1874. may take stock. CHAPTER 434. AN ACT to amend an act, entitled "An act to incorporate the Mt. Sterling Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That if the Mt. Sterling Coal Road Company shall, Menifee county at any time within not less than sixty days before any regular election, but within five years from the passage hereof, through its proper officers, request the county judge of Menifee county to subscribe, upon specified conditions, a specific amount to the capital stock of said company, the county judge aforesaid may forthwith assemble the members of the county court, to ascertain whether a majority be in favor of the submission of said proposition; and if a majority of the county court justices assent thereto, it shall be the duty of the county judge forthwith to order a poll to be opened at the several voting places in said county, at the next regular election, to take the sense of the qualified voters of said county upon the proposition to subscribe for stock in said. Coal Road Company, under the direction of and by the same officers appointed to conduct the said regular election; and of the opening of said poll notice shall be given as is required in the case of other elections: Provided, however, That said county shall in no event subscribe a greater sum to the capital stock of said road company than forty thousand dollars. County judge of sub Menifee, if stock bonds of courty. § 2. That the board of examiners of said county, when counting the vote of said county as now provided by law, shall count also the vote provided to be taken in the first section hereof; and if it shall appear that two thirds of the qualified voters of said county voted in favor of the subscription of stock as proposed, the county judge shall order the result of the vote to be entered on the record, and a subscription to be made by the clerk on behalf of the county on the terms, and in the amount specified in the order submitting the question to a vote, not exceed ing the amount before specified; and it shall be the duty of the county court to make proper and timely provision for the payment of the subscription so made in the bonds of said county, and the interest thereon. §3. The subscription by said county to said road shall To be paid in be paid in the bonds of said county, in denominations of not exceeding one thousand dollars each, bearing a rate of interest, payable annually, not exceeding ten per cent.; and no bonds shall be issued payable in less than ten years, nor shall any of said bonds be issued until said road is graded, and ready for the iron thereon, to the Menifee county line; and none of said bonds, when de livered to said company, shall be sold by said company at 1874. a greater sacrifice than ninety cents to the dollar. Upon the making of the subscription aforesaid, the county aforesaid shall be entitled, through the county judge thereof, to one vote in elections of directors of said road, and in stockholders' meetings held for any purpose for each fifty dollars of stock included in the amount of said subscription; and said county shall be entitled to the dividends of said company in the same proportion as the other stock in said road. No mortgage shall ever be given upon said road, except for a bona fide debt thereof, nor until all the available subscriptions thereto are paid. §4. The quantity of land which said company may acquire shall in no event exceed ten thousand acres in any one county; and the maximum rate for carrying freights on said road shall never exceed that of other roads in this State; and the time of payment of the subscription by the county, the amount and conditions thereof, the rate of interest, and the maturity of bonds, shall all be included in the proposition submitted to the vote of the people. § 5. Upon the application, in writing, by the said Mt. Sterling Coal Road Company, through its proper officers, expressed to the mayor of the city of Lexington, the mayor and board of councilmen of said city may, by proper ordinances and proceedings, pledge the credit of the said city to and guarantee the payment by said city of the mortgage bonds of said Mt. Sterling Coal Road Company, and interest thereon, to an amount not exceeding fifty thousand dollars in principal, upon such terms and conditions, and subject to such limitations, as may be made, expressed, and agreed upon in a written contract between said city and said Mt. Sterling Coal Road Company, which agreement shall be recorded in the clerk's office of the county court of Fayette county; and said company shall not afterwards issue its bonds to an amount greater than one hundred thousand dollars in all, including those already issued, unless with the consent of said city, as expressed by its mayor and board of councilmen. Approved February 20, 1874. Quantity of land the county may acquire -rate of freights. Lexington may take stock. CHAPTER 435. AN ACT for the benefit of common schools in Marshall, Livingston, and Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the common school commissioners of Marshall, Livingston, and McCracken counties shall each be, 1874. and he is hereby, authorized and empowered to draw from the State Treasury the amount and bonded surplus of school fund in the State Treasury to the credit of his county, upon being directed so to do by order of his county court; but before such order shall be made by court, the commissioner shall execute covenant to the Commonwealth, with surety worth at least double the amount to be drawn, that he will safely keep, invest, or pay out, or otherwise dispose of said fund for common school purposes in his county as the court of claims for his county may order; which covenant shall be executed in and approved by the county court, and filed in the clerk's office of said court; and for any breach of the bond the county court, or any person or persons aggrieved, may maintain an action thereon. § 2. Upon the written order of the commissioner, accompanied by a copy of the order of his county court directing him to draw said fund, it shall be the duty of the Auditor to draw his warrant upon the Treasurer for the full amount of such surplus due or belonging to the county of the commissioner so ordering the same. § 3. This act shall take effect from its passage. Approved February 23, 1874. may sue and be sued, &c. CHAPTER 436. AN ACT to incorporate the German Mutual Fire Insurance Company of Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That J. S. Voss, Henry Drexelius, Conrad AckerCorporators' man, Henry Kassen, Henry Steinriede, J. H. Myers, Henry