nessee or Kentucky, or may lease any other connecting railroad and operate the same. § 13. This act shall take effect from and after its pas sage. Approved April 15, 1880. CHAPTER 999. AN ACT to incorporate the Cornishville and Sharpsville Turnpike Road Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That a body-corporate and politic be, and hereby is, created and authorized to be formed and organized, under the name and style of the Cornishville and Sharpsville Turnpike Road Company, and under that name and style it shall have perpetual succession; may have a common seal; may contract and be contracted with, sue and be sued, in all the courts of this Commonwealth. § 2. The object and business of said corporation shall be to construct, keep up, and maintain a turnpike road from the Washington and Mercer county line, near Cornishville, in Mercer county, to or near the town of Sharpsville, in Washington county, making W. L. Perkins' storehouse a point on said road. 3. The capital stock of said company shall not exceed fifteen thousand dollars, to be divided into shares of twenty-five dollars each. § 4. That books for the subscription of stock in said company may be opened at any time within two years from the passage of this act, under the supervision of J. H. Kinsey, Jas. Koyes, John Royalty, A. J. Herrin, Archy Wheeler, John S. Riley, W. L. Perkins, Thos. W. Reed, James T. Royalty, or any three of them, who are hereby constituted commissioners for such purpose. The subscribers for stock in said company shall sign the following obligation, to wit: "We, whose names are hereunto subscribed, hereby obligate ourselves to pay to the president and directors of the Cornishville and Sharpsville Turn pike Road Company twenty-five dollars for each share of stock in said company hereby subscribed by us." The number of shares so subscribed by each person shall be designated opposite each subscriber's name, and said subscription shall be made in a book in which said obligation shall be written; but said commissioners, or those acting, or the said company, after it is organized, may receive. conditional subscription of stock in said company, conditioned upon the route which said road may take, or upon any other conditions which may be expressed in writing in any such subscription; and such subscription shall be valid and binding on the conditions therein stated; and said commissioners, or those acting, or said company, after it is organized, may receive subscriptions of stock to said company in real estate, rock, lumber, other personal property, or labor, which shall be valid and binding; and the amount in value of such subscription shall be expressed in the respective subscriptions; and if the property is not surrendered or delivered, or the labor performed, on demand of the said company, the value thereof in money, as expressed in the subscription, may be collected of the subscriber. § 5. As soon as two thousand dollars is subscribed to the stock of said company it may be organized, and to this end the commissioners acting shall give notice to the subscribers of stock, by posting up at least five notices along the line of said road, of the election of officers of said company, which shall be a president and five directors; the time and place of such election shall be stated in said notices, and said notices shall be put up at least ten days previous to said election; and after the first election. of said officers, the election thereafter for said officers shall be on the first Saturday in April of each year. Each stockholder shall be entitled to one vote for each share of stock owned by him, which may be cast in person or by proxy. No one but a stockholder shall be a president or director. The first election shall be under the supervision of the commissioners or of those acting. The president and directors shall each take an oath faithfully to perform their duties as such, which shall be certified by the officer administering it, and filed with the papers of the company; and said officers shall serve until their successors are elected and qualified. If any vacancy occurs during the year by death, resignation, or removal from the State, the remainder of the directors may, if they deem it necessary, fill the vacancy. § 6. The said company, after it is organized, may keep open the books for additional subscriptions of stock in said company. The Washington county court may subscribe stock in said company to an amount not exceed. ing one thousand dollars per mile of said road, payable on the completion of each mile. § 7. The president and directors may appoint a treas urer and clerk, and prescribe their duties, fix their com pensation, and may remove them at pleasure. Said treasurer shall give bond, with good security, honestly to account for all money that may come into his hands, and for the faithful performance of his duties; and shall also take an oath faithfully to perform his duties; which bond, and the certificate of such oath, shall be filed and kept with the papers of said company. The said president and directors may appoint a superintendent or agent to superintend the construction of said road, and its maintenance and management afterwards, and gate. keepers, and such other employes as they may deem necessary. § 8. The said president and directors may locate said road in accordance with this act; and shall have power to pass any by-laws, rules and regulations, for their own government, and the government and conduct of said company, its officers and affairs, that they may deem necessary, not inconsistent with this act, or with the Constitution of this State or of the United States. § 9. The said president and directors may let out for construction any portion of said road as soon as two thousand five hundred dollars is subscribed in good faith, and by responsible parties, or may do so after additional subscriptions are received; and they may go on letting out for construction and completing said road as the subscriptions of stock to said company may, in their opinion, justify them in so doing; and as soon as two and one half miles of said road are completed, they may erect a toll gate, and collect toll for that portion of said road. The charges for toll on said road shall be in conformity with the general laws of this State regulating tolls on turnpikes; and they shall only be authorized to charge toll on said road, in proportion to the distance traveled, and only for so much of said road as shall be completed. § 10. The said company may receive releases of right of way for said road and ground for rock quarries and toll-houses, by consent or purchase; and if they deem it necessary, they may, by proceedings instituted in conformity with the existing laws of this State on the subject of turnpike and plank roads, condemn land for right of way over which said road may be located, and ground for toll-gates and toll-houses and rock quarries, just compensation being paid to the owners thereof, to be assessed by a jury empaneled for such purpose according to law as aforesaid. § 11. And the right of way of said road shall not be less than thirty feet wide, and the grade of said road shall not be less than twenty feet wide, and the rock broke and put upon said grade shall not be less than fourteen feet wide, and not less than ten inches deep, six inches broke at bottom, no rock to be larger than will pass through a five-inch ring, and four inches top dressing, no rock larger than will pass through a three-inch ring; and said metal shall be of good sound rock, broke and put on said road, under the management and control of said president and directors, who shall be the sole arbiters between them and their contractors. § 12. Any person who shall unlawfully obstruct said road shall be subject to a fine of not less than five nor more than fifty dollars therefor, which shall be recoverable by law. § 13. Said president and directors shall fix and regulate the elevation and grade of said road; but in no event is the elevation to be greater than three degrees. Said presilent and directors shall prescribe in what installments the subscriptions of stock shall be paid. They may borrow money for the use of said company in constructing said road, but not exceeding two thousand five hundred dollars, and give personal security therefor, or a mortgage on said road and its franchises, which may be enforced and foreclosed by law. § 14. This act shall take effect and be in force from its passage. Approved April 15, 1880. district. How managed. CHAPTER 1000. AN ACT to organize and establish a system of public graded schools in Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the boundaries of common school district No. Boundary of the 26, which embraces the town of Carlisle, are fixed and changed as follows, so as to include all the territory lying within one mile and a half of the court-house in Carlisle; and the said district thus formed shall be under the control and management of five trustees, to be elected by the qualified white voters, and white widows who may be entitled to vote, as prescribed by the general common school law of the State, for trustees residing within said boundary. Name. § 2. That the persons so elected shall constitute and be styled "The Board of Trustees of the Carlisle Public Schools," and by that name shall be a body-corporate; may sue and be sued, contract and be contracted with, acquire, by purchase or otherwise, any real or personal estate, and sell and convey the same; and the title of all the property of said common school district shall vest in said trustees and their successors forever. 3. That the said board of trustees shall be elected When election first on the first Saturday in June, 1880; two of whom shall hold their office until the first Saturday in July. 1881, two until the first Saturday in July, 1882, and the shall be held. Term of office. |