1874. Election of directors to be annual. tion to be given. the first Monday of January, 1875, and on the same day of each year thereafter, there shall be an election of directors for the said bank by the stockholders thereof, who shall serve as such until the succeeding first Monday in January, and until their successors are elected and quali fied. Notice of such election shall be given in a newspaper published in the city of Lexington, for at least five Notice of elec- days preceding such election; and all elections for directors of said bank shall be under the inspection of two or more stockholders, to be appointed by the board of directors, and the result of said elections shall be certified under the signatures of the persons holding them. A plurality of votes shall elect, and each stockholder shall be entitled to one vote for each share of stock which he may own, and may cast the same in person or by proxy; and the votes of a majority of stockholders so voting shall be good and valid for all purposes. Quorum. May do general banking business. savings deposits. § 5. A majority of the board of directors shall form a quorum for the transaction of business. § 6. Said bank may receive deposits of gold, silver, bank notes, and other notes which may be lawfully circulating as money, and repay the same in such manner, at such, times, and with such interest, not exceeding the lawful rate of interest of this State, as may be agreed upon with the depositor by special or general contract; may deal in exchange, bonds, stocks, promissory notes, and other evidences of debt; loan money at a rate not exceeding the rate allowed by law, and take personal and other securities for the payment of any loan or indebtedness; may receive promissory notes by assignment, United States vouchers, warehouse receipts, bills of lading, mortgages on unencumbered real estate, worth at least double the amount secured thereby, bonds and stocks, or any other property or article of value in pledge for the security of money loaned, liabilities due or maturing to said bank, and sell the same on the non-payment of the debt or demand according to the provisions of an act, entitled "An act for the benefit of the incorporated banks of Kentucky," approved March 16th, 1871. Inland bills which may be purchased, or promissory notes discounted by it, shall be, and they are hereby, placed upon the footing of foreign bills of exchange, and like remedy may be had thereon, jointly and severally, against the drawers and indorsers; and said bank may issue certificates of credit payable throughout the United States and elsewhere. § 7. Savings deposits may be received and paid to deMay receive positors under such regulations, not inconsistent herewith, as the board of directors shall prescribe. Such rules shall be put up in a conspicuous place in the banking-room of said corporation. § 8. The Legislature of Kentucky may examine, by committee, the affairs of said bank, and may alter or repeal this act at pleasure. 1874. Legislature to have right of examination. Directors to ap fix salaries. § 9. The board of directors of said bank shall have power to appoint and employ such officers, agents, and point officers and servants as they may deem necessary to conduct the business of the bank, pay them such wages and salaries, and take from them such bonds to secure the faithful performance of their respective duties, as they may think proper and reasonable. The stock shall be deemed personal property, and shall be assignable according to such sonal properey. rules as the board of directors shall, from time to time, establish; but said corporation shall have a lien on the stock to secure any indebtedness of the stockholders to the bank for stock unpaid. Stock to be per § 10. Said bank shall, on or before the tenth day of State taxation. January of each year, pay into the State Treasury fifty cents on each one hundred dollars of the capital stock subscribed and actually paid in. The cashier shall at the same time transmit to the Auditor of the State a verified Cashier to make statement of the condition of the bank, and shall, on the first days of January and July in each year, make and publish under oath a statement making a full exhibit of all the assets and liabilities of said bank. report to Auditor. in officers. 11. Any director, officer, or employee of said bank, Penalty for fraud who shall convert any of its property, or the property of others in possession of said bank, to his own use, or make a fraudulent entry on his books, shall be deemed guilty of felony, and, upon conviction thereof, shall be confined in the penitentiary not less than two nor more than ten years, and be liable to the party injured for damages. Subscriptions may be collected 12. Subscriptions to the capital stock, with legal interest, from the time the same was due, may be recovered at law. in any court having jurisdiction. § 13. The meeting of stockholders for the election of directors shall be held at the banking-house of said corporation between the hours of ten A. M. and twelve M.; but no stockholder whose obligation to said bank for stock is due and unpaid shall vote at such meetings, nor be eligible for election as a director or officer of said bank. A meeting of stockholders may be called by the board of directors at any time, and shall be called by the cashier, when thereunto requested, in writing, by stockholders representing five hundred shares of stock. §14. All officers of said bank shall hold their positions during the pleasure of the board of directors; and said board may declare vacant the place of any director for gross neglect of duty, or for failing to attend its weekly meetings eight consecutive times. Vacancies in the board may be filled by those remaining in office. Where and when ors to be held. elections of direct Officers to be at employed pleasure of board 1874. 