duty of the Fayette County Court to appoint Judges and Clerk for said precinct, to be governed by the general laws regulating elections in this Commonwealth.

SEC. 2. That an additional election precinct be established in Madison county at the tavern house of Adam Rogers, in the town of Rogersville.

Approved February 26, 1850.

CHAPTER 190.

Corporators

Name & style.

Their corpo. rate powers &

AN ACT to incorporate the Kentucky Mutual Life Insurance Company?
SEC. 1. Be it enacted by the General Assembly of the Com-
monwealth of Kentucky, That S. E. Mack, C. A. Withers, names.
D. Mooar, R. H. Ball, J. T. Morehead, W. B. Robbins,
John Mackoy, and J. R. Payson, and their associates, suc-
cessors, and assigns, be and they are hereby constituted a
body corporate and politic, by the name of the Kentucky
Mutual Life Insurance Company; to be located in the city
of Covington; and, by that name, they and their succes-
sors shall and may, forever hereafter, be capable, in law,
to sue and be sued, plead and be impleaded, answer and
be answered unto, defend and be defended, in all courts of privileges.
record in this Commonwealth, and in every other place or
places whatsoever; also, to devise, have, and use a com-
mon seal, and the same to break, alter, and renew at
pleasure; also, to ordain and establish all such by-laws,
rules, and regulations, as shall be necessary and conve-
nient for the government of said corporation and for the
proper management of the concerns thereof; also, to pur-
chase, hold, and convey any estate, real or personal, for the
use of said corporation: Provided, the real estate so holden
be only such as shall be necessary for the erection of build-
ings thereon in which to meet and transact business, or
such as shall have been mortgaged to it by way of securi-
ty, or conveyed in satisfaction of debts contracted in the
course of its business, or taken in execution on judgments.
or decrees which shall have been obtained for such debts,"
or for other cause.

SEC. 2. It shall and may be lawful for said Company, at such rates of premium as they shall find expedient, to make all and every insurance appertaining to, or connected with, life risks, annuities, survivorships, endowments, and like contracts based upon the duration of life.

May insure lives, &c.

Women may insure the lives

SEC. 3. It shall be lawful for any married woman, by herself and in her name, or in the name of any third per- of husbands. son, with his assent as her trustee, to cause to be insured for her sole use, the life of her husband for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum, or nett amount of the insurance, becoming due and payable by the terms of the

1850.

Insurance money not

debts.

liable

insurance, thall be payable to her and for her own sole use and benefit, free from any claims of either or any of the creditors or representatives of her husband; and in case for husband's of the death of the wife before the decease of her husband, the amount of the insurance may be made payable, after her death, to her child or children, for his, her or their benefit, and to his, her, or their guardian or guardians, if under age: Provided, that this section shall not apply to insurance when the annual premium on the policy shall exceed the sum of three hundred dollars, unless paid from the private property of the wife.

Company may

SEC. 4. It shall and may be lawful for the officers of said take notes for corporation to take the notes or obligations of the insured, either in part or for the whole of the premium of insurance, at the discretion of the Company.

premiums.

Capital stock before policies

to be subscribed

issue.

SEC. 5. Before any policy of insurance shall be issued by said Company, an original guaranty fund, or capital stock of one hundred thousand dollars, consisting of shares of one hundred dollars each, shall be subscribed, of which the sum of twenty dollars per share shall be paid into the funds of the Company, within the term of sixty days from the date of the passage of this act, and the residue shall be paid on assessments of not exceeding ten dollars at any one time, upon each and every share, as may be required for the payment of losses: Provided, that every shareholder shall be required, as security for the punctual payment of said assessments, to deposit with the Secretary of the Company good and sufficient securities of the par value of eighty dollars for each and every share subscribed as aforesaid: Provided, also, that the said fund may be, from Capital stock time to time, increased in amount, as the same shall be found requisite or expedient for the greater security of the insured.

