and regulations of the association, and protect any and all exhibitions given upon the grounds of the association under the auspices of the association or by the permission of the board of directors.

for debts.

§ 8. That said association, in its corporate capacity, with Property liable all the estate belonging thereto, shall be liable for any debt or debts heretofore as well as hereafter created by its authority, and shall have power to sue for and collect any subscriptions. heretofore made, or that may be hereafter made, or other demands justly due them, as fully as though the same had been contracted after the passage of this act.

bility.

§ 9. No stockholder shall be held responsible for any debt Stockholders' liaof the association beyond the amount of his stock; but the president, vice presidents, and directors, a majority of all concurring, shall have power to borrow money and mortgage the property, real and personal, of the association, to an amount not exceeding two thirds of the value of the property of the association, same to be expended for benefit of the association.

§ 10. All fines for violations of the sixth and seventh sections, and all fines for breaches of the peace and other offenses committed upon the fair grounds of the association during the annual or other fairs, shall be for the benefit of the association, and shall be paid to the treasurer of the association.

§ 11. Said association, by and through its president, vice presidents, and board of directors, shall have power to contract and agree for the erection of all necessary buildings on their grounds for the purpose of carrying out the object and aims of the association, and to hold personal property, not exceeding fifteen thousand dollars, and to exercise all powers and franchises which are usually exercised, or are now allowed by law, in any of the agricultural or mechanical associations of this State, under any of the statutes of this Commonwealth.

12. This act to take effect and be in force from and after its passage.

Approved February 19, 1880.

Fines-how ap

plied.

CHAPTER 237.

AN ACT to incorporate the National Teachers' Life Insurance Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That T. C. II. Vance, George Chase, and S. S. Puckett, and their associates and successors, be, and they are hereby, created a body-corporate, under the name National Teachers' Life Insurance Company; with power to sue and be sued, contract and be contracted with, and shall have perpetual succession, with the right to make and use a common seal, renewable and changeable at pleasure, and to make such regulations and adopt such plans as may be deemed necessary for the establishment and continuation of the business named in this act of incorporation.

§ 2. The object of this enactment is to authorize the incorporators, together with their associates and successors, as a company, to establish and conduct a system of assurance by which the heirs of any legal policy-holder shall receive a benefit, and by which superannuated or otherwise disabled teachers who are policy-holders shall receive an annuity.

$3. The money paid to the heirs of policy-holders or to superannuated or otherwise disabled teachers shall be raised by a definite assessment on the surviving policy-holders, which assessment shall be made only after having received legal notice of the death of a policy-holder, and such legal notice of death shall be the written claim of the beneficiary of deceased member, giving name, age, place and circumstance of death, accompanied by the certificate of a disinterested party.

§ 4. The amount paid by the company as a benefit shall not exceed three thousand dollars; and when the number of policyholders is less than one thousand, shall not be less than one dollar from every policy-holder; and in the latter case the amount shall be determined by the number of persons paying the assessment made upon them.

5. The contract between the company and the insured or policy-holder shall constitute a legal part of each and every policy, and shall include the pro rata assessment based upon the number of legal policy-holders.

$6. The office or place of business of the company shall be at Lexington, Kentucky, and may be changed therefrom at

any time and located at any place in the State, only after having given notice to all policy-holders.

7. The company shall have power to create an advisory board (the members of which may be residents of any part of the United States), and to define its duties and the duty of each member thereof, and to fill any vacancy that may occur therein, and to create such other offices and agencies as may be considered necessary for the transaction of its business.

8. No member of the corporation shall in any way be responsible for any liability of the company, but the property of the company as a corporation alone shall be liable for all just claims.

§ 9. This company shall not be subject to insurance laws of the Commonwealth, and shall not be required to make any deposit or report, or pay any tax or charge required of insurance companies.

§ 10. The fund due the legal heirs of policy-holders, or the annuity due superannuated or otherwise disabled teachers, shall not be subject to the claims of creditors.

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

Approved February 19, 1880.

CHAPTER 238.

AN ACT to amend an act, entitled "An act to amend and reduce into one the several acts incorporating the town of Falmouth," approved April 5,

1878.

