1874.

offie, & powers

called may elect a president and four directors of said company, to whom shall be intrusted the real and personal estate, business, property, funds, and financial concerns of said company, and the administration of its affairs; they shall serve until their successors are elected, and after the first election, they shall be annually elected on the first Monday in January in each year, of which Election of di- notice shall be given by advertisement for at least ten rectors, term of days in a newspaper published in the town of Lebanon. It shall be the duty of the officers first elected under this act, as soon as elected, to meet and fix and determine the whole amount of the capital stock of said company: which capital stock shall not be less than ten thousand ($10,000) dollars, and not more than forty thousand ($40.000) dollars; and when said capital stock shall have been determined, it shall be the duty of the directors to again open the subscription books, and keep them open until the requisite number of shares shall have been subscribed. The president and directors shall fill all vacancies that may arise in their body from death, resignation, or other

cause.

§ 9. That the subscription of stock in the Lebanon Gas Terms of sub. Company. by individuals, companies, and corporations, scriptions of shall be made on such conditions as to the time and man

stick.

Directors may subscription.

Directors to keep record.

ner of payment, and as to the surety which shall be given for the payment of the stock subscribed, which the commissioners may prescribe before the stock is taken: Provided, That the president and directors may, with the consent of the subscribers, change the conditions as to the time and manner of payment, and of security for the payment of stock, or of the installments thereof.

§ 10. That if the whole stock shall not be subscribed before the books are finally closed, it shall be in the power of the president and directors to sell the residue at such time, and in such manner, and on such terms, as they may deem expedient: Provided, That they shall not sell it under par without the consent of the stockholders.

§ 11. That the president and directors shall keep a record of their proceedings, which they shall produce to the stockholders at the regular or called meetings. They shall take bond, with good security, from the officers, and renew them from time to time, as the by-laws shall direct. § 12. That the capital stock of said company shall be Amount of shares divided into shares of one hundred dollars each, and each share of stock shall entitle the owner to one vote; and no person shall be officer of said company unless he be the owner of at least one share of stock.

Qualifications of officers.

§ 13. That the directors may allow to the president a Compensation of reasonable compensation for his services if they see fit; but no compensation shall be allowed to a director, except

president.

by order of the stockholders; and if any of the directors, 1874. or the president, shall knowingly diminish the capital stock by dividends or otherwise, they shall be responsible diminish capital to the stockholders for the deficiency thus created.

stock.

Lebanon may subscribe stock &

§ 14. That the town of Lebanon shall have the right to subscribe any (or the whole) number of shares in said issue bonds to pay company, and to pay for the amount so subscribed. The for same. chairman of the board of trustees and the board of trustees shall have the power to issue the city bonds, to bear an interest not exceeding ten per cent. per annum, payable at such times as may be determined by said chairman and board of trustees: Provided, That such subscription shall not be made unless a majority of the legally submitted to peoqualified voters of said town shall so determine after the matter has been submitted to a public vote; but the power to order such an election shall be discretionary with the board of trustees.

§ 15. The bonds as spoken of in the preceding section. shall not be sold unless they bring par, or one hundred cents on the one hundred dollars.

§ 16. This act shall take effect from its passage.

Approved February 23, 1874.

ple.

Question to be

CHAPTER 532.

AN ACT to amend the charter of Crab Orchard, in Lincoln county. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

1. That the charter of the town of Crab Orchard, in Lincoln county, be, and the same is hereby, so amended as to exclude from the limits of said town the grounds of Mrs. Sarah Higgins, on which her farm-house and other buildings have been erected, near the depot of the Knoxville branch of the Louisville and Nashville Railroad.

§ 2. That the said Sarah Higgins shall be subject to the same law, and pay the same license for selling liquor, governing the sale of liquor at the hotel of Crab Orchard Springs, near Crab Orchard.

§ 3. This act shall take effect and be in force from and after its passage.

LOC. L.-38

Approved February 23, 1874.

1874.

names.

CHAPTER 533.

AN ACT to incorporate the Taylor County College.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That Jo. H. Chandler, A. F. Gowdy, R. S. MontaCorporators' gue, J. N. Turner, P. L. Netherland, John H. Chandler, S. R. Bass, Jno. R. Robinson, R. T. Hodgen, Wayne Hoskins, R. H. Martin, A. H. Buchanan, E. A. Cheek, D. B. Moore, J. R. Ewing, D. G. Mitchell, and all others who may subscribe to the capital stock of this company, be, and they are hereby, created a body-politic and corporate, by the name and style of "The Taylor County College;" and by that name they and their successors shall have perpetual succession; and may sue and be sued, plead and be impleaded, in all courts of law or equity; may contract and Corporate be contracted with; and may acquire and hold, by purchase, gift, devise, or otherwise, any real, personal, and mixed estate, not exceeding twenty thousand dollars in value, and may sell, convey, or otherwise dispose of the

Name & style.

powers.

Capital stock.

same.

