ganize. the same by mortgage on its real or personal property, or pledge of stock or otherwise, and on such time as the president and directors, or a quorum thereof, may deem expedient. §3. The capital stock of said corporation shall be five hun- Capital stock. dred thousand dollars, divided into shares of one hundred dollars each. Any two of the corporators may open books at any time, and receive subscription of stock to the capital of this corporation; and when the sum of thirty thousand dollars When may orshall be subscribed, may organize, elect officers, and commence business, and exercise the rights and powers conferred upon them by this act. They may increase said subscription to meet the needs of its business by a vote of the stock. holders, provided a majority of the stock be voted therefor. Said stock is to be paid upon calls in such way and at such times and places as ordered by the board of directors. The shares of stock shall be personal estate, and transferable on the books of the corporation according to its by-laws; but the corporation shall hold a lien on the shares of the stockholders who may be indebted to it, and shares shall not be transferred until such debt is paid without the consent of the president and directors. Each share of stock shall entitle the holder to one vote at all elections of directors and at all meetings of the stockholders. managed. §4. The business and affairs of said corporation shall be Business-how managed by a president and five directors. The directors shall be chosen annually by the stockholders on the second Tuesday in July of each year, who shall continue in office until their successors are duly elected and qualified. When a vacancy occurs in the board of directors, the vacancy shall be filled by the remaining directors. The president shall be chosen by the directors, and no one shall be qualified as president or director unless he is an owner of stock in said corporation. In said election a majority of the stock valuing shall control, and the vote may be cast in person or by proxy. The directors shall also choose annually a treasurer and sec retary. board. § 5. The board of directors shall have full power to make Power of the all such by-laws as they may deem proper for the government of this corporation and the management of its business, not inconsistent with the Constitution of the United States and of this State. Board may employ officers § 6. The president and board of directors shall have power to employ such officers and agents as may be necessary and proper for the transaction of the business, and fix the salaries to be paid, and declare dividends out of the profits. The office or principal place of business of the corporation shall be in the city of Louisville; but the president and directors. may establish such branch offices at such times and places, in or out of this State, as they may deem expedient for the successful prosecution of the business. § 7. The board of directors may require of the president, Board may re- treasurer, secretary, and other agents and officers of the corquire bonds of the officers. poration, bond, payable to the corporation, conditional that they will faithfully discharge and perform their duty and account for all money and property which may come into their possession or under the control of such officer or agent belonging to the corporation; and the said board of directors may, whenever they may deem best, dispense with the treasurer and secretary. §8. That until the first annual election herein provided for, the corporators herein named shall hereby be constituted the directors of said corporation, and shall hold their office until their successors are duly elected and qualified. Twenty days' notice shall be given of each annual election, by two insertions in one of the daily newspapers published in the city of Louisville, Kentucky; and the election shall be held at the principal office of the corporation in Louisville, Kentucky. § 9. The principal places of operating, mining, and conducting its business will be in Muhlenburg county, along the line of the Paducah and Elizabethtown Railroad, at Muhlenburg mines, Mercer mines, Guylena mines, and along the Owensboro and Nashville Railroad. § 10. This act shall take effect and be in force from and after its passage. Approved February 7, 1880. CHAPTER 160. AN ACT to amend n act authorizing the city of Henderson to fund her bonded indebtedness. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the said act be amended as follows, viz: The bonds provided for by said act may be of any denomination not less than one hundred dollars nor more than one thousand dollars, and the bonds of the several denominations shall be serially numbered as they are issued, commencing with number one, and the coupons attached to said bonds to be numbered as provided in said act. § 2. That this act shall take effect and be in force from and after the date of its passage. Approved February 7, 1880. CHAPTER 161. AN ACT to amend an act to amend and reduce into one the several acts in reference to the town of Princeton, approved February 28, 1870. