CHAP. 348.-AN ACT extending, for a certain period, and with certain limitations, the Charter of the old Bank of Kentucky. Whereas, the term for which the charter, or act of incorporation, of the Bank of Kentucky, which by its limitation, would have expired on the thirty-first day of December, 1835, has been extended, by an act of the present general assembly, until the first day of May, ensuing: and, whereas, it is deemed expedient, as well as just and proper, to enable the said bank to close its concerns, by the payment of own debts as well as the collection of the debts due to the said corporation, and for the final disposition of its real estate, which it has acquired, or may acquire, in the pursuit of its lawful business: Wherefore, 1836 years. SEC. 1. Be it enacted by the General Assembly of To continue the Commonwealth of Kentucky, That the said act in force two of incorporation, with the limitations and modifications hereinafter prescribed in this act, shall continue in full force for the period of two years from the passage of this act, and no longer. SEC. 2. Be it further enacted, That the officers of Officers and said institution, except as hereafter described, shall how to be apconsist of an agent or commissioner, (who, for the pointed. purpose of maintaining the present organization of the institution, to prosecute suits, &c. shall be styled the president,) and two directors, to be appointed by the governor, with the advice and consent of the senate; and in case of vacancy of either of those offices, by death, resignation, or otherwise, the same shall be supplied by the governor, if happening in vacation or recess of the legislature. institution. SEC. 3. That the commissioner, or president, Commissioner thus appointed, shall have full power and authority, shall proceed and it shall be his duty to proceed, with all reasona- to wind up the able despatch, by suit or otherwise, to enforce the collection of all debts due, or to become due, to said institution, as well as to pay and satisfy all debts or just demands which may exist, or be created against the same; and he shall have power and authority to compromise, on the best terms he can procure, in the exercise of a sound discretion, all the debts due to the said bank, the payment of which, in full, cannot be obtained by legal coercion ; in case where no such payment or compromise can be effected, the said president, acting as agent or commissioner for the institution, shall have power and His powers 1836 shall form a to sell or dispose of all such debts, at public auction, and if the latter, at some convenient place in the district in which the debt was contracted, or the debtors may reside, having previously advertised the time and place of such sales, in some newspaper contiguous to such place of sale, or residence of the debtors, as the case may be: Provided, That all such sales shall be made without any responsibility to the said agent or the institution. SEC. 4. The directors, appointed in virtue of this Commissioner act, together with the treasurer of this commonand directors wealth, and the commissioner acting as president, shall constitute a board, whose duty it shall be to attend any meeting, when required so to do by the commissioner, for the purpose of advising and consulting on any matter having reference to said insti board. missioner and directors. tution. SEC. 5. It shall be the duty of said board, whenever the funds collected by the commissioner shall amount to one per centum (or one dollar per share,) on the amount of the stock held in said institution, after deducting the necessary expenses for collecting, &c., (and the amount of his commission, as hereinafter provided) to declare a dividend or distribution of the same amongst the stockholders, which said commissioner shall pay to the individual entitled thereto, on application, as well as to the treasurer of this commonwealth, for its proportion of such dividend or distribution: Provided, That said board shall divide and distribute all the funds in their hands on the first February, eighteen hundred and thirty-eight, amongst said stockholders and the trea surer. SEC. 6. The president of said bank, acting as Salary of com- commissioner, shall be allowed a commission of three per centum on all moneys collected and paid over by him, in full and in lieu of all salary or compensation heretofore allowed him: Provided, The amount to be allowed the president for his compensation shall not, in any one year, exceed the sum of nine hundred dollars. And the directors and treasurer shall each be allowed the sum of two dollars per day, for each and every day they shall be employed in the discharge of the duties enjoined on them by this act. main in office Cashier to re- SEc. 7. And be it further enacted, That for the purpose of enabling the said president, acting as until a state- commissioner as aforesaid, to wind up the business out. 1836 and close the concerns of the institution with justice to all persons interested therein, the cashier of the bank shall be continued in office until he shall be ment is made enabled to make out a full statement of the accounts of the said corporation, exhibiting a list of all the debts due the said institution, with the demands against the same on account of paper in circulation, or for undrawn dividends or distributions, or otherwise, provided such time shall not exceed the first day of April next; and that he deliver such lists, with the accompanying notes, documents, or vouchers, to the president, acting as commissioner, and the dividend and books; which, together with cash in his hands, he shall pay to the commissioner, as aforesaid, and take his receipt therefor. the bank. SEC. 8. Be it further enacted, That to enable the Commissioner said corporation to avail itself of all its just rights, may dispose of and disposing of its real estate, and goods, and all property of chattels, and choses in action, received by it in security or satisfaction of its fair demands, it shall be permitted, by