§ 2. The capital stock of said company shall not exceed ten thousand dollars, which shall be divided into shares of twenty-five dollars each; and any or all of the stock may be transferred or sold at the pleasure of the owner; and such transfer may be noted on the book of the company. Whenever four thousand dollars shall have been subscribed to the capital stock of the company, the subscribers of stock may elect from their number five persons, who shall constitute a board of trustees, who shall hold their When corpora office until the first day of May, 1875; and annually thereafter a board of five trustees shall be elected by the stockholders, at such time as may be fixed by the by-laws of said company, each share of stock being entitled to one

tion may organ

ize.

elect officers, re

vote.

§ 3. The trustees shall have power to elect a president Trustees may and such other officers and agents as they may deem quire bonds, and proper, and may require a bond from any of them for the use common seal. faithful performance of the duties of his office. They shall have power to make such by-laws, rules and regulations, for the government of said institution, not inconsistent with the Constitution of this State or of the United States, as they may deem expedient and proper. They may procure and use a common seal, and alter the same at pleasure, and may exercise all the powers granted to said corporation.

May fill vacancies, confer diplomas, &c.

§ 4. The board of trustees may fill any vacancy occurring in the board until the next annual election, and they may confer on the students in said institution any or all diplomas or degrees conferred by any of the colleges of

this State, but the same must be signed by the principal 1874. of the school.

and secure same

§ 5. That for the purpose of purchasing land, erecting May issue bonds buildings, or procuring suitable furniture for the same, said by lien. trustees may issue the bonds of said corporation, bearing any rate of interest not exceeding ten per centum per、 annum, which shall be a lien on the real and personal estate of said corporation: Provided, The aggregate amount of such bonds shall not, at any one time, exceed ten thousand dollars.

Common school

trustees may take tax levied to pay

stock and have

for same.

§ 6. That the common school trustees for the district in which the buildings of said corporation may be located are hereby authorized to subscribe to the capital stock of said corporation any sum not exceeding two thousand dollars; and if they so subscribe, the county judge of Taylor county shall, on their petition, levy on the property of white tax-payers of such district, subject to the revenue tax of the State, a tax sufficient to pay such subscription and the expense of collecting the same; or he may levy a part on such property, and a part on each white poll of the district, which shall be collected by the sheriff of the county in the same way that the State revenue tax is collected; and the tax receipts for such taxes shall represent stock in said corporation; and when such tax receipts, to the amount of twenty-five dollars, shall be presented to said corporation, a certificate of stock shall be issued to the owner thereof. The sheriff shall collect and pay over to the board of trustees of said corporation, or their duly authorized agent, the taxes so levied; and he and his sure- Sheriff to collect ties on his official bond shall be liable for any remission or neglect of duty in regard to said taxes; and he shall express in his tax receipt the purpose for which such taxes shall be paid; and if such tax shall be received by said corporation, it shall forever thereafter teach, or permit to be taught, in its building, the common schools for white children of said district, and receive the public money therefor: Provided, however, Said common school trustees shall not make any such subscription until the sense of the white qualified voters of said district shall have been taken, as provided in the common school law of the State, as to the propriety of making the same.

tax.

Common schools

college.

§ 7. The common school trustees of said district are hereby authorized to employ said corporation to have the to be taught common schools of the district taught on such terms as they may agree on.

8. The Legislature shall have power to amend or repeal this charter.

9. This act shall be in force from its passage.

Approved February 23, 1874.

1874.

stockholders as

CHAPTER 534.

AN ACT to amend the charter of the Caseyville Deposit Bank.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That the second section of an act, entitled." An Eligibility of act to incorporate the Caseyville Deposit Bank, of Union directors enlarged county," approved February 28, 1872, be, and the same is hereby, so amended as to authorize and qualify any stockholder of said bank, upon being elected by a majority of the stockholders, to act as a director, whether he be a resident of Union county and the Caseyville voting precinct or not.

§ 2. This act shall be in force and effect from its passage.

Approved February 23, 1874.

rated and boundary.

CHAPTER 535.

AN ACT to incorporate the town of Parkland, county of Jefferson, State of Kentucky.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

1. That the town of "Parkland," in the county of Town incorpo- Jefferson, shall be, and the same is hereby, incorporated within the following limits, to-wit: to be bounded on the north by a line two hundred (200) feet north of the north line of Garland avenue; on the east by the western bound- . ary of the "City of Louisville;" on the south by the "Cane Run Turnpike" and Gibson's lane; and on the west by the eastern boundary lines of the farms of Newton H. Garr and John F. Garr; the same embracing seven hundred and seventy-five acres, more or less.

elected, and term of office.

§ 2. An election shall be held on the first Tuesday in Trustees to be June, eighteen hundred and seventy-five (1875), and on the same day every year thereafter, at " Wilson's storeroom," or some other convenient place, for the purpose of electing five (5) trustees of said town, who shall hold their office for one year, or until their successors are Qualifications of elected and qualified; and at said election the qualified

voters.

Trustees to take oath.

voters of said town shall be entitled to vote, subject to the same rules and regulations now existing, or hereafter made by law, as to residence and citizenship in the election districts of this State. The trustees so elected shall, before they enter upon the duties of their office, take an oath, before a justice of the peace or judge, truly and faithfully to perform the duties enjoined on them as trustees. Said trustees and their successors shall be a body