Shareholders to deposit secu. rities.

may be increas

ed.

when and how elected, &c

Annual elections, when to

be held.

SEC. 6. Within thirty days subsequent to the subscripDirectors tion and payment of the guaranty fund, as aforesaid, the subscribers to said fund shall meet for the purpose of electing eight Directors of the Company, who shall serve until the third Wednesday of May next ensuing, at which time the annual meeting of the stockholders shall be held at the office of the Company for the purpose of electing Directors, and such officers as may be requisite for carrying on the business of said corporation; and it shall be the duty of said Directors, for the time being, to superintend the affairs of the Company, and put in execution all such byDirectors may laws, rules, and regulations, as shall be adopted for the &c. Directors government of said corporation, and for the proper maners to be citizens agement of the concerns thereof; and all of said Directors, as well as all of the subscribers to the guaranty fund aforesaid, shall be citizens and residents of this Commonwealth.

adopt by-laws,

and stockhold

of Ky.

SEC. 7. At the expiration of twelve months from the date

181

1850.

Estimate of

nually made.

Dividends of

how made.

of the first policy issued by said Company, an account shall be taken of premiums received on all policies issued during the preceding year, also of the expenses, not ex- affairs to be anceeding in the aggregate fifteen per cent. of said premiums, incurred in the transaction of the business of the year, and seven per cent. of the nett amount of said premiums, after deducting said expenses, but without deduction of losses paid, shall be set apart and held as a dividend upon profits when & the gross profits of the preceding year, payable to the insured upon the next renewal of his or their policy, in cash, or by endorsement upon promissory note, if any, given for premium or premiums to said Company, and remaining unpaid; and a similar account of premiums and expenses shall be computed annually, and a dividend of seven per cent., as aforesaid, shall, at the expiration of each and every year, as aforesaid, be divided among the holders of policies issued by said Company; and the residue of said nett profits, not thus divided, shall be added to the guar- ital. anty fund, so long as the premiums, including promissory notes, due upon the same, shall be punctually paid at maturity: Provided always, that if the nett profits of any year's business shall be found to fall short of the amount of the dividend computed, as aforesaid, then, and in that case, seventy five per cent. of the said nett profits shall be divided among the insured, payable as aforesaid, in the proportion of their respective premiums to the aggregate premiums received by said Company during the preceding

year.

SEC. 8. This act shall be subject to alteration, amendment, or repeal, at the will of the Legislature.

Approved February 26, 1850.

Nett profits to be added to cap.

CHAPTER 191.

AN ACT for the benefit of Elizabeth Taylor and Elizabeth McDowell. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That Elizabeth Taylor, of Woodford county, and Elizabeth McDowell, of Jessamine county, be rendered capable, in law and equity, to transact any business, as though they were unmarried women.

Approved February 26, 1850.

CHAPTER 193.

AN ACT to incorporate the Lebanon and Perryville Turnpike Road Com

pany.

SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That a company is hereby formed, under the name and style of the Lebanon and Perryville

Name, and style, & object.

1850.

Capital stock.

May be increased.

opened.

Com'rs open books.

to

Turnpike Road Company, for the purpose of constructing
an artificial road from the town of Lebanon, in Marion
county, to the town of Perryville, in Boyle county.

