1854. Corporate name and powers. tions. CHAPTER 266. AN ACT to incorporate the Crab Orchard Agricultural and Mechanical WHEREAS, divers persons of the counties of Lincoln and Garrard have organized an association under the name and style of "The Crab Orchard Agricultural and Mechanical Association," for the purpose of promoting improvement in all the various departments of agriculture, mechanics, and horticulture, and for that purpose have adopted a constitution and by-laws, and chosen a president and directors to control and manage the affairs thereof, and have applied to the general assembly for an act of incorporation. Therefore, § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That said Association be and is hereby created a body politic and corporate, with perpetual succession, under the style and name of "The Crab Orchard Agricultural and Mechanical Association," and by that name may sue and be sued, defend and be defended in all courts of law or equity; and shall be capable of acquiring, by purchase or otherwise, any quantity of land necessary for the purposes of this act, and may improve and sell, and convey the same, or any part thereof, at pleasure; and may acquire, hold, and dispose of such personal estate as the president and directors of said association may deem necessary and proper; may adopt and use a corporate seal, or may use the seal of its president for the time being. § 2. That the president and directors already chosen shall continue in office until the first Saturday in May, 1854, and until their successors are duly elected and qualified; Annual elec an election however of a president and directors shall be held in the town of Crab Orchard on the first Saturday in May, 1854, by the qualified members of said association, and annually thereafter, unless the members of said associa tion, at said annual election, by resolution, fix ferent day. tors. upon a dif § 3. The prudential, fiscal, and other concerns of said Duties and association, together with all its estate of every kind, shall powers of direc. be under the control and management of the president and directors aforesaid; and they shall have power to appoint a treasurer and secretary, and such inferior officers as they may deem necessary in carrying out the purposes of said association; and they may require of such inferior officers, or either of them, so chosen, bond with good secu rity for the faithful discharge of his or their duty. Said president and directors shall have power to make such regulations and by-laws, not inconsistent with the constitution of the United States and the constitution and laws of this commonwealth, as in their opinion may contribute to the good order and management of said association, and from time to time modify or repeal the same at their pleasure; they shall have power to contract and be contracted with in their corporate name, and to do any other act that will contribute to advance the objects of the association. 1854. Corporate property llable 4. That said association shall, in its corporate capacity, with all the estate belonging thereto, be liable for any for debts. debt or debts heretofore contracted by it, or by its authority, as fully as though the same had been contracted before passage of this act the 5. This act to take effect from its passage. Approved February 24, 1854. CHAPTER 208. AN ACT supplemental to an act incorporating the Trustees of the Theo logical Seminary under the care of the General Assembly of the Presbyte rian Church in the United States of America, at Danville, in the State of Kentucky. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That section fifteen of an act, entitled, “an act incorporating the trustees of the Theological Seminary under the care of the general assembly of the Presbyterian Church in the United States of America, at Danville, in the State of Kentucky," approved January 28, 1854, which said section reserves to the legislature the right to repeal, alter, or amend said charter at any time, be and the same is hereby repealed. Approved February 25, 1854. CHAPTER 269! AN ACT declaring George's Creek a navígalöle stream. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That from and after the passage of this act, George's creek, in Lawrence county, be and the same is hereby declared to be a navigable stream, from its mouth to William Border's, on the left hand fork, and up to Hiram Boyd's, on the right hand fork of said stream. Approved February 25, 1854. CHAPTER 270. AN ACT to authorize and require the county court of Barren county to subscribe to the capital stock of the Nashville and Cincinnati Railroad Company. WHEREAS, at the regular election held in the county of Barren on the first Monday in August in the year 1853, the sheriff of said county, agreeable to an order of the Barren 1854. Barren county court to record proposition to Subscribe stock. county court, and having given public notice at least thirty days previous thereto, did open and hold a poll at the diffe rent election precincts in said county, and took the vote of the legally qualified voters thereof, for and against a próposition for said county to subscribe three hundred thousand dollars to the capital stock of the Nashville and Cincinnati Railroad Company said subscription to be paid in the manner and upon the terms contained in said propo sition-and a majority of all the qualified voters in said county voted in favor of said proposition. Wherefore, § 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That it shall be the duty of the Barren county court, at a regular term thereof in the year 1854, if the same has not been already done, to cause to be spread upon the records of said court the proposition in the preamble hereof mentioned, and also the number of votes cast at said election for and the number against said proposition. And subscribe That said county court be authorized and is hereby required to subscribe three hundred thousand dollars to the capital stock of the Nashville and Cincinnati Railroad Company, the same to be paid for and discharged by issue of the bonds of said county, payable to said Nashville and Cin einnati Railroad Company, having not more than thirty years to run, bearing interest at the rate of six per cent. per annum; the principal at the maturity of said bonds, and the interest semi-annually, to be paid in the city of New York. She same. Only one third of the bonds to be issued in any one year. Dividends on the stock pledg ed for the redemption of in. terest and principal. How the bonds are to be issued. § 2. That no more than one third part of said bonds shall be issued in any one year. Said bonds to bear interest from the first day of January in each year in which they are or may be issued, but the first issue not to be made until after the road is let to contract in said county. The interest on said bonds to be provided for by a levy of an ad valorem tax on the real and personal property in said county, as listed for state purposes, so long as the same shall be necessary. §3. That the dividends on the county stock in said road shall be pledged and sacredly appropriated, first, to the payment of the interest on said bonds, and the remainder, after the dividends exceed six per cent., to constitute & sinking fund for the payment of the principal of said bonds, until said bonds are redeemed, or until said sinking fund amounts to three hundred thousand dollars. § 4. The bonds hereby authorized to be issued shall be issued on the order of the said county court, each bond for such amount as the president and directors of said compa ny may name, not exceeding one hundred thousand dollars in any one year, to run for a period not exceeding thirty years, and to bear interest at rate of six per cent. per hum, payable semi-annually at the city of New Yorkeach bond to be signed by the county judge of said county, and to be countersigned by the clerk of the said county an court, and the seal of his office to be affixed thereto, and its amount, date, and number to be entered on the record. 