spective offices, take an oath faithfully to discharg the duties of the same.

SEC. 6. That an annual dividend of the profits a the business of said company shall be declared by the president and directors, payable at the ofce of the treasurer, to the stockholders.

SEC. 7. That the sum of five dollars on each sty shall be paid at the time of subscribing, and the res due of said stock shall be paid at such time as th president and directors may direct: Provided, Th the calls shall not be made oftener than every thin days, and not more than fifteen dollars at each ell Approved, March 1,

CHAP. 451.-AN ACT to incorporate the Lexington Fues pany.

SEC. 1. Be it enacted by the General Assemb Capital stock. the Commonwealth of Kentucky, That there shale and is hereby established, a company, the capita stock of which shall be one hundred thousand dollars. divided into shares of fifty dollars each, to be subscribed and paid for by individuals, companies and corporations, which subscribers, shareholders, their successors and assigns, shall be, and are hereby created a body politic and corporate, by the name and style of the "Lexington Fuel Company," and by that name under the restrictions hereafter prescribed, shali be Corporate competent to contract and be contracted with, to su and be sued, to plead and be impleaded, to answe and be answered, in all courts and places, and in matters as natural persons, and may have and common seal, and change, break, and rene same at pleasure.

powers.

SEC. 2. The only business of said company Business of be to supply the city of Lexington with fuel, h the company and plank, and in that business only, shall it exers the corporate powers granted in the first section this act; and more fully to enable said company te perform said business, it shall be capable of acquiring, receiving, holding and using, any lands in this comMay hold monwealth, not exceeding, at any one time, twenty thousand acres, and such personal property as may be necessary and convenient for obtaining, transporting and disposing of said fuel, lumber and plank, and said

lands.

nds and other property, may sell, convey and disose of at pleasure.

1836

Company un

when

to be

SEC. 3. The fiscal and prudential concerns of said ompany, and the management of its business, shall der control of e under the direction and control of a president president and nd four managers, who shall be elected by the share- managers, & olders, from among themselves, on the first Monday chosen. n March in every year, unless some other day be deignated in the by-laws of said company, and who shall old their offices for one year, and until their success>rs be duly elected. The failure to have an election ›n the day designated, shall not dissolve the corpora- In case of faiion, but the election shall be held on some other day lure may apappointed by the president and managers, or by the day. hareholders in a general meeting. In all elections and in all meetings of the shareholders under this charter, every shareholder shall be entitled to one vote for each share he holds, to be exercised either in ing. person or by proxy, and all questions shall be deternined by plurality of votes.

point another

Scale of vot

to appoint of.

May establish rules, &c.

SEC. 4. The president and managers shall have President,&e. power to appoint and employ such officers, agents ficers. and workmen, as may be necessary for the transaction of its business, fix their salaries and wages, and may require of them bond and security, for the faithful discharge of their duties; they may ordain and put into execution, such rules and regulations for the prudent and efficient management of its affairs, as may be thought proper, provided they be not contrary to the constitution and laws of this state, or of the United States. They shall also have power to call a May call gengeneral meeting of the stockholders, whenever to eral meetings. them it shall appear necessary, giving ten days notice of the time and place thereof, in one or more of the newspapers of Lexington.

SEC. 5. The shares in said company shall be considered personal estate, and be transferable on the books of said company, in such manner and under such regulations as the president and managers may prescribe.

Stock deemed personal ferable.

e8tate & trans

Com'rs. ap

SEC. 6. That Stephen Chipley, Richard Higgins, Benjamin Gratz, Joseph Bruen, John B. Johnson, pointed to oF. L. Turner, Archibald Logan, Thomas Hart, and pen books. M. C. Johnson, are hereby constituted commission

ers, to open books and raise subscriptions, for the cap- Com'rs, to suital stock of said company, and to superintend the perintend first first election of president and managers, any three of election.

D**

1836

them shall be competent to the discharge of the du ties hereby enjoined said commissioners shall open books for the subscription of said stock, in the city of When and Lexington, on the first day of July, one thousand where books eight hundred and thirty six, and keep the same oto be opened. pen, untilat least eight hundred shares shall have been subscribed; nor shall they be closed in less than ten days, unless two thousand shares shall have been sooner subscribed.

Com'rs. to fix time & place

of election,d.c

to be made.

#

SEC. 7. So soon as said books shall have been closed, said commissioners shall appoint a day and place for holding the first election of president and managers, and give notice thereof in one or more of the newspapers in Lexington, for at least ten days; they shall superintend said election, declare who have been duly elected, and give certificates thereof; and upon such election, said company shall become incorporated, and competent to exercise all the powers and capacities given by this act.

