CHAP. 406.-AN ACT to incorporate the Clarke and Madison 1836 Bridge Company.

SEC. 1. Be it enacted by the General Assembly of where bridge the Commonwealth of Kentucky, That for the pur- to be erected. pose of erecting a bridge across the Kentucky river,

in the counties of Clarke and Madison, it shall be lawful to raise by subscription a stock, not to exceed Capital stock. thirty thousand dollars, to be composed of shares of fifty dollars each.

SEC. 2. Be it further enacted, That subscriptions

Books to be

towards constituting the said stock, shall be opened opened, where at Winchester, under the direction of James B. Dun- and by whom. can, John Martin, Alexander M. Preston, James R. Turnbull, John Foster, David Hampton and Francis F. Jackson, or any two of them; at Richmond, under the direction of Thompson Burnam, Thomas C. Howard, Richard L. Broaddus, John Speed Smith, Duke W. Simpson and Joseph Collins, or any two of them; at Mountsterling, under the direction of Thomas C. Barnes, Thomas J. Jouitt, Thomas Grubbs, James Bruton, James McKee, and Josiah Davis, or any two of them; at Paris, under the direction of Jesse Kennedy, John L. Hickman, Thomas Baker, Benjamin Bedford, Coleman Bedford, William McClelland, and Otho Hughes, or any two of them; at North Middletown, under the direction of James Hutchcraft, Nimrod L. Lindsay, Andrew Scott, Silas Hedges, Nathan Bayles, and Eliphalet Muir, or any two of them.

When 160

shares are sub

scribed meet

ing of stock

holders called.

SEC. 3. Be it further enacted, That when one hundred and sixty shares shall have been subscribed, the said commissioners, or any five of them, shall by advertisement, inserted in two or more newspapers published in Lexington, Paris, Winchester, Mountsterling, or Richmond, notify said share-holders of the time and place of the meeting of said share-holders, for the purpose of electing officers; and at said meeting, which shall be in the town of Winchester, a majority of said share-holders being Where wetpresent, said share-holders shall choose a president ing to be held. and five directors, and transact any other business President and appertaining to the nature and object of the institu- five directors tion of said company; and when so organized, said company shall be, and they are hereby made a body Corporate politic and corporate, and as such, shall have perpet- powers. ual succession, and be called and known by the name

to be chosen.

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of the Clarke and Madison Bridge company; and by that name, may sue and be sued, implead and be impleaded, and do and suffer all acts, matters and things which a body corporate may lawfully do and suffer; and may have a common seal, and the same may break and alter at pleasure; and also, ordain, establish and put in execution such by-laws, ordinances and regulations as to them shall seem necessary and convenient for the government and well being of the said corporation, and for carrying into effect the object of their institution, not being contrary to the constitution and laws of this commonwealth; and generally to do, and execute all and singular, such acts, matters or things as to them shall or may ap pertain.

SEC. 4. Be it further enacted, That after the first Subscription election of president and directors, the subscription of stock to of shares shall cease to be made with the said comfirst election, missioners, and afterwards, if necessary, shall be

cease after

&c.

held.

made in such way, and to such amount, as the com pany shall, from time to time, direct, either at their meetings, or by powers vested in the president and directors by the company.

SEC. 5. Be it further enacted, That after the first When annual meeting of the company, there shall be annually holmeeting to be den, on the first Monday in January in each year, a meeting for the purpose of choosing a president and five directors, and for the transacting of any other business appertaining to the nature and object of the institution of the said company.

SEc. 6. Be it further enacted, That a meeting President may of said company may, at any time, be called by a call meetings. majority of the president and directors, or by one third of the stockholders: Provided, That no call

ed meeting of the company shall be valid, unless a Majority to quorum shall be formed, consisting of a majority of form quorum. the members of said company, or of the proprietors of at least two thirds of the shares.

SEC. 7. Be it further enacted, That in all meetNumber of ings of the company, the vote shall be taken by votes, &c. and shares, each share being entitled to one vote; sharehow given. holders may appear and vote by proxy: Provided, the proxy be appointed by writing, and produced to

Time presi- the company.

dent, &c. may

SEc. 8. Be it further enacted, That the president hold their offi. and directors shall continue in office until their suc

ces, and may

fill vacancies. Cessors are chosen or appointed; they shall have

power to fill any vacancy that may happen in their own body, and their powers and duties shall be prescribed by the company.

1836

estate.

SEC. 9. Be it further enacted, That the shares Stock considin the said company shall be considered personal and ered personal not real estate, and shall be transferable by assignment in writing, to be executed, authenticated and registered as the said company may direct and prescribe in their by-laws.

SEC. 10. Be it further enacted, That the amount of each share shall be paid in such instalments as the company, by themselves or their president and directors may prescribe. If the instalment required on any share shall not be paid at the time prescribed, the president and directors shall have power, on giving four weeks notice by advertisement in two or more of the newspapers before mentioned, to sell at auction all the right and interest of the holder or proprietor in such share; and if the share so disposed of, shall sell for more than the amount of the instalment or instalments due upon it, the overplus shall be held by the company, at the disposal of such delinquent proprietor.

to be paid in.