1854. County of Bar. ren to pay in. bonds. 5. That the said county court of Barren shall punctually pay the interest on said bonds as it may fall due, until terest on said the stock herein authorized to be subscribed shall be entitled to draw dividends, and then the president and directors of said company shall ex-officio apply said dividends, or so much thereof as may be necessary, to the payment of any interest due on said bonds: Provided, that if the dividends of said county stock shall at any time be insufficient to pay the interest on said bonds, then the county à court shall pay the interest, or so much thereof as may not be paid by the dividends. 1 §6. Said county court shall from time to time make due and ample provision to meet and pay all interest upon said bonds, and to that end shall have power to hold its sessions at any time, and shall levy a tax, on the ad valorem principle, upon all property or other thing within the county of Barren subject to taxation for state purposes; and the said county court is hereby subjected to mandamus or other appropriate proceeding, at the instance of the president and directors of said company, or the holder of any one or more of said bonds, to compel it to the performance of all its duties under this act. County court to make provis ton to pay ex ceas of interest if any. over dividends, Sheriff of Barren county to collect the tax levied under this act. To execute bond His compen 7. That the sheriff of Barren county shall collect all the taxes and assessments levied by this act, and shall in all respects be vested with the same power to distrain and sell property which he has by the laws governing the state revenue. He shall execute bond with security, to be approved by said court, in an amount at least equal to the sum expected to be collected in any one year, payable to the county of Barren, conditioned to account for and pay over all such sums as he may collect or come to his hands for taxes or levies under this act, in such manner and at such times as the said county court may direct; and he shall be allowed for his services herein a sum not exceed sation therefor. three per cent. upon the amount collected by him. He may return a list of insolvents or delinquents to the county court at the November term of each year; and if the same is approved by the court placed to his credit, and for such insolvents the court may proceed to make an additional levy to supply the deficiency. That for any failure on the part of said sheriff to perform the duties enjoined by this act, he and his securities shall be jointly and severally liable by suit, in the name of Barren county, upon said bond, or by motion in the circuit court of said county, upon ten days notice, for all damages and costs by reason of such failure, which suit or motion it shall be the duty of the county attorney for said county to institute and prosecute. That said court shall, if deemed necessary, appoint a treasurer or receiver, and take from him ample security, condi Suit may be instituted on his bond for failure to pay over. County court may appoint a collector. treasurer and 1854: Tax receipts icates of stock to receive certif therefor. Conditions on shall be sub which s'd stock scribed. tioned for the faithful discharge of his duties under this act; and to make all proper and needful auxiliary orders and regulations concerning them: Provided, that said coun ty court may, if deemed necessary, appoint a collector, whose powers, duties, and rights shall be the same under this act as herein provided in relation to the sheriff: Provided further, that no tax accounts or lists shall be placed in the hands of said sheriff or collector, for collection, until three months from the time the same may be assessed; and during that period all persons may pay to the trea surer the amount of his or her tax without further charge or commission. 8. That all payments made by any person on account of interest paid on said bonds shall entitle him or her to a certificate for the amount thereof, which certificate shall be transferable by indorsement or assignment and shall entitle the holder thereof to stock in said railroad com pany for the amount thereof; and when said certificates amount to twenty-five dollars, shall entitle him to a cer tificate of one share of the capital stock of said company, which stock certificate shall be designated on the books of the company as stock scrip, or by some name to designate it from other stock of said company. That when said county bonds are paid off and discharged, or when the sinking fund amounts to a sum sufficient for that purpose, then the three hundred thousand dollars of said stock held in the name of said county shall be transferred and deliver. ed to the holders of the stock script pro ruta, or in proportion to the amount held by each. § 9. The county court of said county shall not subscribe the three hundred thousand dollars on the part of said county, unless said railroad company shall locate said road through Barren county, and in one mile of the court house of said county, nor until an amount of stock shall have been, subscribed, or secured, which in the opinion of a majority of the stock holders, at a general meeting to be called for that purpose, shall be sufficient to insure the con struction of said road without a farther call upon said county. 1 § 10. That the bonds hereby authorized to be issued shall Bonds to be be assignable by the proper indorsements of said Nash ville and Cincinnati railroad company. may vote said stock. on § 11. That the judge of the Barren county court afore County judge said shall, either in person or appoint some suitable per son for him, cast the vote for the stock held by said coun ty in said railroad company at all elections for directors, and general meetings of the stockholders, which appoint ment, when made shall be entered of record, and a certifi cate given to the person so appointed. § 12. That if said road is not placed under contract and When said the work in the construction of the same commenced in said county within five years from the date of the appro subscription to be void. |