be elected. § 24. The said commissioners, or the president and directors, may cause the said books for the subscription of stock to be reopened at their discretion, until the whole amount of capital stock shall be taken; and the president and directors may require a premium from the subscriber, and such premium shall become the absolute property of the bank. § 25. When not less than one thousand shares of the When board to stock shall be subscribed, and the commissioners shall have closed the books, shall give notice thereof not less than ten days in a public newspaper of the city, and appoint a time and place in the city of Henderson, Kentucky, for the election of the first board of directors for said bank; and three of the said commissioners shall be inspectors of the election, after taking the proper oath for the faithful discharge of their duty as inspectors. Payment stock. § 26 The payment of the shares of stock shall be made of in gold or silver, or its equivalent, in the following manner Five dollars on the share to the commissioners at the time of the subscription, and twenty on each share before the election of directors, and the remainder shall be called by the president and directors at their discretion in calls not exceeding twenty-five per cent., and the time between each of said calls shall be not less than thirty days. § 27. Should any subscriber or subscribers fail to pay for their stock as hereinbefore prescribed, the president and directors may, by resolution, sell said stock after service of written notice upon said subscriber or subscribers for a space of thirty days before the sale, or they may, in lieu of such notice, give public notice in some newspaper of the city for thirty days before such sale, which shall be equivalent to the service of written notice; and after said sale, after deducting costs of sale, any surplus remaining over amount due on the stock shall be returned to such subscriber. § 28. When one hundred thousand dollars of the stock com- shall have been paid in, the president and directors shall cause said fact to be published, and said bank is then When to mence opera tions. authorized to commence operations as a banking institu tion. 29. Neither the president or directors, or other officer of said bank, shall become surety or accommodation indorser on any note or bill discounted in said bank; for a violation of this section, the person guilty of such infraction shall be subject to a penalty of three thousand dollars, to be recovered by action at law.for the use and benefit of said bank. reports. 30. The cashier shall make semi-annual reports on Cashier to make January 1st and July 1st in each year of all debts due to the bank from each individual; such list shall be made in alphabetical order, and containing the names of the indorsers or other security. Approved April 1, 1880. CHAPTER 706. AN ACT to amend an act to incorporate the Kentucky Union Railway Company, approved March 10, 1854. WHEREAS, Those counties in Eastern Kentucky through which it is designed to construct the Kentucky Union Railway are unable to assist in the construction of said railway, and owing to a want of transportation facilities, are undeveloped and non-revenue paying counties; and whereas, the construction of said railway would aid in the development of said counties, and add largely to the taxable property of the State; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That that portion of said Kentucky Union Railway, which may be constructed from a point on the Kentucky and Virginia State line, in the county of Letcher, to a point on the Lexington and Big Sandy Railway west of Mt. Sterling, with its road-bed, bridges, depots, shops, and appurtenances belonging thereto, shall be, and are hereby, exempted free from taxation, State, county, or municipal, for the period of ten years from the passage of this act: Provided, Said company in good faith com mence the construction of said road within five years from the passage of this act. §2. This act shall take effect from and after its pas sage. Approved April 1, 1880. CHAPTER 707. AN ACT for the benefit of the commissioners of the sinking fund of the Louisville and Nashville Railroad for Logan and Simpson counties. WHEREAS, Under the charter and amendments of the Louisville and Nashville Railroad Company, the taxes paid and receipts issued thereon, under levies made by the Logan county court in the years 1874, 1875, 1876, 1877, and 1878, for Louisville and Nashville Railroad purposes, in Logan county, Kentucky, and that part of Simpson county cut off from Logan county under an act of the General Assembly of the Commonwealth of Kentucky, approved January 14th, 1869, become stock in said railroad company, and diminished the stock of said county in said company to the extent of taxes paid and receipts issued; and whereas, in order to enable said county to settle its stock account with said railroad company, it is necessary to fix a time beyond which said receipts or taxes due cannot be presented or taken as stock in said company: Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That all claims and receipts held by any tax payer of Logan or Simpson county, or other persons, for taxes paid upon property situated in Logan county, or that part of Simpson county cut off from Logan county under an act of the General Assembly of the Commonwealth of Kentucky, approved January 14th, 1869, and being for taxes paid for Louisville and Nashville Railroad purposes, under levies made by the Logan county court, for any of the years of 1874, 1875, 1876, 1877, or 1878, which are not presented, for the purpose of being converted into stock, to the office of the commissioners of the sinking fund of the Louisville and Nashville Railroad Company for Logan county, within twelve months froin the passage of this act, shall be thereafter forever barred, and no action shall be sustained on any such tax receipts thereafter, either against said railroad company or the county or county court of said county, or its commissioners of the sinking fund: Provided, The said commissioners of the sinking fund shall give general public notice, in both Simpson and Logan counties, three (3) months prior to the time when said receipts shall be barred. § 2. That after the time mentioned in this act has expired, and the notice contemplated been given, the said commissioners of the sinking fund of Logan county shall be entitled to a settlement of the stock account of said county with said Louisville and Nashville Railroad Company; the said settlement to be on the basis of the stock issued to said company, and the tax receipts then presented and converted into stock. 3. This act shall take effect from its passage. Approved April 1, 1880. CHAPTER 710. AN ACT for the benefit of Green county, empowering said county to compromise her bonded debt, and to provide for the payment of the same. WHEREAS, There is a debt claimed against the county of Green on bonds issued in behalf of the Cumberland and Ohio Railroad Company, and said county doubting its ability to pay the whole amount of said bonds; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That upon the petition of any twenty qualified voters of the county, presented to the county judge of said County at any regular term of his court hereafter held, he shall immediately order an election to be held in each voting precinct in said county, not less than thirty nor more than sixty days after date of said order, for the purpose of electing one commissioner from each justices' district in said county, all the qualified voters of the county having the right to vote for one candidate from each district: Provided, That a notice of said election be posted in each voting precinct at least twenty days before holding said election. § 2. Said election shall be held in accordance with the laws governing the election of justices of the peace, and the county judge shall give each successful candidate a certificate of election within ten days after he shall have been declared elected by the proper authorities. The commissioners thus elected shall meet at the county seat on the first Monday after receiving their certificate of election, and proceed to elect a chairman and secretary. §3. The chairman shall have power to call a meeting of said commissioners at any time or place he may deem proper; and it shall be his duty to call a meeting at any time upon the application of any two of the members: Provided, That no meeting shall be held out of the county, unless so ordered by two thirds of the members voting. § 4. That it shall be the duty of the secretary to keep a correct record of all the proceedings of the commissioners. § 5. The commissioners shall, as soon as practicable after the organization, give notice, in a manner they may deem most economical and effectual to the bondholders, to meet them in person or by proxy at some place designated, or by written communication, for the purpose of agreeing upon some terms of compromising said indebtedness. § 6. Upon agreement of any terms of compromise with said bondholders, the commission shall report the same, together with a plan devising ways and means to carry out said agreement to the county court. § 7. The county judge, upon receiving such report, shall immediately order an election to be held in each voting precinct, submitting said plan and agreement to the qualified voters of the county for their acceptance or rejection Provided, That before such election shall be held, that a notice thereof be first posted in each voting precinct at least twenty days prior to such an election. § 8. Said election to be held under the laws governing elections generally in such cases. |