Stock may be

sold, &c.

Sec. 11. That as soon as the said bridges shall be Rates of toll. completed, the said company shall be authorized to demand and receive, by their proper agents. servants or officers, the following tolls for passing said bridge, to wit: for every person above ten years old, six and a fourth cents; for every horse, mare, colt or mule, six and a fourth cents; for every wagon, fifty cents; for every cart, thirty-seven and a half cents; for every riding carriage with four wheels, fifty cents; for every riding carriage with two wheels, thirty-seven and a half cents; for every head of neat cattle, two cents; for every head of sheep, goats or hogs, one cent; for every hogshead of tobacco rolled or carried across, not being in a wagon or cart, twenty-five cents; for every dray, sleigh or slide, twentyfive cents: Provided, however, That the following persons shall pass free of toll on the following occasions, to wit; all public messengers and expresses.

May erect tol! house.

Sec. 12. That the said company may acquire, by erecting or by purchase, a toll-house, and for that purpose may purchase and hold a lot of ground not exceeding one half acre. They shall keep posted up in some conspicuous part of said bridge, or where the of tolls. tolls are collected, a printed list of the tolls author

Post up list

1836.

ized by law, under the penalty of one dollar for each days neglect of such duty.

SEC. 13. That said company, at any of their reguTolls may be lar annual meetings, are hereby authorized and emreduced by a powered, the proprietors of at least a majority of majority of said shares concurring therein, to reduce the tolls by company. this act allowed for passing said bridge, or at, and during their pleasure, altogether to suspend the same; and to declare and make the said bridge free of passage to all.

is to be com

pleted.

SEC. 14. That if said bridge shall not be completWhen bridge ed within five years from the first day of May next, or if it should at any time thereafter, remain for two years together, so much out of repair as to be unsafe Charter to be for travelling, then, and in that case, all the privileforfeited, &c. ges and immunities by this act granted to the said company, shall cease and determine: Provided, that the said bridge shall be built at least fifty-five feet above low water mark, and so as not to obstruct the navigation of the river. And that the board of inBoard Int. ternal improvement be, and they are hereby authorImp. may take ized, on behalf of this commonwealth, to subscribe stock & upon for stock in this company to an amount not exceed

what terms.

ing the amount of stock subscribed by individual stockholders, in case said board shall be of opinion that the erection of said bridge will be practicable, and of public utility; and that its stock will probably yield a dividend of six per cent.

Approved, February 29, 1836.

CHAP. 407.-AN ACT to incorporate the Portland Dry Dock and
Insurance Company.

SEC. 1. Be it enacted by the General Assembly of Company in the Commonwealth of Kentucky, That John Holme,

corporated.

James Marshall, S. S. Goodwin, James Newport, and Francis Mcllarry, with such others as they may associate with them, be a corporation under the name and style of the "Portland Dry Dock and Insurance Company," who, together with their successors, assigns and associates, shall be a body corporate and politic, for the term of twenty years from the pas sage of this act, and under that name may, as a natural person, be made capable in law, to have, purchase lease, receive, possess, enjoy and retain to them and

their successors, lands, rents, tenements, goods chattels, public or private securities of any kind, quality or nature whatsoever, and to sell lease or dispose of the same, at any time and in any manner, and to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any court of record or in any other place whatsoever; also to make and to use a common seal, and the same to break, renew, or alter at pleasure; also to ordain, establish and put in execution all such by-laws as may be convenient for the government of said corporation, not contrary to the laws of this commonwealth.

SEC. 2. The capital stock of this company shall be one hundred thousand dollars, in one thousand shares of one hundred dollars each, which may at any time be increased, by the concurrence of a majority of the company, to any sum not exceeding two hundred thousand dollars.

1836

Capital.

SEC. 3. The corporators named in this act, or any Books, when three of them, shall be the commissioners for the re- to be opened. ceiving subscriptions for the stock, and they shall, within six months from the passage of this act, cause books to be opened for the subscription of the same, and so soon as the whole amount of one hundred thousand dollars is subscribed and paid in gold or silver coin, current in the United States, or its equivalent, this corporation shall go into full effect, and not until their capital of one hundred thousand dollars is fully paid up as aforesaid, shall they exercise the corporate powers herein granted.

to be

SEC. 4. So soon as the capital stock herein named Company, is subscribed, and paid up, the said commissioners when shall give notice, by publishing the same at least organized. ten days in some authorized newspaper published in the city of Louisville, that an election will be held for five directors for said company, at which election the said commissioners shall receive, count, and declare the votes, each share being entitled to one vote, and absent members may vote by proxy; the five persons having the highest number of votes shall be declared duly elected as directors for one year, or until others are chosen in their place. An annual election shall be held in the like manner on the first Monday in June in each year during the continuance of this

act.

President and directors to be

SEC. 5. The five directors thus chosen shall immediately proceed to organize themselves by the election appointed.