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the right to subscribe.

Limitation.

at any point thereon and named herein, and on either side of Salt river, beginning at said river, the said company may erect a gate on every and each of said sections of five miles, and collect the tolls allowed by this act thereon.

Sec. 41. Be it further enacted, That the CommonState reserves wealth of Kentucky reserves to itself the right to take a moiety or any smaller portion of the stock of said company, on such terms and conditions as may be just and equitable between the company and the State: Provided, however, that unless the work contemplated by each of the corporations hereby created, except the Lexington and Covington turnpike company, shall have been begun within three years, or shall have been completed within six years from the passage of this act, that then all the powers and privileges of each of the corporations so failing, shall cease and be at an end; Banking privi- And provided further, that neither of the said corpor, leges refused. ations shall possess the power of loaning money, or any other banking powere or privileges whatever. [Approved, January 29, 1829]

Preamble

CHAP. 167.An ACT for the benefit of Augustine Byrne, heir and representative of John Byrne, deceased.

WHEREAS it is represented to the present General Assembly, that John Byrne of the county of Calloway, did purchase at the sale of public lands west of the Tennessee river, the northeast quarter of section six, township four, range six east, thirty-six acres, being a fraction. on the Tennessee river, and paid to the receiver of public moneys for said fraction, purchased as the highest bidder, one hundred and ninety-one dollars and twenty-five cents, which said fraction, as laid down on the map, was computed at thirty six acres, which on resurveying was found to contain only one acre; owing to the Tennessee river being extremely high, and the low grounds overflowed when the country was sectionized, they guessed at the distance across the Tennessee bottom thus overflowed, which accounts how this mistake has happened; and it appearing reasonable and just that the State should not take said money without compensation: Therefore,

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Augustine Byrne, heir and representative of said John Byrne, deceased, shall have

enter two

the liberty to enter two quarter sections of land with 1829. the receiver of public moneys west of the Tennessee river, without paying the, State price therefor; and the Authorized to register of the land office shall issue him patents as in quarter secother cases: Provided, however, that nothing herein con- tions of land, tained shall interfere with any actual settler in said land district.

Approved, January 29, 1829.]

CHAP. 168-An ACT to incorporate the Ohio Bridge Company..

SEC. 1. BE it enacted by the General Assembly of the Com- Ohio bridge monwealth of Kentucky, That Robert Breckinridge, company. John S. Snead, John I. Jacob, Robert Graham, Levi Tyler, Robert Ormsby, Edward Shippen, William D. Payne, Basil N. Hobbs, Philip R. Gray, James M'Gilly Cuddy, James Hughes, John B. Bland, Daniel Smith, William H. Pope, James C. Johnston. Samuel Bell, S. S. Goodwin, Jonathan Jennings, Benjamin Park, Samuel Gwathmey, John P. Tunstall, Orlando Raymond and William D. Beach, with their associates, be and they are hereby created a body politic and corporate, by the name of the Ohio Bridge Company, for the purpose of erecting and constructing a permanent bridge across the river Ohio, at the falls To erect a thereof; and they and their associates and successors, bridge at the shall continue and have perpetual succession, and by that name and style are hereby made 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; 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 pur Their powers chase and hold as much real estate as will be neces- and privileges. sary for the site of said bridge or the sites for the piers, abutments, toll houses, and suitable avenues

falls of Ohio.

leading to the same; also to borrow money not exceed May borrow ing the capital stock mentioned in this act, but not to money. have or 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 regulations as shall be necessary for the well being and government of said corporation, not contrary to the laws of this Commonwealth, the State of Indiana or those of the United States.

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Amount of capital.

To advertise

stock.

Number of

ed to each sub

Sec. 2. Be it further enacted, That the capital stock of said company shall consist of five hundred thousand dollars, divided into ten thousand shares of fifty dollars each, to be subscribed for or sold in the manner hereinafter mentioned.

Sec. 3. Be it further enacted, That within sixty days. after the passage of this act, and the confirmation of the subscription of same by the State of Indiana, the persons before named, or a majority of them, shall cause a public advertisement to be made of the time and places of opening books of 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 that ten days nor more than ninety days. If, however, at the closing of the subscription, it shall be found that a shares how fix greater number of shares than ten thousand shall have been taken, then and in that case, the persons before named, or a majority of them, shall proceed to reduce the number of shares in an equitable and just proportion among the subscribers, taking off from the highest subscribers, not reducing any one below twenty shares; and they shall have the right to demand and receive from every person subscribing for the stock of this company a sum not exceeding ten, 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.

scriber.

Meeting of shareholders when to be called.

