ance vitiates pol

ity.

receive such part of said retained sum or sums as have not been expended in losses and assessments.

§ 13. That if insurance on any house, building, or propAdditional insurerty shall be and subsist in said company, and in any other office, or from or by any other person or persons, at the same time, the insurance made in and by said company shall be deemed void, unless such double insurance subsist with the consent of the directors or agents, signified by indorsement on the back of the policy, signed by the president and secretary.

ital stock.

§ 14. That no policy of insurance shall be issued by said company until bona fide premium notes to the amount of twenty thousand dollars, which notes shall be predicated upon property to be insured, and shall not exceed twenty per cent. of the amount sought to be insured, shall have been deposited, and, in addition thereto, said company shall be in actual possession of at least two thousand dollars.

§ 15. That it shall be lawful for said company to invest May invest cap its capital and the funds accumulating in the course of its business, or any part thereof, in lands and mortgages on unencumbered real estate in the State of Kentucky, worth fifty per cent. more than the sum loaned thereon, exclusive of buildings, unless such buildings are insured and the policies transferred to said company, and also in bonds of the United States, or of any county or incorporated city of this State authorized to be issued by the Legislature, and to lend the same, or any part thereof, and the security of such bonds, or upon bonds and mortgages as aforesaid, to change and re-invest the same as occasion may from time to time require.

16. That the affairs of said company shall be managed by not less than five directors, all of whom shall be members. They shall choose by ballot a president and vice president from their own number, and shall fill all vacancies that may arise in the board or in the presidency thereof. They shall have power to appoint a treasurer and secretary, and other officers or agents necessary for transacting the business of the company, paying such salaries and taking such security as they may

think reasonable. They may establish, ordain, and publish such by laws and regulations as shall appear necessary to them for conducting the business of the company; and it shall be their duty to keep full and correct entries of their transactions, which shall, at all reasonable times, be open to inspection of the members.

organize.

§ 17. Within thirty days after the amount required When they may under section fourteen shall be subscribed, a majority of the incorporators shall call a meeting of the subscribers in the city of Newport, Kentucky, for the purpose of electing nine directors. Those receiving a plurality of the votes cast shall be directors, and annually on the same day an election shall be held, and the directors elected shall continue in office until their successors are duly elected. All said elections shall be by ballot, and each member entitled to one vote in person or by proxy.

in Newport.

§ 18. That the principal office of said company shall be Principal office in the city of Newport, Kentucky. All existing laws of this State in relation to insurance companies shall not be applicable to or affect said company. The provisions of this bill shall apply only to the counties of Campbell and Kenton.

§ 19. That this act shall take effect from and after its passage.

Approved May 3, 1880.

CHAPTER 1379.

AN ACT to incorporate the Taylorsville, Salt River, and Waterford Turnpike

Road Company.

Be it enacted by the General Assembly of the Commonwealth

of Kentucky:

§ 1. That Wm. M. Huston, R. D. Cooper, R. A. Shad- Corporators. burne, W. H. Murray, Thomas G. Simpson, and John R. W. Simpson, of Spencer county, Kentucky, be, and they are hereby, created a body-politic and corporate, for the purpose of constructing a turnpike road from Taylorsville to Waterford, in said county, under the name and style of the Taylorsville, Salt River, and Waterford Turnpike

Capital stock.

road.

Road Company; and by said name shall have perpetual succession, with power to contract and be contracted with, sue and be sued, and shall have all other rights and powers conferred upon similar corporations by chapters 56 and 110 of the General Assembly, so far as the same is applicable.

§ 2. That the capital stock of said company shall not exceed $30,000, and shall be divided into shares of fifty dollars each.

§ 3. That the indebtedness of said company at no time shall exceed the amount of capital stock subscribed and actually paid up.

§ 4. That the private property of stockholders shall be exempt from corporate debts.

§ 5. That said road may be constructed of stone, gravel, Construction of or wood, of any or all of said materials, and shall not be less than nine feet nor more than fifteen feet wide; and the right of way over which said road is constructed shall not be less than fifteen nor more than forty feet wide.

branch road.

