CHAPTER 965.

AN ACT to incorporate the Bowling Green Fire and Marine Insurance Company.

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

§1. That L. A. Graham, William S. Ragland, Ed. B. Seley, Charles G. Smallhouse, James A. Graham, James L. McLine, Robert S. Knowles, John Massey, James D. Hines, R. S. Evans, George W. Hines, Thomas J. Smith, Dr. A. C. Wright, Austin J. Claypool, Dr. Samuel W. Combs, H. H. Skiles, together with their associates and successors and assigns, be, and they are hereby, created and made a corporation and body-politic, under the name and style of Bowling Green Fire and Marine Insurance Company; and by that name have perpetual succession, and be capable in law to have, purchase, or receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, goods and chattels, public or private securities of kind and quality or nature whatsoever, not, however, inconsistent with the acts and amended acts regulating such insurance companies in this State; and to sue and be sued, to plead and be impleaded, answer and be answered, defend and be defended, in any court whatsoever; and also to make and use a seal or seals; and also ordain and establish and put into execution such by-laws as may be necessary and convenient for the government of said company, not contrary to the provisions of this charter.

2. The capital stock of said company shall be one hundred thousand dollars, which may be increased from time to time, at the will of the stockholders, to any amount not exceeding five hundred thousand dollars, divided into shares of fifty dollars each.

§3. The corporators named in this act, or any four of them, shall, within six months after the passage of the same, or sooner if they wish, give notice in the Bowling Green newspapers of the time and place of opening the books for the subscription of stock; and when the sum of one hundred thousand dollars shall have been subscribed, and ten per cent. of that amount paid into the corporators,

and notes given for the remainder, to be paid as the president and directors may demand, said company may be organized by electing a president, vice president, secretary, treasurer, and general agent from the names of the corporators herein mentioned; and the election of directors to occur on the first Monday in January every two years thereafter, commencing the first Monday in January, 1882, to be selected by the stockholders, giving each holder one vote for each share of stock held by him or her, in person or by proxy.

§ 4. It shall be the duty of the secretary to advertise in one or more newspapers the annual election. The board may fill any vacancy which may occur in the directory, by reason of death or resignation, for the unexpired time of any such member. It shall be lawful for said company to have seven members to constitute a quorum, including the president. In case the president is absent, the vice president shall preside; and in case of the absence of both, the secretary may call a member present to preside. § 5. The stock of said corporation shall be assignable and transferable on the books of the company, in person or by attorney; and said stock shall be considered as personal property; but no person indebted to the company shall be permitted to make a transfer until such debt is paid or secured to the satisfaction of the president and board of directors. And if any stockholder shall fail or refuse to pay installments when called for and demanded by the president and board of directors aforesaid, within sixty days after the time designated for the payment of such installments, such stockholders shall forfeit each and every share on which payment shall not be fully made; and the shares so forfeited may be sold by the company.

§ 6. The corporation hereby created shall have power to make all kinds of insurance against fire on all kinds of buildings; also to make all kinds of insurance on steam vessels, flat-boats, and all kinds of crafts of any description, on all rivers, lakes, or canals in the United States of America, as well as on goods, wares, merchandise, produce, specie, freight, and every description of property transferred by land or water within the United States;

and said company may take applications for all said. risks, the same to be filed in the company's office, and may issue policies to be signed by the president and secretary of said company; said policies to be worded as may be agreed upon by the parties.

7. It shall be lawful for said corporation to invest any part of its capital stock, moneys, funds or other property, in the manner and in the funds authorized to be invested in by virtue of An for the incorporation and regulation of fire, marine, accident, live stock, and all other except life insurance companies," approved March 12, 1870, and by virtue of the amendment thereto, approved April 3d, 1878.

§ 8. It shall be the duty of the secretary to cause a full report to be made on first of January and July of each year of all moneys received and disbursed; and said company may declare dividends out of the net earnings of said company as often as twice a year.

§ 9. The president and directors shall cause a set of bylaws to be made to comply with this charter, not inconsistent with the Constitution and laws of Kentucky; and the said board of directors shall fix the salaries of all the officers, and rates of all expenses of the directory.

10. The stockholders of this company shall not be individually liable for any amount whatever.

11. This act shall take effect from and after its passage.

Approved April 13, 1880.

CHAPTER 966.

AN ACT to incorporate the Lusby's Mills and Beech Branch Turnpike Road

Company, in Owen county.

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

1. That a company shall be, and the same is hereby, incorporated to construct a road, on the macadamized plan, from Lusby's Mills, in Owen county, to a point near the mouth of Beech Branch to the Owen and Grant

county line, near said place, upon the most practicable. route between said points above named, under the name and style of the Lusby's Mills and Beech Branch Turnpike Road Company; and by that name and style may sue and be sued, contract and be contracted with, plead and be impleaded, and use and have a common seal, and alter or amend the same at pleasure.

§2. The capital stock of said company shall be five thousand dollars, to be increased or diminished at the pleasure of the company, and to be divided into shares of twenty-five dollars each.

§ 3. That A. B. Acree, Isaac Ingram, John Lusby, sr., Dr. A. Smithen, Martin Holbrook, sr., Jeff. Fautner, James Taylor, sr., are hereby appointed commissioners, whose duty it shall be to open books for the subscription of stock at such places as said commissioners may designate; and as soon as two thousand five hundred dollars is subscribed, they shall give ten days' notice, at the most public places in the vicinity of the line of road, of a meeting of the stockholders for the purpose of electing a president and five directors for said company, a majority of whom shall be competent to do business, and to do all 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 confined to said president and directors and their successors in office, to be chosen annually at such times and places as the said president and directors, from time to time, may appoint, and who shall continue in office for one year and until their successors are elected and qualified.

§ 4. That no person shall be eligible as president or director who is not the owner, in his own name, of one or more shares of stock in said road.

§ 5. The president and directors shall have the power of appointing a treasurer, gate-keeper, and all other officers or agents deemed necessary to effect the purposes of this act, and to remove the same at pleasure; they shall have power to require of the treasurer, and all other officers or agents appointed by them, bond and security in such penalties as they may require, conditioned for the

faithful performance of the duties incumbent on them as such.

6. The commissioners herein appointed shall procure a book or books, and the subscribers to the stock of said company shall enter into the following obligation in said book or books, (viz): "We, whose names are hereto subscribed, do promise to pay to the president and directors of the Lusby's Mills and Beech Branch Turnpike Road Company the sum of twenty-five dollars for each and every share of stock in said company set opposite our names, in such manner and proportion and at such times as shall be by them required under the law incorporating said company, to be collected as other debts. Witness

$7. That said road shall not be less than thirty feet wide; the width of the grade shall be twenty feet wide, and the metal not less than twelve feet wide, and shall be graded to an elevation not exceeding five degrees at any part thereof; that whenever two and one half continuous miles of said road are completed, the company may erect a toll-gate, and charge tolls thereat at a rate of toll not exceeding that now authorized by law on roads made under the general turnpike laws of this State.

§8. That the president and directors of said road shall have the right and power to acquire the right of way for said road, and of earth, stone, or gravel, or timber for its construction, by voluntary concession and release, or by private contract with the land-holders: Provided, however, If the right of way and if material cannot be had as above indicated, it shall be obtained in the manner and mode prescribed by the general laws of the State for condemning lands, materials, &c., for the construction of turnpike roads, bridges, &c.

$9. When a stockholder shall have made full payment of his stock, it shall be the duty of the president, over his signature, to issue certificates of stock to all persons entitled to the same, attested by the secretary of said company.

§ 10. This act shall take effect from its passage.

Approved April 13, 1880.