To make by laws, &c.

Sec. 4. Be it further enacted, That when two thou sand shares shall have been subscribed, the said persons, or a majority of them, shall advertise a meeting of the shareholders of said company at Louisville, 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 shall also. proceed to fix what compensation the said president and directors shall be entitled to receive, if any be allowed; also to ordain and adopt any such by-laws for the permanent organization of said corporation, as they may deem needful; at which meeting each shareholder shall be entitled to one vote for each share to the cumher of twenty, and one vote for every ten shares over twenty and not exceeding one hundred, and one vote for every twenty shares above one hundred; and at

ail subsequent elections or general meetings of the stockholders, no shares shall be voted on that have not stood in the name of the person claiming to vote at least three months previous to the day of election or meeting, and that the shares in said company may be voted on by proxies duly recorded, conforming to the foregoing regulations.

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Sec. 5. Be it further enacted, That the president and Elections to be directors first chosen, shall hold their offices until the held on the 1st Thursday in first Thursday in January ensuing such election, and January. until others shall be chosen in their places; and on the first Thursday of January in each year, the stockholders in said company shall meet at their office in Louisville, or at some place to be designated by the presi dent and directors, and then proceed to the election of a president and six directors, who shall be shareholders and residents of the States of Kentucky or Indiana, and who shall hold their offices for one year or until their successors shall be elected. Public notice Public notice of such meetings and elections shall be given by the thereof to be given. clerk or secretary of the company in some public newspaper printed in Louisville, at least fifteen days previous thereto. At the annual meetings a statement of the affairs of the company shall be made out by the president and directors and presented to said meeting, and such dividends of the profits declared as may be deemed advisable.

Affairs of com

Sec. 6. Be it further enacted, That the concerns of said corporation shall be under the control, superin- pany how ditendence and management of the said president and di- rected. rectors; and the president and three directors shall constitute a quorum to transact business, or in the absence of the president, any four of the directors, one of whom shall act as president pro tem. The president and directors, after they shall have been duly elected as aforesaid, may make such assessments in the shares of said company as are subscribed, payable at such periods as they may deem advisable, with such conditions of forfeiture for non-compliance, not exceeding the amount of the stock delinquent, as they may deem proper. They are to open or renew the subscription for the shares not already subscribed, or sell them and any forfeited shares, as they may think best for the company: Provided, however, that no stock shall be sold by them for less than the par value thereof.

Sec. 7. Be it further enacted, That it shall be the du- Directors to ty of the president and directors to appoint a clerk or appoint other secretary, and cause a record of their proceedings to be

officers.

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kept; they may also appoint a treasurer and such other officers or agents, as they may think needful for promoting said undertaking, and to allow them such pay or compensation as they may agree on; to make contracts and do all things necessary for carrying the same into immediate effect, and to require and take such bonds or other surety, in their corporate capacity, from any person or persons they may so appoint or contract with; To fill vacan- and in the event of the death, resignation or vacancy, from any other cause, of the president or any director, the survivors or a majority of them, shall supply the vacancy until the next annual election, by the election. of another shareholder.

cies.

May receive conveyance of land.

Sec. 8. Be it further enacted, That the said presi dent and directors shall have the right to purchase or receive the conveyance or conveyances of a site for said bridge, or sites for the abutments or piers of said bridge; and if they shall deem it advisable and advantageous to the company, one acre of land at each end of the bridge over and above what is authorised to be purchased by the first section of this act.

Sec. 9. Be it further enacted, That the said perma Bridge not to nent bridge shall be erected so as to permit the passage obstruct navi of ships, schooners, sloops and steam vessels, of the lar gation. gest size and height, at the highest stages of the water in the river, and shall have over the main channel on the Kentucky side, and also over the main channel on the Indiana side, spans or arches not less than two hundred feet wide, and the other spans or arches not less than one hundred feet; and when so erected and completed, the president and directors shall have a Rate of tolls. right to fix rates of toll for passing over said bridge, and, to collect the same from all or every person or persons passing thereon, with their goods, carriages or animals, of every kind or description: And provided, however, that the said company shall lay before the Legislature Annual report of this State, a correct statement of the cost of said to Legislature bridge, and an annual statement of the tolls received for passing the same, and also the cost of keeping the said bridge in repair, and of the other expences of the company; and the said president and directors shall, from time to time, reduce the rates of toll, so that the nett profits shall not exceed eighteen per centum per annum, after the proper deductions are made for repairs and other charges. Toll gates may be kept and toll received at each end of the bridge, and the rates of toll posted up in some conspicuous place where the toll is demanded.

Proviso.