SEC. 2. The capital stock of said company shall be thir-
ty thousand dollars, to be divided into shares of fifty dol-
lars each, and if it shall be ascertained that the amount of
capital stock is not sufficient to accomplish the object of
this act, then the President and Directors may increase it
to such amount as they may deem necessary, and open
subscription therefor in such way as they deem necessary.
SEC. 3. Books for the subscription of stock in said company
Books to be shall be opened on the 15th day of February instant, or as
soon thereafter as may be convenient, at the town of Leb-
anon, under the direction of John P. Reid, A. K. Young,
Samuel Spalding, and James M. Fogle; and at the town
of Perryville, under the direction of James P. Mitchell,
John A. Burton, William Brown, Joseph Frost, Wm. Craw-
ford, Gabriel S. Caldwell, and A. J. Walker; and at Brew-
er's shop, in Marion county, under the direction of David
Herrigan, James Crowdus, and Bannister Taylor, or some
two or more of them at each place, who are appointed
Commissioners; the said Commissioners shall procure a
book or books, and the subscribers to the stock of said com-
pany shall enter into the following obligation in said book
Obligation to or books, viz: "We whose names are hereto subscribed,
be signed.
severally, promise to pay the President, Directors, and
Company of the Lebanon and Perryville Turnpike Road
Company the sum of fifty dollars for each and every share
of stock set opposite our several names, and agreeably to
an act of the General Assembly of Kentucky incorporating
said company. Witness our hands, this day of
1850." And in case any persons wish to pay their stock in
work, on said road, they shall append to their names the
following words-"to be paid in work on said road, at such
time, and in such manner, and at such valuation, as may
be prescribed by the President and Directors of the Com-
pany."

Danville, Hus

tonvile,

&c.,

charter, adopt

ed.

let cut to individuals.

SEC. 4. All the sections of an act, entitled, an act to incorporate the Danville and Hustonville Turnpike Road Company, approved 1st of March, 1844, beginning at the fourth section to the thirty fifth section, inclusive, are hereby incorporated and made part of this charter, with all the powers, privileges, rights, and immunities therein contained, so far as applicable.

SEC. 5. The President and Directors shall have power Road may be to let out portions of said road to individuals who may agree to construct the same, and take their pay in stock, provided they do not agree to allow for the construction of the same more than the estimated cost of the Engineer.

SEC. 6. That the President, Directors, and Company, shall be allowed to use stone or gravel, as they may elect, in the construction of said road, or any part thereof.

SEC. 7. There shall be no toll gate or gates erected within less than one mile of the towns of Lebanon or Perryville.

1850.

President and Directors to be

SEC. 8. Whenever the sum of ten thousand dollars of stock shall be subscribed, said company may organize, by elected. the election of a President and six Directors, who may proceed to put under contract such part or parts of said road as they may deem proper, having due regard to the locality of stock subscribed.

SEC. 9. Individuals or companies shall be allowed to subscribe, as stock in said company, that they will construct one mile or more, or a fraction of a mile of said road, and may designate the beginning point; and every such subscription shall be construed for the purpose of making the ten thousand dollars of stock; upon the taking of which, the company shall organize at the rate of two thousand dollars per mile; but, in actual stock, shall be such sum as the Engineer, with the concurrence of the President and Directors, shall estimate the cost to be.

Stock may be subscribed and worked out.

Publications where to be

SEC. 10. That all such publications as are required to be made in the Danville Tribune, by the act incorporating made. the Danville and Hustonville Turnpike Road Company, shall be made in the Ploughboy, at Harrodsburg.

SEC. 11. That any person living within one mile and a half of said road, and taking stock to the amount of one hundred dollars in said road, shall have one hand exempt from working on any road in the county.

SEC. 12. That the Legislature reserves the right to alter, change or amend this charter.

from

Exemptions working

roads.

ed.

May be alter

Marion County Court may

SEC. 13. That the Marion County Court, a majority of all the Justices consenting, be authorized to levy a tax on the levy tax. property of the citizens of said county, not exceeding five. cents upon the one hundred dollars' worth, on the ad valorem principle, to aid in the construction of said road within said county.

Approved February 26, 1850.

CHAPTER 194.

AN ACT to incorporate the City of Augusta.

SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That so much of the county of Bracken, as is now embraced within the boundaries of the town of Augusta, and also such other portions or parts of said county, adjoining to and immediately in the vicinity of said town, as the owner or owners thereof may desire, shall be and is hereby declared to be a city, and the inhabitants thereof are created a body corporate and politic, with perpetual succession, by the name and style of the city of Augusta; and as such, by that name, shall be cap

Name & style.