1830. General cor granted. are made capable in law, to have, purchase or receive, possess, enjoy and retain to them and their successors, lands, rents, tenements, goods, chattels, porate powers public or private securities of any kind, quantity or nature whatsoever, not execeeding at any one time. the sum of two hundred thousand dollars, and to sell and dispose of the same at any time or manner, and to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any court of record, or in any other place whatsoever; also to make and use a common seal, and the same to break, alter or renew at pleasure; also to ordain and establish and put in execution such bylaws as may be necessary and convenient for the government of said corporation, not contrary to law. Sec. 2. The capital stock of this company shall Amount of the be one hundred thousand dollars, in two thousand capital stock. shares of fifty dollars each, and may at the discretion of a majority of the shareholders, be increased to two hundred thousand dollars, divided into four thousand shares of fifty dollars each. Subscriptions for stock when and how to be made. Time fixed for payment of the capital stock. Persons hold ing 100 shares of stock to be directors. Sec. 3. The persons named in the act, shall, within the present year, be convened by a public notice, published at least ten days, in some authorized newspaper in the City of Louisville, and proceed to subscribe for the stock of said company; no individual, or co-partnership firm, to subscribe for more than one hundred shares of said stock; and when the amount of two thousand shares shall be subscribed, the said company shall be organized, and ten dollars shall be then paid on each share in gold or silver coin of the United States, the remaining forty dollars on each share, shall be secured to be paid at the time and in the manner that shall be directed by the shareholders, who shall have paid the ten dollars on the shares taken or subscribed for. Sec. 4. The shareholders in this company who hold one hundred shares of the stock each, or one of any mercantile firm, who in the name of the firm hold one hundred shares of the stock in this company, shall be directors of the said company, so long as he or they are the bona fide owners of one hundred shares of the stock, and cease to be such when they cease to hold that number of shares. Sec. 5. The board of directors may choose one of The Directors their number as President, in such manner and for 1830. to choose a other officers. President and may insure vessels, and goods, or other property transported by water, or by land. such period as they may ordain by their by-laws, and employ such clerk, secretary or agents and servants as they may deem necessary for conducting the affairs of the corporation, and make such compensation for their services as they may agree on. Sec. 6. Whenever the sum of twenty thousand The company dollars shall be paid in, as aforesaid, and the further sum of eighty thousand secured to the satisfaction of the President and Directors, they shall have full power and authority, in the name and on behalf of said company, to make all kinds of insurance on vessels, boats or crafts of any description, on the interior rivers, lakes, bayous, or canals in the United States, or on the high seas, as well as on goods, wares, merchandize, produce, specie and every description of property transported by land or 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; and to do and perform all things relating to said objects, conforinable to the provisions of this act and to the laws of this Commonwealth.. Sec. 7 At all meetings of the directors, a majori- What shall be ty of the shareholders, holding one hundred shares considered a quorum to do each, shall form a quorum for the transaction of business. business, who may appoint a committee to do all the business of the company for the period for which they shall be appointed, and all acts of a majority of such committeee, shall be obligatory on the company. Sec. 8. The form of certificates of shares, and Certificates of manner of transfer, shall be regulated by the by- stock to be given, and laws of the company; a lien shall however be cre- mode of transated to the corporation on the amounts paid by each fer. shareholder, for any claim that the company may A lien given have for the unpaid part of his shares or other debts on the stock then due and owing to said company. paid in, for the sum unpaid on any share. Sec. 9. On the first Monday of January and July in each year, a fair and clear statement of the af fairs of the company, shall be made out and exhib- Semi-annual ited to the stockholders, when such dividends shall statements, be made as a majority shall decide, but in no case of profits to be shall the capital stock paid in be diminished. and dividends made. Sec. 10. In no case shall this corporation exercise Prohibited the business of banking, by issuing notes, or discount- from bauking. ing on banking principles. 1830. The number of directors to be kept up at nine. Proviso. Sec. 11. In the event that at any time the number of stockholders of one hundred shares each, should be reduced to a number less than nine, the remaining stockholders of one hundred shares each, shall elect a director or directors, to keep the number of directors up to nine: Provided however, if the company hereby established shall not organize itself, and go into operation within twelve months from the passage of this act, all powers and rights hereby granted shall cease and determine. Allowance to Huston, out of the treasury. To Semple. To Duncan. CHAP. CCLXXVI. : AN ACT for the benefit of Thales Huston, and others. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the Auditor of public accounts issue his warrant upon the Treasurer, in favor of Thales Huston, for the sum of twenty dollars, for his services rendered as Commonwealth's attorney for the Casey circuit court, during the vacancy occasioned by the resignation of John Kincaid, and before his successor was appointed; which services were rendered by order of the court; and that the Treasurer pay the same out of any Commonwealth's bank paper in the treasury not otherwise appropriated. Sec. 2. Be it further enacted, That the sum of fifty-five dollars be, and is hereby appropriated for the benefit of John W. Semple, for attending and acting as attorney for the Commonwealth, for the counties of Oldham and Jefferson, at their last January term; and the sum of twenty-five dollars be, and is hereby appropriated for the benefit of Garnett Duncan, for his services as attorney for the Commonwealth, for the county of Jefferson, at their last January term; and the Auditor is directed to issue his warrant on the treasury for the aforesaid sums, in their behalf. CHAP. CCLXXVII. AN ACT for the benefit of William K. Wall. Approved, January 23, 1830. 1830. sue his warrant in favor of Wall, on the Be it enacted by the General Assembly of the Com- Auditor to ismonwealth of Kentucky, That the Auditor of public accounts issue his warrant in favor of William K. Wall, attorney of the second judicial district, for the same amount that said Wall would be entitled to, if the said Wall had have sworn in at the date of his commission. treasury. CHAP. CCLXXVIII. AN ACT to incorporate a company to erect a Bridge across Licking river, between the towns of Newport and Covington. Approved, January 27, 1830. Individuals incorporated to erect a bridge across Licking between Newport and Cov corporation. SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That William Caldwell, James Taylor, sen. Richard Southgate, James H. McClure, William W. Southgate, James Taylor, jun. Thomas D. Carneal, Edward Colston, John W. Tibbatts, Richard H. Southgate, Alexander Connel- ington. ly, Samuel Kennedy, James G. Arnold, Daniel Mayo, John B. Lindsey and Jefferson Phelps be, and they are hereby created a body politic and corporate, by Style of the the name of the Licking Bridge Company, for the purpose of erecting and constructing a permanent bridge across the Licking river, from the town of Newport to the town of Covington; and they and General cortheir associates, and successors shall continue and porate powers have perpetual succession, and by that name and granted the style are hereby inade as capable in law as natural persons, to contract and be contracted with, to sue and be sued, to plead and be impleaded, in this Commonwealth and elsewhere, in all courts of law or equity; and to make, have and use a common seal, and the same to break, alter or amend at pleasure; they shall also have the power to purchase and hold as much real estate as will be necessary for the site of said bridge, or the sites of the piers, abutments, toll houses and suitable avenues leading to the same; also to borrow money, not exceeding the capital stock mentioned in this act; but not to have or corporation. 1830. Prohibited exercise the privilege of loaning money, or issuing bills or notes, on banking principles; also, the power to ordain and establish such by-laws, ordinances and from banking regulations, as shall be necessary for the well being and government of said corporation, not contrary to the laws of this Cominonwealth, or those of the United States. Power to pass by-laws &c. Sec. 2. Be it further enacted, That the capital. Amount of the stock of said company shall consist of fifteen thouscapital stock and dollars, divided into three thousand shares of five dollars each, to be subscribed for or sold in the manner hereinafter mentioned. and number of shares. Sec. 3. Be it further enacted, That within six Books for the months after the passage of this act, the persons besubscription of fore named, or a majority of them, shall cause a the stock to be public advertisement to be made, of the time and opened. place of opening books for subscription of the stock of said company; which books shall be kept open under the direction of said persons, or a majority of them, not less than ten days nor more than ninety days. If, however, at the closing of the subscripA reduction of tion it shall be found that a greater number of shares the number of than three thousand shall have been taken, then and shares sub- in that case, the persons before named or a majority scribed to take of them, shall proceed to reduce the number of place in the event of an ex- shares, in an equitable and just proportion among cess of sub scriptions. Terms of the subscription. Notice to be given of the time and place of electing Directors. the subscribers, taking off from the highest subscribers not reducing any below one thousand shares; and they shall have the right to demand and receive from any person subscribing for the stock of this company, a sum not exceeding three nor less than one dollar on each share subscribed, at the time of making the subscription, and no subscription shall be deemed valid unless such payment is made, if required by the conditions of subscription. Sec. 4. Be it further enacted, That when two thousand shares shall have been subscribed, the said persons or a majority of them, shall advertise a meeting of the shareholders of said company, at NewPresident and port, giving at least fifteen days previous notice of the time and place of such meeting, and the shareholders shall, thereupon, proceed to the election of a President and six Directors, who shall be shareholders, and such of the before named persons who shall not then be shareholders, shall cease to be members of said corporation; and the said shareholders Shareholders shall also proceed to fix what compensation the said None but shareholders to be members of the corporation. |