SEC. S. Payment shall be made of said shares in Manner and gold or silver, in manner following, to-wit: Five dol time payment lars at the time of subscribing, and the balance at such times, and in such amounts, as the president and managers may prescribe, they giving twenty days notice in one or more of the newspapers of Lexington, of the time and amount of the calls; and should any Stock may be shareholder fail or refuse, for the space of thirty days, forfeited, &c, to pay any call so becoming due, and the president and managers may either sue for the same, or forfeit the share.

be

SEC. 5. The shareholders in a general meeting, Capital may shall have power to increase the capital stock of said increased company, to two hundred thousand dollars, should they judge proper; and books for the subscription of the same, shall be opened under such rules, as the president and managers shall prescribe.

and how.

dend.

SEC. 10. The said president and managers shall Rate of divi- not be permitted to divide, on the capital stock subscribed, a greater dividend than at the rate of ten per centum per annum; and should, at any time, the profits exceed that sum, the price of fuel shall be reduced so as to not produce more than said rate of nett profit.

SEC. 11. That the said company shall have power May con- to construct a rail road, or a M'Adamized turnpike struct rail or road, to the Kentucky river, for the transportation of fuel and lumber, and shall, for that purpose, be vested

M'Adamized

road.

1836

and

with all the powers, privileges, and advantages, enjoyed by the Lexington and Ohio rail road company, or they may at their election, by contract with the Allowed powpresident and managers of the Lexington and Rich- ers and privileges of Lexmond turnpike road company, or with the president ington and managers of any other road company leading Ohio rail road. from Lexington to the Kentucky river, unite a sufficient portion of their capital, so as to grade and con- May contract struct said road from Lexington to said river, in such with manner, as will be suitable for a line of rail road, for companies. the burthen and other cars, upon the side or sides of said road, or they may become stockholders in the capital stock of such turnpike road company.

acquired.

other

SEC. 12. Be it further enacted, That the said company shall have power and authority, when they shall Right of way be unable to contract for the right of way, or for a sufficient quantity of land upon the bank of the Ker tucky river for a deposit, to cause the same to be con demned, in the same manner, and under the same rules and regulations, as are prescribed in the charter of the Lexington and Ohio rail road company: Provided, That the right of way, so condemned, shall not exceed fifty feet on each side of said road, nor shall they condemn more than twenty acres for a depot on the Kentucky river.

Price of wood

and coal to be fixed, &c.

Penalty

SEC. 13. Be it futher enacted, That the said company shall, on the first day of October in each year, fix, and regulate the price of coal and wood, at which they will sell, at their places of depot in Lexington, during the next succeeding six months, and they shall not be permitted, under any pretence, to exact or receive a greater price, under the penalty of forfeiting the rights and privileges of this charter, a copy of which prices shall be delivered by the president of the board to the clerk of the mayor's court, who shall cause the same to be inserted in the newspapers, printed at Lexington: Provided, The price of coal advertised. shall never be higher than twenty cents per bushel, nor that of wood more than three dollars per cord, when vended by this company or its agents.

Prices to be

SEC. 14. Be it further enacted, That the prési- To pay tax. dent and managers of said corporation, shall, after the end of the second year of the existence of this charter, pay a tax or bonus of half of one per cent on their capital stock, to the corporation of the city of Lexington, which shall be in full of all city tax upon the estate or capital employed by them under this

1836

How to be plied.

ap

charter, which sum shall be paid over on the first of January in each and every year, and shall be kept by said corporation of the city of Lexington, as a fund to be by them expended in the purchase of fuel, in time of need and distress, for the indigent and poor, resident within the limits of said city.

SEC. 15. Be it further enacted, That the said comShall keep pany shall keep, in the city of Lexington, a sufficient wood on hand. quantity of fuel at the places of depot, at all times, to be sold or vended, but the said company shall not sell out their stock of fuel on hand, or all that they own or may deliver to any individual or individuals, or company, for the purpose of re-sale, under the penalty of forfeiting the privileges of this charter: Provided however, That nothing in this act contained shall, in any manner, restrict the power of the Legislature to pass any future acts of incorporation. Approved, March 1, 1836.

Penalty.
Proviso.

CHAP. 452.-AN ACT to provide for the instruction of the convicts in the Penitentiary.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That one hundred dollars be, and the same is hereby appropriated, to purchase, under the direction of the governor of this commonwealth for the time being, a small library of moral and religious books, for the use of the convicts now confined, and those who may hereafter be confined in the jail and penitentiary of this state; and the keeper of the penitentiary is hereby directed to have a case prepared, for the safe keeping and preservation of said books; and said keeper shall have said books given out and returned every week, so that they shall be well taken care of.

Approved, March 1, 1836.

CHAP. 453.-AN ACT to continue in force an act, entitled, an act to improve the navigation of Big Sandy river, approved, February twenty-second, eighteen hundred and thirty-four.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the further time of one year from the first day of March, eighteen hun