the license of the general council, and upon such terms as the general council of said city may prescribe by ordinance.

of city council.

Capital stock.

Who to manage affairs, and first directors.

3. The capital stock of said corporation shall be sixty thousand dollars; it shall be divided into shares of one hundred dollars, and be issued and transferred in such manner and upon such conditions as the board of directors of said corporation may prescribe.

§ 4. The affairs of said corporation shall be managed by six directors and a president, who shall be stockholders in the corporation. The first board of directors shall consist of U. E. Ewing, Joseph B. Kinkead, David H. Davies, Z. M. Shirley, Thomas T. Shreve, and Alfred Harris, and thereafter of not less than six stockholders, who shall be

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