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

§ 1. That section second of said act be, and is hereby, amended by putting the word "six" in lieu of the word "four," in the second line of said section.

Assessor.

ssor.

2. That the assessor appointed by the board of trustees Duties of the s in said town of Falmouth may commence the duties of his office on the tenth day of January in each year, and shall complete his list, and return his tax-book to said board of trustees on or before the fifteenth day of April in each year; but before entering upon his duties, he must give bond, payable to the board of trustees of said town, in such sum, and with such conditions and sureties, as said board may direct,

conditioned that he will faithfully execute the duties of his said office.

§ 3. The assessor is authorized, with the approval of the board of trustees, to appoint not more than two sober, discreet, and capable persons, residents of said town, and not under the age of twenty-three years, to assist him in the discharge of his duties; and they may be removed by him at his pleasure.

§ 4. All taxable property in said town shall be valued as of the tenth day of January in the year listed; and the person or persons owning or possessing same on that day shall list it with the assessor, and remain bound for the taxes, notwithstanding he may have sold or parted with same.

§ 5. Merchants, manufacturers, and grocers, doing business in said town, shall list with the assessor goods and groceries on hand on the first day of April in each year; and the assessor shall call upon such persons for the list of said property between the first and the fifteenth day of April in each year. The assessor shall state in his tax-book, in the appropriate place, in full, the Christian and surname of persons, and the proper name and title of things liable to taxation.

§ 6. The assessor and his assistants shall have power and are hereby authorized to administer the oaths required to be taken by persons whose property is required to be listed for

taxation.

§ 7. If any person shall fail to give a list of his property when legally called upon by the assessor or his assistants to do so, or give a false or fraudulent list, or refuse to give the amount he is worth, he shall be subjected to the payment of twenty-five per cent. additional on the amount of his taxes.

§ 8. The assessor, at the time he returns his tax-book, shall also return all delinquents described in the preceding section; and the board of trustees, after giving reasonable notice, in writing, to such delinquent, and investigating the return of the assessor, shall add the additional amount of taxes. For the purpose of making this investigation, the chairman of said board is hereby empowered to swear witnesses introduced upon either side, and, before adding said twenty-five per cent., said board must be satisfied that said return of the assessor is correct.

9. Any person who shall fail to pay his tax by the first day of January in each year, shall have added thereto ten per

cent. on the original amount of his taxes, and the collector of said town is directed to add and collect his tax and ten per cent.

10. Any person who shall fail to give in his list of taxable property because he was not called upon by the assessor, may, after the return of said tax-book, list the same with the clerk of the board of trustees, and in taking same said clerk shall be governed by the same laws regulating the assessor herein.

11. The assessor shall make out his tax-book in fair, legible handwriting, in alphabetical order, and add the amount of value in each column before returning it to said board of trustees.

Supervisors.

visors.

§ 12. It shall be the duty of said board of trustees to Duties of super appoint three discreet tax-payers, citizens of said town, as a board of supervisors, who, or any two of whom, after being duly sworn, shall proceed to perform their duties. They shall be allowed one dollar per day for their services, to be paid out of the town treasury; a copy of said order of appointment shall be made out by the clerk of the board of trustees, and delivered to each of them by the marshal of said town. They shall hold office for one year, but may be reappointed.

§ 13. Said board of supervisors shall not hold their session longer than two days in each year, and shall convene for the transaction of their business at the council rooms of the board of trustees at such time as said board may direct.

§14. It shall be the duty of said board of supervisors, at such meetings, to examine the tax book, and to correct any error of the assessor, of whatever nature it may be; and they shall change the valuation of property whenever they think it necessary, or when the same is required, and to this end they may swear witnesses and hear testimony.

§ 15. The board of supervisors, during their session, may receive the tax list of any one omitted by the assessor, and enter the same in the tax-book. They shall keep a record of their proceedings, and annex their certificate that they have examined, corrected, and approved the tax-book, all of which they shall turn over to the town clerk immediately after their work is completed, who shall make due return of same to the board of trustees at their first regular meeting thereafter. The board of trustees shall enter the certificate and approval of said board of supervisors to said tax-book on their record,