Bonds. Bridges. switches as may be necessary. It may commence its work on any part of the route. It may acquire and hold all lands necessary for the construction and operation of said line of railroad, and may condemn such lands under the general laws of this State. Said corporation may consolidate with any other railroad organized under the laws of this State. It may also lease or sell its line of railroad upon such terms as may be agreed upon by a majority of the stockhold ers. § 6. The corporation may issue and sell the bonds of the company, of such denomination as may be fixed by the board of directors, for an amount not exceeding thirty thousand dollars per mile, between the terminal points above named. Said bonds may bear interest at any rate not exceeding six per cent., with coupons attached, payable as the board of directors may determine, running not exceeding thirty years; and to secure payment thereof the said company may execute a mortgage or deed of trust conveying its railroad, and all other property and franchises, to the trustee or trustees. It may contract with any other corporation, company or individual for constructing and equipping its railroad, or any part thereof, and may make payment for the same in stock or bonds of said company, in such manner as the board of directors may deem best for the interest of said corporation. It shall be lawful for any county, incorporated city or town, through which said railroad may pass, to donate or lease to this corporation lands for depots and switching purposes, and for a right of way for single and double tracks through such county, town or city, or portion thereof. 87. The said railroad company shall have the power and authority to erect bridges over such streams as its lines may pass, and may have highways for wagons, foot horse and traffic thereon, and may make such charges for the use of the same as may be deemed reasonable and proper. It is also authorized to take and receive subscriptions to its capital stock in lands lying in any county through which the road may be located, and may receive such lands in the name of a trustee or otherwise; but lands so received, that are not necessary for the operation of the railroad, must be disposed of within five years from the date of the deed to the corporation. take stock. § 8. It shall be lawful for Franklin county, or any County and city city, precinct, or district therein, to subscribe for the capital stock of said railroad company an amount not exceeding one hundred thousand dollars in the following manner: A majority of the board of councilmen of any city, if the subscription is to be made by said city, or of the county court, composed of the county judge and magistrates, if the subscription is to be made by the said county, or any precinct or district therein, may, upon application of said company requesting that the question of subscribing to the capital stock of said railroad company be submitted to the legal voters of such city, county, precinct or district upon the terms and conditions set forth in said application, it shall be lawful for said mayor or board of councilmen, or county court, to which said application is made, to order an election to be held in such city, county, precinct or district, on a day to be named in said order, to ascertain the wishes of the legal voters therein upon the question of making such subscription, and to cause notice thereof to be published in such county in a newspaper published therein, and by printed notice to be posted at the court-house door and such other places as the order may direct, giving not less than fifteen days' notice of such election; and at such election votes shall be received for the railroad subscription and against the railroad subscrip tion. Officers of said election shall be appointed to hold the same, and make return thereof in the manner as provided in ordinary elections. 9. As soon as may be after said election, the Duties of county votes shall be canvassed by the same officers as the officers. law now provides for canvassing the votes in other city or county elections, and they shall determine whether a majority of the legal votes cast were in favor of said subscription; and if they were, the board of councilmen for said city, or the county judge for said county, precinct or district, shall enter an order subscribing to the capital stock of said railroad in accordance with the terms of the proposition so voted on. And the mayor, acting for such city, or the county judge, acting for such county, precinct or district, shall thereupon cause to be prepared and executed the negotiable bonds of such city or county, as the case may be. If they are the bonds of a city, they shall be signed by the mayor and countersigned by the city clerk; if they are the bonds of the county, precinct or district, they shall be signed by the county judge and attested by the county clerk, with his official seal affixed thereto; but the coupons may be attested by the engraved signature of the mayor or judge alone. The mayor of said city, if they be city bonds, or the judge of the county court, if they be county, precinct or district bonds, shall deposit said bonds with a trustee or trust company to be held in escrow, and the railroad company shall deposit the certificate for the capital stock of the said company agreed to be given in exchange for said bonds with such trustees or trust company, and said bonds shall be delivered to the said company when it shall have completed its road according to the terms and conditions of the order under which the vote was taken, but not until then: Provided, however, That said trustee or trust company, before receiving said bonds and certificate of stock, shall execute bond with good security, approved by the mayor or county judge, for the faithful performance of his duties under said trust for the protection of all parties concerned: And provided further, That if the terms and conditions. contained in said application are not satisfactory to said mayor, board of councilmen or county judge, the order of election may prescribe other terms and conditions. § 10. An annual tax sufficient to pay the interest on Tax. said bonds and the principal when it shall become due, shall be levied and collected and paid out by the officers of such city or county, as provided in the case of other city or county taxes; but if the subscription is made by a city, precinct or district in said county, then the tax shall only be levied on the taxable property therein, and the bonds shall show upon their face that they are the bonds of such city, precinct or district. If the proposition shall be made to vote a tax upon any precinct or precincts, the vote of the city of Frankfort shall not be taken or counted upon said proposition; the meaning of this being that any precinct in the county of Franklin voting against the tax shall be exempted from its levy. § 11. The county of Anderson shall be exempt from the provisions of this law. § 12. The corporation shall make its preliminary survey within one year from the passage of this act, and complete its road within three years thereafter. 13. This act shall take effect from and after its passage. Approved April 12, 1888. CHAPTER 1012. AN ACT to amend the charter of the Lexington Savings Association. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the charter of the Lexington Savings Association be, and the same is hereby, amended so that the class now in existence, and those hereafter opened, if they be not paid up to the maximum amount of the share by the time fixed for a distribution and settlement of the shares of the particular class, the time may be extended during which dues may be paid until the shares and accumulation shall amount to the maximum amount of the share as originally fixed. § 2. This act shall take effect from its passage. Approved April 12, 1888. Name. CHAPTER 1013. AN ACT to incorporate the Owensboro and Rockport Railroad Com pany. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That J. A. Fuqua, M. S. Mattingly, R. S. Incorporators. Triplett, R. H. Taylor, H. C. Herr, A. C. Tompkins, J. D. Russell, J. H. Rudy, Jo. Lee, R. Menarck, M. V. Menarck and E. P. Taylor, and their associates, successors and assigns, who may become stockholders, be, and they are hereby, created a body-politic and corporate, by the name and style of the Owensboro and Rockport Railroad Company; and by that name shall have perpetual succession, and be capable of suing and being sued, pleading and being impleaded, defending and being defended, in law and equity, in all courts and elsewhere, in like manner and as fully as natural persons may be; and said corporation may have and use a common seal, and set aside, renew and alter the same at pleasure; and by said corporate name may contract and be contracted with, and by that name shall be, and are hereby, invested with all the powers, privileges, immunities and franchises of natural persons. Capital stock. § 2. The capital of said company may be any amount, not exceeding thirty thousand dollars per mile, for each mile of railroad which said company shall build or own in this State, divided into shares of fifty dollars each; and may be subscribed for, purchased, owned and controlled by individuals in |