§ 6. The persons named in this act are hereby declared to be the present board of directors of said company, and shall hold their office until the first Saturday in April, 1881. Said directors shall elect one of their number president, one treasurer, and one secretary of said company, and any of said persons are hereby appointed commissioners to receive subscriptions to the capital stock of said company.

§7. That for the purpose of constructing said road, the directors may receive grants of right of way and material for the construction of said road; and, in the event that they cannot agree with the owners of the soil and material, they may proceed and have the same condemned provided by chapter 110 of the General Statutes.

as

§ 8. Said company shall also have full power and au May build a thority to build a branch road from any point along the line of said road, by such route as they may deem most expedient, near to or by the residence of Dr. Lilly; and if they deem it proper, may extend the same to intersect with the road leading from Fairfield to High Grove.

erect a toll-gate.

§ 9. Said company shall have the right to erect a toll- When they may gate so soon as it has completed two and one half miles of consecutive road, and, upon completion of said road, may erect one gate for each five miles of road completed; or, if they desire, may establish half-fare gates for each two and one half miles of road completed. Said company shall also have the right to collect toll for the actual distance traveled by parties over said road, that pass through any of its gates; but said company shall, at no time, charge a greater rate of toll than that now provided by the General Statutes.

§ 10. The annual election of officers for said company Annual election. shall be held on the first Saturday of April in each year, beginning with the first Saturday of April, 1881. The stockholders of said company shall fix the hours between which said election shall be held, and each stockholder shall be entitled to cast one vote for each share of stock they own.

§ 11. This act shall take effect from and after its pas

sage.

Approved May 4, 1880.

CHAPTER 1380.

AN ACT to enable the commissioners of the sinking fund of Bracken county to settle and compromise with Eginheart Daum, jr., late sheriff of Bracken county, and with his sureties on his official bond, for the years 1875 and

1876.

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

§1. That the commissioners of the sinking fund of Bracken county be, and they are hereby, authorized and empowered to settle and compromise with Eginheart Daum, jr., late sheriff of Bracken county, and his sureties, or any one of the sureties on his official bond as sheriff aforesaid, for the taxes and revenue due to the county of Bracken by said Eginheart Daum, jr., and for which he and his sureties are or may be liable on his said official bonds for the years 1875 and 1876, or for either of said years, on such terms as may be agreed upon by and

between the commissioners of the sinking fund of Brack· en county and the sureties in said official bonds, or either one of them on either of said bonds; and when the amount of money agreed upon shall be paid to the commissioners of the sinking fund of Bracken county, said surety or sureties shall be discharged from all further liability on said bond: Provided, That the payment by one or more of said sureties shall operate to release and discharge them from all further liability on said bond, but shall not discharge the other sureties on said bonds, or either of them, for their proportion of the debt due to the county. of Bracken, who may fail or refuse to compromise and settle with said commissioners of the sinking fund for Bracken county.

§2. The commissioners of the sinking fund of Bracken county are hereby authorized to settle with the sureties aforesaid, or any one of them, on such terms, and for such an amount of money, as may be agreed upon, which amount, when paid, shall discharge said surety or sureties so paying from all further liability on said bond.

§3. The commissioners of the sinking fund of Bracken county are hereby authorized to release all the sureties in both the bonds of Eginheart Daum, jr., for the years 1875 and 1876, from the payment of the penalty and all damages prescribed by law, if, in the discretion of said commissioners of the sinking fund, they shall see proper: Provided, That a majority of the magistrates of said county be present and concur therein.

§ 4. This act shall take effect from and after its pas

sage.

Approved May 4, 1880.

CHAPTER 1381.

AN ACT for the benefit of A. E. Adams, of Pike county. WHEREAS, A. E. Adams on January 30th, 1862, received from the Treasury of the State of Kentucky the sum of two hundred and eighty-five dollars and twelve cents, which was paid said Adams for expenses and services in organizing a company of State Guards under the exist