1831. Governor authorized to subscribe half of the state. Sec. 5. Be it further enacted, That it shall be lawful for the Governor, for the time being, to subscribe, on the part of the state, for any number of shares in the stock of said company, not exceeding twenty-five stock on be- hundred dollars, whenever it shall be certified to him, by the said President and directors of said company, that the balance of the capital stock of said company, has been subscribed by individuals; and the Commonwealth shall be entitled to a dividend, in proportion to the number of shares subscribed by the Governor, as aforesaid. Provided, That the state shall not be required to pay any part or interest of said stock, hereby authorized to be subscribed on the part of the state, until it shall satisfactorily appear, that the same amount required to be paid by the state, shall have been paid by other stockholders: And, provided, that all the stock shall be paid in gold or silver or paper at its par value. Proviso. General meeting for the election of officers to be called. Treaurer to Sec. 6. Be it further enacted, That so soon as the amount of twenty-five hundred dollars, shall be subscribed of the capital stock of said company, the said commissioners or a majority of them, shall, at such time and place as they may appoint, call a meeting of the stockholders, and hold an election for a president and five directors, who shall hold their office for one year, and until others shall be elected and qualified; that on the qualification of said president and directors, they shall appoint a treasurer, and such be appointed, other officers as they may deem necessary, who shall and to give hold their offices for one year, and until others are appointed; the treasurer shall give bond to the said president and directors, in the penalty of ten thousand dollars, conditioned for the faithful performance of the duties of his office, and that he will, when called on, pay the amount of money in his hands, to the order of the president and directors, and that he will perform the duties required of him, by the by-laws of the said company. bond. Stock when Sec. 7. Be it further enacted, That the said president and directors, when they enter on the discharge to be paid in. of their duties, may call on the stockholders for the payment of ten dollars, on each share subscribed, and may, if necessary, call on them for ten dollars on each share, every sixty days thereafter, until the whole amount shall be paid, on due notice being, at all times, given to the stockholders; and if it shall appear that 1831. the amount of capital stock herein specified, is not sufficient to accomplish the object of this act, the said Capital stock president and directors may enlarge the same, to such may be enlarged. amount as they may deem necessary. locate the Sec. 8. Be it further enacted, That the said presi- President and dent and directors, shall locate said road on as direct directors to a line as the ground will admit of, from the branch, at route of the the foot of Muld rough's hill, on the north east side, road. running southwardly, in the direction that the road now runs, and as near the old road as practicable, to the foot of the hill, on the opposite side, provided a majority of said president and directors, agree in such location; and they shall cause a plat of said road as located, to be made out and lodged with the treasurer of said company. serves the Sec. 9. Be it further enacted, That the Common- Commonwealth of Kentucky, shall have the right, at any time, wealth reto buy the stock of said company from the stockholders, right to purupon payment of the amount of said stock, with inte- chase the rest, from the time it shall have been paid to the treasu- stock. rer of said company, at the rate of six per cent. per annum. Sec. 10. Be it further enacted, That as soon as the Tolls allowed said road shall be finished to the top of the hill, the said to be collected upon the company may erect a toll-gate thereon, and require completion of from all individuals passing the same, with carriages, the road, and wagons, horses, cattle, mules, or other property, the the rates. amount of toll which the president and directors are authorized to take by the act organizing the Maysville and Washington turnpike, before recited, and the provisions of which act, as far as they are applicable, are hereby.re-enacted. Sec. 11. Be it further enacted, That in all elections State to be for the officers of said company, the Governor may, the general represented in if he deems it necessary, appoint an agent or proxy, to meetings of attend the meeting of said company, and vote as other the company. stockholders, for and on behalf of the state, and take such part in the proceedings of said company, as other stockholders are authorized to do by this act; and it shall be the duty of the said commissioners, and said president and directors, to give notice to the Governor, of the time and place of holding the said meetings. 1831. CHAP. DLXXIII. AN ACT supplemental to an act, "to amend the law concern ing the powers of the Trustees of the town of Glasgow, and for other purposes." Approved, January 15, 1831. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That the provisos, declaring the law shall not take effect, until next December, in an act, entitled "an act to amend the law concerning the powers of the trustees of the town of Glasgow, and for other purposes," be, and the same is hereby repealed. Preamble. Nelson cir cuit court may decree a sale of land. CHAP. DLXXIV. AN ACT for the benefit of the Heirs of Nehemiah Webb, deceased. Approved, January 15, 1831. WHEREAS, it is represented to the present General Assembly, by the heirs and widow of Nehemiah Webb, that said Webb, died possessed of a tract of land, containing about twenty three acres, lying near Bardstown, on which land he had a grist mill; that he died intestate; that he is indebted to several persons; that there is not a sufficiency of personal property to pay said debts; that the said mill is out of order, and now unfit for use; that the site is valuable; that the county court of Nelson, has allotted to the widow of said Nehemiah, her dower interest in said land; that it would conduce to the interest of said heirs, provided the said land and mill, should be sold for the payment of their ancestor's debts, subject to the dower interest of his widow, SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That upon the heirs of said Nehemiah Webb, exhibiting their bill, in the Nelson circuit court, and satisfying the judge of said court, that the debts of said estate, require the sale of the said twenty-three acres of land and mill, subject to the widow's dower, and that it would be for the benefit of the heirs, that said mill and tract of land should be sold as aforesaid, to decree a sale of said land and mill upon such credit as the court may think expedient. ceeds of sale Sec. 2. Be it further enacted, That after the sale is 1831. made, and the purchase money falls due, that the court shall appoint some suitable person to collect and re- How the proceive the proceeds of said sale, and apply the same in are to be the following manner: first, the payment of the debts, applied. in the order directed by law, then the distribution of the residue, if any, to the adult heirs, as is now directed by law, and then to put the shares of the infant heirs, out at interest, and make an annual report to said court of the disposition of said infant's money. CHAP. DLXXV. AN ACT to provide for opening a road from the mouth of Shelby's creek, on Sandy river, to the top of Cumberland mountain, in a direction to Jonesborough, in Tennessee. Approved, January 15, 1831. WHEREAS, it is represented to this General Assembly, that great conveniences and much good would result to a great portion of our state, provided there was a good road opened from Pikesville, or the mouth of Shelby's creek, on Sandy river, to the top of Cumberland mountain, at which place is the dividing line, between Virginia and Kentucky, in a direction to Jonesborough, in Tennessee: Therefore, Preamble Comm'rs to road. Sec. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Thomas Owen, sen'r. view and James P. Harris, Samuel Mars and Samuel May, be mark the appointed commissioners to view and mark said proposed route, and report to the next General Assembly, the practicability of making a good road, to be cut thirty feet wide, smoothly dug, and made firm, either by throwing up or otherwise, eighteen feet wide, and the probable expense of making said road. Sec. 2. Be it further enacted, That any three of Comm❜rst said commissioners may act, and before they proceed be sworn to the duties required of them by this act, they shall go before some justice of the peace, for Pike county, and take the following oath or affirmation, (as the case may be,) "that they will faithfully perform the duties required of them by this act, to the best of their skill and judgment." |