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able only on the books of the company in such manner as the president and directors may prescribe; but the said bank shall have a lien on the stock to secure any indebtedness of the stockholders to the bank.

§ 6. It shall not be lawful for said bank to issue any Shall not issue note or bill to be passed as currency.

currency.

bank.

§ 7. The said bank shall have power to sue and be Power of the sued, to contract and be contracted with; to receive on deposit money and bank notes, United States legal-tender notes, and such other bank notes as may be current; to deal in bills of exchange, promissory notes, bonds, government vouchers, gold, silver, exchange, and all other evidences of debt; to loan and horrow money, and generally to do and perform all business usually done by banking associations and corporations; and may buy, hold, sell, and convey any real or personal estate which may be necessary to carry out the objects of its creation; and may receive such conveyances of real estate or other property as may be necessary to secure any debt due to it, or which may be sold for the payment of such debt; and said bank may receive collaterals to secure any debt due or loan made by them, and such collaterals may be subjected, by proper judicial proceeding, to the satisfaction of such debt or debts.

State tax.

§ 8. All promissory notes negotiable and payable at its banking house, or at some incorporated bank in this State, and all promissory notes made negotiable and payable at some bank doing business under the laws of the United States, within the State of Kentucky or elsewhere; and all negotiable promissory notes made payable at any bank incorporated under the laws of any State in the United States, which may be discounted or purchased by said bank, together with all inland bills of exchange which may be discounted or purchased by it, shall be, and they are hereby, put upon the footing of foreign bills of exchange, and like remedy may be had thereon, jointly and severally, against the makers, drawers, indorsers, or other parties thereto.

§ 9. The cashier of said bank shall, on or before the first day of October of each year, pay into the Treasury

of the State fifty cents for each share of stock held and paid for in said bank, which shall exempt the institution from all other State taxes on its capital and business; but all real estate belonging to said bank shall be listed for revenue purposes as other real estate is listed in this State for revenue purposes.

managed.

§ 10. The president and directors shall manage and Business-how control the property and business of said bank, and may enact such by-laws and rules for the management of same as may be necessary, not inconsistent with this charter and the Constitution and laws of this State or of the United States; they may fill all vacancies occurring in their body, and each must be a stockholder; the election for directors shall be held at the office of the bank, in the town of Frenchburg, and each stockholder shall cast one vote for each share of stock he may hold, upon which all calls have been paid; the votes may be in person or by written proxy.

§ 11. Any stockholder may, at any reasonable time, examine all the books, management, and affairs of said bank, and the General Assembly shall have the right to examine into the affairs of the corporation by committee appointed for the purpose, and reserve the right to alter, amend, or repeal this charter at pleasure.

§ 12. Said bank may continue for thirty years from its organization, and this act shall take effect from its pas

sage.

Approved May 5, 1880.

CHAPTER 1465.

AN ACT to incorporate the Falmouth and Lenoxburg Turnpike Road Com

pany.

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

§ 1. That a company shall be, and is hereby, incorporated, to construct a turnpike road, on McAdams plan, from Falmouth, Pendleton county, Kentucky, to Lenoxburg, Bracken county, Kentucky, to be known by the name and style of the Falmouth and Lenoxburg Turnpike ration.

Name of corpo

Capital stock

Commissioners.

office.

Road Company; and by that name and style may con-
tract and be contracted with, sue and be sued, plead and
be impleaded, in all the courts and places; may have and
use a common seal, and change or alter the same at pleas-

ure.

§ 2. The capital stock of said company shall not exceed twenty thousand dollars, to be divided into shares of fifty dollars each; and each share shall entitle the holder to a vote in all meetings of the stockholders, and one vote for each and every share such stockholder may hold in the election of the officers of said company, and for all other purposes.

§ 3. That J. D. McClanahan, T. S. Kavanaugh, J. R. Hanchen, A. F. McClanahan, Charles Hurd, L. C. Grimes, and F. F. Wallace are hereby appointed commissioners, whose duty it shall be to open books for the subscription of stock in said road, at such times and places as any three of them may deem expedient; and as soon as two thousand dollars of stock is subscribed, they shall give ten days' notice of the time and place of the meeting for the purpose of electing a president and five directors of said company; and a majority of whom, and their successors in office, shall be competent to perform all acts and things authorized by this act to be done by the president and directors of said company; and the management of the fiscal and prudential affairs of said company shall be confided to the president and directors of said company and their successors in office, to be chosen annually at such times and places as said president and directors may from time to time direct, and who shall continue in office until their successors are elected and qualified.

§ 4. That no person shall be eligible as president or Who eligible to director who shall not, at the time, be the owner of at least one share of stock in his own right; and any president or director ceasing to be an owner of that amount of stock, shall cease to be president or director, as the case may be, of said company; and said board may at all times fill any vacancy that may occur in said board.

1

appoint officers,

§ 5. The president and directors of said company shall Directors shall have the power of appointing a treasurer, gate-keepers, &c. and all other officers or agents necessary to perfect and carry out the objects of this act, and to remove the same at pleasure. They shall have power to require of the treasurer and all the officers or agents a bond and security for faithful performance of the duties incumbent on them as such.

commissioners.

6. The commissioners hereby appointed shall procure Duties of the a book or books, and the subscribers to the stock of said company shall enter into the following obligation in said book or books, to-wit: "We, whose names are hereunto subscribed, do promise to pay to the president and directors of the Falmouth and Lenoxburg Turnpike Road Company, the sum of fifty dollars for each and every share of stock in said company set opposite to each of our names, in such manner and proportion, and at such times, as shall be required by the president and directors of said company. Witness our hands."

§ 7. That said road shall be opened at least thirty feet wide. The stone on said road shall not be less than sixteen feet in width; the width of the grade and its elevation shall be left to the judgment of the president and board of directors of said company; that the president and directors of said company, at any time after one mile of said road is built, may erect a toll-gate at any point on said road, and to receive and collect toll for the amount of the road traveled at the same rate as specified in the general turnpike laws of this State.

§ 8. The president and directors shall severally take an oath faithfully to discharge the duties of their respective offices to the best of their ability before entering upon their official duties. Said president and directors shall keep a record of their proceedings in a well-bound book, and the same shall be open to inspection by the stockholders in said road at all times. Said president and board of directors shall issue certificates of stock for the number of paid up shares of any stockholder in said company's road, which shall be signed by the president and countersigned by the treasurer, who, by virtue of his

office, shall be secretary of said company.

Said certificates of stock shall be transferable upon said company's books of records.

§ 9. This act shall be in force from and after its passage.

Approved May 5, 1880.

CHAPTER 1466.

AN ACT for the benefit of school district No. 24, in Lincoln county. WHEREAS, The trustees of school district No 24, in Lincoln county, were not able to employ a teacher for five months during the school year 1879-80, for the public money apportioned to it, which was only seventy-eight dollars and eight cents; and whereas, they did employ a teacher for four months, who well and faithfully taught the school for that length of time; now, therefore,

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

§ 1. That school district No. 24, in Lincoln county, shall be, and is hereby, entitled to the amount of public school money apportioned to it for the school year ending June 30, 1880, for the four months' term, the same as if said school had been taught five months; which sum shall be paid upon the draft of the commissioner of Lincoln county as other public school money is paid.

2. This act shall take effect and be in force from its passage.

Approved May 5, 1880.

CHAPTER 1467.

AN ACT in relation to the Louisville Evening Post, a newspaper published in the city of Louisville, and legalizing certain advertisements, publications, and notices in same.

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

§ 1. That publications, notices, and advertisements 'which are or may be authorized or required to be pub

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