names and style: Wenzel, Karl F. Benndorf, George Welling, Charles Asmann, Bernard Hegge, Ernst Fabra, Paul Schmidt, Jacob Lang, Bernard Axer, and Paul Gstrein, and their associates, successors, and assigns, be incorporated under the name German Mutual Fire Insurance Company of Covington; and by that name shall have perpetual succession, may sue and be sued, implead and be impleaded; may have a common seal, and alter the same at pleasure; make contracts, acquire and transfer property, establish by-laws, and make all rules and regulations deemed expedient for the management of their affairs, not incon sistent with the Constitution or laws of this State or of the United States. § 2. That it shall be lawful for said corporation to inInsure houses, &c sure houses, buildings, and all other kinds of property against loss or damage by fire, whether the same shall happen by accident, lightning, or other means, excepting that of design in the insured, or by invasion of an enemy 1874. or insurrection of the citizens of this or any of the United States, and generally to do and perform all other matters and things proper to promote this object. mem §3. That every person who shall at any time become Persons insuring interested in such company by insuring therein, and also regarded their respective heirs, executors, administrators, and assigns, continuing to be insured therein, as hereinafter provided, shall be deemed and taken to be members thereof for and during the terms specified in their respective policies, and no longer, and shall at all times be concluded and bound by the provisions of this act. § 4. That every person who shall become a member of Members insuring said company, by effecting insurance therein, shall, before to execute notes. he receives his policy, deposit his promissory note for such sum of money as shall be determined by the directors, a part, not less than twenty per cent. of which said note, shall be immediately paid, for the purpose of discharging the incidental expenses of said company; and at the expiration of the term of insurance the said note, or such part of the same as shall remain unpaid after deducting all losses and expenses accruing during said term, shall be relinquished and given up to the signer thereof. § 5. That every member of said company shall be, and is hereby, bound and obliged to pay his portion of all losses and expenses happening or accruing in and to said company to the amount of his or her deposit note; and all buildings insured by and with said company, together with the right, title, and interest of the insured to the lands on which they stand, shall be pledged to said company; and said company shall have a lien thereon against the insured during the continuation of his, her, or their policies. Members to pay losses. by fire, how paid. § 6. That in case of any loss or damage by fire, hap- Members' losses pening to any member upon property insured in and with said company, the said member shall give notice thereof, in writing, to the directors, or some one of them, or the secretary of said company, within thirty days from the time such loss or damage may have happened; and the directors, upon a view of the same, or in such other ways as they may deem proper, shall ascertain and determine the amount of such loss or damage; and if the party suffering is not satisfied with the determination of the directors, the question may be submitted to referees, or the said party may bring an action against said company for the loss or damage: Provided, Said action shall be commenced within three months from said determination. § 7. That the directors shall, as often as they deem Mode of settling necessary, after ascertaining the loss or damage by fire sustained by any member, or after the rendition of any losses. 1874. Insure for five years. Policies, how signed, &c. Payment of losses to be in three judgment against said company for such loss or damage. settle or determine the sums to be paid by the several members thereof, as their respective portions of such loss, and publish the same in such manner as the by-laws may prescribe; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note or notes, and shall be paid to the treasurer of said company within thirty days next after the publication of said notice; and if any member shall refuse or neglect to so pay the sum assessed against him, her, or them as his, her, or their proportion of any loss aforesaid, in such case the directors may sue for and recover the whole amount of his, her, or their note or notes, with costs of suit; and the money thus collected shall remain in the treasury of the company, subject to the payment of such losses and expenses as have or may thereafter accrue; and the balance, if any remain, shall be returned to the party from whom it was collected on demand, after thirty days from the expiration of the term for which the insurance was made. If the whole amount of the deposit notes shall be insufficient to pay the loss occasioned by any fire or fires, in such case the sufferers insured by said company shall receive, towards making good their respective losses, a proportional share of the whole amount of said notes, according to the sums by them respectively insured; but no member shall ever be required to pay for any loss occasioned by fire more than the whole amount of his deposit note. § 8. That said company make insurance for any term, not exceeding five years; and any policy of insurance issued by said company, signed by the president and countersigned by the secretary, shall be deemed valid and binding by said company, in all cases when the insured has a title in fee-simple unencumbered to the building or buildings insured, and to the lands covered by the same; but if the insured have a less estate therein, or if the premises be encumbered, the policy shall be void, unless the true title to the insured, and the encumbrance of the premises, be expressed therein and in the application thereof. § 9. That the directors shall settle or pay all losses within three months after they shall have been notified months after as aforesaid; but no allowance shall be made in estimating the damages in any case for gilding, historical or landscape painting, stucco, or carved work. notice. and policies. canceling § 10. That when any house or building shall be alienSale of property, ated, by sale or otherwise, the policy shall thereupon be void, and be surrendered to the directors of said company to be canceled; and upon such surrender the insured shall be entitled to receive his, her, or their deposit note upon |