may lie within the limit of one mile from any turnpike road afterward built under this act, may be subject to such assessment as will make its total assessment equal to that of other land and property located within the said bounds. 12. Assessments shall become due and payable, one third in six months, one third in twelve months, and the remainder in eighteen months from the time the assessments were made. § 13. That no land or property shall be assessed under this act to build a turnpike road, when such land or property is on the opposite side of Licking river from such road, except when such land or property is within the prescribed limits by a route measured over a county bridge. § 14. That when said road is completed, all tax or labor which, under the law now in force, or which may hereafter be in force in said county, would be performed or expended in repairing said road if it were a public improved road, shall be assigned to and performed or expended on it, under the supervision of said commissioners, who shall report as surveyors of roads are required to do: Provided, That on the petition of said commissioners, showing that said labor and tax is insufficient to keep said road in repair, said court may make an order permitting them to erect toll gates on said road; but no greater rate of toll shall be collected than, when added to said labor and tax, will keep said road in repair. § 15. On the application to said court, in writing, of a majority in value of those assessed, making donations, and private subscription, actually paid in, for the construction of said road, said court shall make an order allowing the erection of gates and taking of toll on said road, agreeably to the provisions of the General Statutes: Provided, The amount of county subscription, if any, shall be controlled in such application by a proxy, to be appointed by the court of claims. § 16. If, under the provisions of section fifteen, said road shall be converted into a toll-road, then the provisions of section fourteen shall be inoperative and of no effect. 17. That it shall be the duty of the clerk of said county to preserve in his office all reports, settlements, bonds, maps, and other papers required by this act to be made or filed with said court; and for his services rendered under this act, shall be paid such fees as may be agreed on between him and said commissioners; and in case they fail to agree, the court shall make an order directing what compensation he shall receive. 18. That the court may fix the compensation of the commissioners, which, in the aggregate, shall not exceed one hundred dollars per mile of completed road. § 19. This act shall take effect from and after its pas sage. Approved April 14, 1880. CHAPTER 997. AN ACT to amend the charter of the Dry Creek and Covington Turnpike Road Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the president and members of council of any city or town which may hold stock in the Dry Creek and Covington Turnpike Road Company, shall be eligible as president and directors of said company, in like manner as if such president and members of council were stockholders in their own right. § 2. That the annual election held on the first Saturday in April, 1880 whereby S. W. Coplin, A. Davezac, and B. Senour, jr., members of the city council of Covington, were, with others, elected to said offices in said company, is hereby made and declared legal. § 3. Election for offices of said company shall be held annually on the first Saturday in April, at the toll-gate at Pleasant Run, or such other place as may be designated by the board of directors, by notice posted at said toll-gate for ten days before said election. But if, for any cause, no election should be held at the time hereinbefore designated, then such annual election shall be held as soon thereafter as practicable, and the board of directors for the time being shall give notice of such election for the time and in the manner above provided. § 4. The board of directors may elect a treasurer, who shall be a stockholder or a member of council of one of said municipal stockholders, and shall give bond in such sum as may be required by said board. § 5. This act shall take effect from its passage. Approved April 14, 1880. CHAPTER 998. AN ACT to incorporate the Clarksville and Princeton Railroad Company, of Kentucky: §1. That Thos. H. Elliott and James S. Parrish, of Corporators. Christian county; and John W. Gaines, Thomas Boyd, Jabez Bingham, Wm. Wharton, Geo. W. Quick, R. A Burnett, J. H. Wilkinson, of Trigg county; and J H. Leech, R. B. Ratliff, A. C. Moyes, W. G Grover, B. C. Griffith, J. A. Carr, P. H. Darby, W. S. Powell, of Caldwell county, and their associates and successors, be, and they are hereby, created a body-corporate and politic, under the name and style of the "Clarksville and Princeton Railroad Company," for the purpose of constructing, equipping, and operating a railway from Princeton, in Caldwell county, Kentucky, to some point on the line dividing the States of Kentucky and Tennessee in direction of Clarksville, Tennessee, on the most practicable line, to be determined by the president and board of directors of said Clarksville and Princeton Railroad Company. § 2. The business of said company shall be conducted under the immediate direction of a board of directors, consisting of seven members, to be selected by the stockholders of said company from among themselves; and at least three of said directors shall be citizens of Kentucky; and said board shall elect one of their number to be the president of the board, and such person so elected shall be president of the said railroad company. nations. 3. The board of directors may frame and adopt bylaws for the regulation of the business of the company, which by-laws shall contain nothing inconsistent with the laws of Kentucky or of the United States, and shall be subject to revision and amendment by a vote of a majority in value of the capital stock of the company. § 4 The corporators hereinbefore named, or any of them, are authorized to receive subscriptions to the capital stock of said company; and when twenty-five thousand dollars of bona file subscriptions of stock to said company are made, then the said company are authorized to proceed to business in their corporate capacity. § 5. The said company may receive, by donation or May receive do purchase, all lands necessary for its road-bed, side-tracks, depot and warehouse grounds, and other legitimate purposes; and also material necessary for the construction and maintenance of the railroad and its appurtenances; and it such lands or material cannot be procured through voluntary agreement by and between the owners thereof and the board of directors, said board of directors may have the same condemned, and pay therefor in the manner prescribed and directed in chapter one hundred and ten, General Statutes, title "Turnpike, Gravel, and Plank Roads." Officers. § 6 Said company shall adopt and use a seal, bearing the style of the company, with any accompanying device considered suitable, which shall be affixed by the secretary of the company to all documents requiring the signature of the president of the company, or of the officer acting in place of the president. 7. The officers of said railroad company shall consist of a president, vice president, secretery, and treasurer. These officers shall be selected by the board of directors. The president and vice president shall each be a stockholder in said company. The secretary and treasurer may or may not be a stockholder, at the pleasure of the board of directors. The secretary shall keep a full and accurate account of the transactions of the board of diThe treasurer shall safely keep and account for the funds of the company; and before entering upon the rectors. duties of his office, he shall give bond and good security to said company, conditioned that he will faithfully and honestly perform his duties as treasurer of said railroad company, and account for, in full and accurately, all money or other thing or things of value which may come into his hands during his term of office, which bond shall be approved by the board of directors, and by the president safely kept. 8 The first election of officers of said company shall take place as soon as practicable after the bona fide subscription of stock to the amount of ($25,000) twenty-five thousand dollars has been obtained; and afterwards the election of a board of directors and officers shall take place every two years, and at such place and time as the board of directors may designate. § 9. Said company may, in its corporate capacity, sue and be sued, plead and be impleaded, answer and be answered, &c., &c., in all the courts of this Commonwealth, and perform all other such acts as a natural person might legally perform in carrying out the objects and availing himself of the privileges of the company herein declared and conferred. § 10. The capital stock of said company shall not ex- Capital stock. ceed one million five hundred thousand dollars, to be divided into shares of fifty dollars each. § 11. When authorized so to do, by a vote of two May issue bonds. thirds of the stock represented at any regularly called meeting of stockholders, the board of directors may issue the bonds of said company, bearing interest at not exceeding six per cent., the payment of the principal and interest of which bonds shall be secured by such hypothecation of the property and franchises of said company as may be necessary; but the aggregate amount of such bonds outstanding at any one time shall not exceed one million of dollars. § 12. The said Clarksville and Princeton Railroad Company may rent, lease to, or consolidate its road with, any other railroad company with which it connects in TenLOC. L., VOL. II-29 May consolidate with, rent or lease other railroads. |