its commissioner, to sell, dispose of, and convey, without responsibility, all its lands and tenements, goods and chattels, and choses in action of every description, to which it may have. acquired a just title in the course of its regular operations. dis SEC. 9. Be it further enacted, That the said Shall not loan corporation be, and is hereby expressly inhibited money, from loaning money, discounting notes, or dealing count notes, in exchange, or carrying on any other banking operation, except in the fulfilment of the objects provided for, in, and by this act. &c. SEC. 10. Be it further enacted, That the president, Shall rent of acting as commissioner aforesaid, shall be authorized fice, &c. to rent an office in the town of Frankfort, in which to transact the business herein prescribed, to provide the necessary books, stationery, and fuel, and to charge the corporation with the amount thereof. SEC. 11. Be it further enacted, That the said president, acting as commissioner aforesaid, shall, before bond. he enters on the duties of his office, enter into bond, with security, to be approved of by the governor, in the penalty of $30,000, for the faithful discharge of the duties of his oflice, which bond shall be filed in the office of the secretary of state. Shall give Shall furnish SEC. 12. Be it further enacted, That the said president, acting as commissioner, shall, within the exhibit. 1836 Shall examine books upon fee therefor. first week of each session of the legislature, transmit, to each house of the general assembly, a general statement, exhibiting the amount collected and disbursed by him the preceding year. SEC. 13. Be it further enacted, That said president is hereby required to make examination of the books of said bank, at the request of any person, and application & give copies from the records of the bank, which, when certified by said president, shall be evidence in all courts in the state; and for said examination and copy, in each case, the president shall receive, from the party applying for the same, the sum of seventy-five cents. This act shall be in force from and after its passage. Approved, February 29, 1836. CHAP. 349. AN ACT to amend the charter of the Shepherdsville and Elizabethtown Turnpike Road Company. SEC. 1. Be it enacted by the General Assembly of the Company to Commonwealth of Kentucky, That the time of organbe organized ization of a company to construct a turnpike road at first elec- from Shepherdsville to Elizabethtown, under an act tion. May erect piers in Rolling fork. of assembly, approved, the twenty-second of February, one thousand eight hundred and thirty four, shall be so construed as to mean the time of the first election of officers of the company under said act. SEC. 2. Be it further enacted, That in building bridges across Salt river and the Rolling fork thereof, the said turnpike road company shall have the power to construct as many piers, or pillars, for the permanent support of such bridges, or either of them, as they shall deem necessary and expedient: Provided, The free and safe navigation of the streams is not thereby obstructed. SEC. 3. That it shall and may be lawful for the said May exact company, in addition to the tolls they are now persame toll for mitted by law to charge, to demand the same tolls crossing the for crossing of either of the bridges aforesaid, as is bridges as at the gates. allowed them by law for one gate on any five miles of said road. lessened. SEC. 4. Be it further enacted, That so much of the Width of road above recited act as requires the width of the said road to be not more than sixty feet, and not less than fifty feet where the ground will permit, be, and the same is hereby repealed; and the said company shal! 1836 Commission have the right to make the said road of a width not more than fifty feet, and not less than forty feet where the ground will permit of that width; and the said road shall be so graded as to be not more than two degrees in ascent and descent on the route thereof. SEC. 5. Be it further enacted, That instead of the commissioners appointed by the above recited act, ers appointed. Samuel Haycraft, Thomas Crutcher, Thomas Miller, Thomas Cofer, and Charles G. Wintersmith, of the county of Hardin; and Abraham Field, Francis Maramam, Thomas Joyce, Noah C. Summers, and John H. Baker, of the county of Bullitt, be, and they are hereby appointed commissioners, whose duty it shall be to open books for the subscription of stock in said. company, at such times and places as any three of them shall deem expedient. Election of officers to be held in Eliza Number of SEC. 6. Be it further enacted, That the election provided for under the fourth section of the act to which this is an amendment, shall be held in Eliza- bethtown. bethtown, at such time as the commissioners herein named shall determine and order, after the subscription of four hundred shares of stock in said company. SEC. 7. Be it further enacted, That so much of the third section of the above recited act as requires shares to be four hundred shares of the stock in said company to be subscribed before a meeting of subscribers is called, shall be so construed as to mean two hundred shares on the part of individuals and corporations, bodies politic, &c., and two hundred shares on the part of the state. Approved, February 29, 1836. subscribed re duced. CHAP. 350.-AN ACT to authorize certain county courts to ap point constables and magistrates. constable. SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the county of Hopkins County court court of Hopkins county shall have power to appoint may appoint an additional constable for said county, who shall re- an additional side within six miles of Chalk Level, in said county: Provided, That a majority of the justices of the peace of said county shall concur in the opinion that such appointment is necessary. SEC. 2. Be it further enacted, That an additional Justice of the justice of the peace shall be allowed to the county of peace to NichNicholas. olas. |