15. The indebtedness of this corporation, except that incurred for deposits, shall at no time exceed its capital exceed capital stock paid up, and no certificate of stock shall be issued until the same has been subscribed for and actually paid. stock. Debts not to up. § 16. The stockholders in this company are not liable No individual in any event, or in any manner whatever, for the debts and liabilities of said company, except to the extent of their shares of the capital stock of the same. liability of stockholders. 17. The place of business of said company shall be in the city of Lexington. § 18. This act to take effect from its passage: Provided, That this act shall be null and void unless said incorporators shall organize and do business hereunder within one year from the approval thereof by the Governor. Approved February 21, 1874. CHAPTER 421. AN ACT declaring Blackberry creek, in Pike county, a navigable stream. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That Blackberry creek, a stream of Tug river, in Pike county, be, and the same is hereby, declared a navigable stream from its mouth up to Jerry Hatfield's mill. § 2. This act shall take effect from and after its passage. Approved February 21, 1874. tended. CHAPTER 423. AN ACT to extend the town limits of the town of Dover, in Mason county. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the town limits and authority of the town of Boundary ex- Dover, in Mason county, be, and the same are hereby, extended so as to include within the boundaries and authorty of said town all the tract of land known as Frenchtown, and the intervening tract between that and the old corporation of Dover, as laid out by John E. French, and shown on the plat of said tract of land made by him, and now of record in the clerk's office of the Mason county court. § 2. This act shall take effect from and after its passage. Approved February 21, 1874. CHAPTER 424. AN ACT to amend the charter of the Paint Lick and Copper Creek Turnpike Road Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the act incorporating the Paint Lick and Cop. per Creek Turnpike Road Company, approved February 20, 1860, be, and the same is hereby, so amended as to read as follows: that should there be a failure to elect a president and board of directors of said company on the first Saturday in May in any year, as prescribed by said act of incorporation, it shall and may be lawful for any member of the old board, or any two of the stockholders of said company, to give ten days' written notice, posted at the toll-gate house of said road and five or more public places in the vicinity, of the time and place of an election to be held within not less than one month after the said first Saturday in May; and the election so held under such notice shall be as valid as if done by order of the board, and the officers so elected and qualified shall hold their offices until the next annual election provided for in said chapter, and until their successors are duly elected and qualified. 2. This act shall take effect and be in force from its passage. Approved February 21, 1874. CHAPTER 425. AN ACT entitled "An act for the benefit of John Pearce, of Trimble county." Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the Auditor of Public Accounts is hereby di- Allowed $as. rected to draw his warrant upon the Treasurer in favor of John Pearce, late jailer of Trimble county, for the sum of twenty-five dollars, payable out of any money in the State Treasury not otherwise appropriated, in order to refund to said Pearce the amount which he has paid out of his private funds as a reward for the recapture of Jas. Wise, charged with the crime of robbery, and who escaped from the jail of Trimble county. § 2. That this act shall take effect from its passage. Approved February 21, 1874. 1874. years to collect fee bills. CHAPTER 426. AN ACT for the benefit of Jobn Taliaferro, clerk of Clark circuit court. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the further time of two years, from and after Allowed two the expiration of his term of office, be allowed John Taliaferro, clerk of the Clark circuit court, to collect his fee bills now due; and he may, for said period of time, distrain there for in the same manner, and be subject to the same pains and penalties, as now provided by law for any illegal issual of fee bills or distraint therefor. § 2. This act shall take effect from and after its pas sage. Approved February 21, 1874. Capital stock. CHAPTER 427. AN ACT to incorporate the Ohio and Kentucky River Packet Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: §1. That there shall be, and is hereby, created a corName and style. Poration, by the name of The Ohio and Kentucky River Packet Company," with a capital stock of fifty thousand dollars, to be divided into shares of fifty dollars each, which corporation shall have perpetual succession; and by its corporate name may sue and be sued, plead and Corporate be impleaded, answer and defend, in all courts and places as a natural person; may have and use a common seal, and alter or renew the same at pleasure; and may make andestablish by-laws, rules and regulations, for the efficient conduct of its business; and exercise all and any of the powers of a corporation necessary or proper to carry out the true intent and purpose of its creation. powers. Business. § 2. The said corporation shall have power and right to transport persons and property to and from the State of Kentucky along the Ohio and Kentucky rivers to the head of navigation, or other points on said rivers, and along such other rivers as may be necessary in the efficient and successful carrying on of commerce and nagation on said rivers; and may own, buy, construct, repair, charter, hire, sell, and convey steamboats, flats, keels, and other water crafts, with all equipments, appendages, and other personal property; and may also acquire, by lease or in fee, any necessary landings, wharves, or other real estate for the purpose of the corporation in its business, and sell and convey the same at pleasure; and do generally whatever is necessary to make efficient the said |