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the tenth section of an act to amend and reduce into one the several acts in reference to the town of Princeton, approved February 28th, 1870, be, and the same is hereby, amended by adding thereto as follows, viz: That any male white person, twenty-one years of age, who shall have resided in the town of Princeton four months next before any regular election for said town, shall be eligible to the office of marshal of said town, whether he shall have lived in said town, county, or State, the time now required by law to be a legal voter or not. §2. This act shall take effect and be in force from its passage. Approved February 7, 1880. CHAPTER 162. AN ACT to amend an act, entitled "An act to incorporate Princeton Col lege," approved February 20, 1860. Be it enacted by the General Assembly of the Commonwealth of Kentucky: That an act, entitled "An act to incorporate Princeton College," approved February 20, 1860, be, and the same is hereby, amended as follows: 10. Whenever a majority of said board of trustees concur in the opinion that the best interests of said Princeton College require a sale of any or all of its property, real or personal, or both, the said board of trustees, a majority thereof concurring therein, may sell said property, or any part thereof, at private or public sale, on such terms, in such manner, and in such parcels, as the majority of said board of trustees may deem best, and a conveyance to the purchaser or purchasers of the real estate so sold, signed by a majority of said board of trustees, acknowledged as conveyances of real estate are usually acknowledged and recorded in the Caldwell county clerk's office, shall be valid, and the title thereby given and conveyed to said purchaser or purchasers shall be good against all claimants whatsoever. § 11. The proceeds of the sale of said property shall be devoted to the payment of the debts against said college; and if, after said debts are paid, there remains a surplus of funds, said surplus shall be divided among the holders of stock in said college, in such a manner as the majority of said board of trustees may decide. 12. This act shall take effect from and after its passage. Approved February 7, 1880 CHAPTER 163. AN ACT for the benefit of the board of trustees of the town of Danville, in respect to locating repair shops of the Cincinnati Railway at or near the above town, and to authorize said board of trustees to issue and sell bonds to pay cost and expense of said location. WHEREAS, The board of trustees of the town of Danville, at the instance and request of a large number of the citizens and tax-payers of said town, for purpose of securing the location of the machine and repair shops for the first freight division of the Cincinnati Southern Railway, near the town of Danville, assumed to pay the sum of twelve thousand dollars, the cost of lands, and other expenses and cost of securing said location, and which action of said board of trustees has secured the location of said shops near said town; and said board, and a large number of the citizens and tax-payers of said town of Danville, have petitioned this General Assembly to legalize said acts of said board, and for authority to be given to said board to issue bonds of said town to be sold for purpose of paying the cost of securing the location of said. shops, and to levy a tax to pay the bonds and interest. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the action of said board of trustees of the town of Danville, in assuming to pay the sum of twelve thousand dollars, the costs of securing the location of said machine and repair shops, is hereby legalized and declaring as valid and binding on said town as if previous legal authority had been given for that purpose. 2. For the purpose of paying said sum of twelve thousand dollars, said board of trustees may issue the bonds of said town, not exceeding twelve thousand dollars, said bonds to be of the denomination of one thousand dollars, and bearing interest from date at the rate of six per cent. per annum until paid, payable semi annually, and for the interest coupons to be attached to said bond for the amount of interest at said rate, due and payable on the bond to which coupons are attached, at the end of each successive six months from the date of the bond until its maturity. Said bonds and coupons shall be payable to bearer, and made payable at such place as may be designated by said board of trustees, and shall be signed by the chairman of said board of trustees and attested by its clerk. The bonds shall be numbered successively from one to twelve, inclusive, and each coupon shall show on its face by proper figures the number of the bond to which it is or has been attached. One of said bonds shall be payable one year after its date, and one of the others on each succeeding year thereafter, according to the number of the bonds. $3. For purpose of paying said bonds and interest, and costs of collection of taxes to pay the same, said board of trustees shall annually levy a tux not exceeding twenty five cents upon each one hundred dollars of the taxable property in the town of Danville, as specified in an act, entitled "An act to amend and reduce into one all the acts concerning the town of Danville," approved on 10th day of March, 1873. Said taxes to be collected by the marshal of said town, or a collector to be appointed by said board of trustces, to become payable at same time, and to be collected and payment enforced by sales of the property subject to the tax, if necessary, in the same way and manner, and after the same proceedings in all respects, as other taxes levied by said board in said town and authorized to be collected under the act above mentioned, or any other act or acts amendatory of said act. The marshal or other collector to receive the same compensation for the collection of the taxes authorized by this act as |