§ 2. The capital stock of said company shall be fifty thou- Capital stock. sand dollars, which may be increased by the board of directors to not exceeding five hundred thousand dollars, which is to be divided into shares of one hundred dollars each, which shall be personal property, and shall be evidenced and transferred as prescribed by the by-laws of said company. money. 3. That it shall be lawful for the president and board of May borrow directors of said company, from time to time, to borrow money or obtain loans of money, on such terms as they may deem expedient, solely for the legitimate prosecution of the business of the company: Provided, Such sum or sums so borrowed shall never exceed five thousand dollars, and to pledge or mortgage any of the real estate, improvements, privileges, effects, or assets whatever of said company for the repayment of said sums so borrowed, and may issue any character of bond or other evidence of responsibility for money so borrowed, or dispose of any portion of its property deemed advisable, and convey the same by deed or otherwise. managed. § 4. The affairs of said company shall be managed by six Business-how directors, one of whom shall be elected by the board president; all of whom shall be stockholders in said company. The first board shall consist of James Flanagan, Joseph T. Tucker, John C. Creed, Hood Tucker, Prof. A. Fleet, J. W. Embs, and Morris Embs, who shall continue in office until their successors are elected by a majority in interest of the stockholders of said company, and the board of directors thus chosen shall continue in office for one year, or until their successors are elected and qualified. If from any cause any of the directors shall decline or refuse to act, or die, either before or after their election and qualification, a majority of the others shall fill the vacancy by appointing some other stockholder. The company, by order under its by-laws, may open books, and receive subscriptions to the capital stock of said company, and whenever one thousand dollars are subscribed, and ten per cent. thereof paid to the treasurer, a new board of directors may be elected, who may make such calls of payment of stock as they may deem proper, not to exceed thirty per cent. every thirty days, and in default of payment, the by-laws of said company may authorize a forfeiture of the stock. cers 5. The board of directors may elect a treasurer and sec- May elect retary. The treasurer shall be required to give a bond, with good security to the company, in a sufficient amount, for the cffi faithful performance of all of his duties, and the directors may require him at any time to renew his bond with other securities, or may remove him at any time, without notice to him or his securities, and force in the proper courts a settlement of his accounts by any procedure that the law directs. 6. Each share of stock shall entitle the holder thereof to Stock, how voted one vote at the election of directors, or in the stockholders' meeting, for any purpose, and must be voted by the holder in person or by written proxy, signed by the holder; and no person shall be voted for or hold the office of director who does not at the time, in good faith, own in his own exclusive right, at least one share of the capital stock of said company. 7. No stockholder in this company shall, by reason of this Liability of stock charter, be individually liable beyond the par value of his stock for any indebtedness of the company, and his stock alone to be liable. holders. idends § 8. The company may, from time to time, as it may deem May declare div. proper, make, declare, and pay dividends or profits, and distribute its net profits and proceeds among the stockholders pro rata, according to the amount of stock held by each. 9. Nothing in this charter shall be construed as to confer banking privileges to this corporation. § 10. That all meetings of stockholders, excepting when it is or may be necessary to fill a vacancy in the board of directors, or in the first election of directors under this charter, shall be published twenty days at least before the election, in one or both of the Winchester papers, as directed by the board. § 11. This act shall take effect and be in force from its pas sage. Approved March 24, 1880. CHAPTER 532. AN ACT to incorporate the Young Ladies' Academy of the Visitation, Mount Amirabilis. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the institution of learning, located and now existing at White Sulphur, Scott county, Kentucky, conducted and managed by the Sisters of the Visitation, under Mother M. Angela, be, and the same is hereby, incorporated and created a body-politic, under the name of "The Young Ladies' Corporate name. Academy of the Visitation, Mount Admirabilis." poration. § 2. By that name said corporation shall have perpetual Power of the corsuccession and existence; they may sue and be sued, contract and be contracted with, hold and possess all money, property, or choses in action, which may at any time or in any wise belong to said academy; and they shall have power and be able to receive and hold, for the use and benefit of said academy, all lands, tenements, money, choses in action, or other thing which they may now have or which they may hereafter receive, by conveyance, gift, devise, bequest, or transfer, or which may at any time belong to or be given to said academy, including all endowments, donations, or appropriations that may from time to time be made to the same; they shall have power to adopt a common seal, and change or alter the same at pleasure. managed. § 3. The business and affairs of said corporation shall be Business- how under the management and control of the directress and superior of said academy, which office is now held by Mother M. Angela, and those sisters that may from time to time be associated with her at said academy, and the successors of them. estate. § 4. Said corporation shall have power to procure and hold, May hold real by purchase or otherwise, suitable lands and buildings for said academy, not exceeding two hundred acres, and to erect, or cause to be erected thereon, all suitable buildings and improvements for said academy, and to hire and employ such servants and agents as they may deem necessary and proper to transact, manage, and conduct the affairs and business of said academy; and they may, from time to time, make and enforce by-laws, rules and regulations, in relation to the management, care, and protection of the property of said corporation, and the management, government, instruction, and discipline of the pupils and boarders at said academy; and they shall have power and authority to do and perform, or cause to be done and performed, any other act or thing within the scope and object of said academy or this charter, necessary and proper for the good government, discipline, or wellbeing of said academy: Provided, Said by-laws, rules and regulations, are not inconsistent with the Constitution and laws of the United States or of this State. money. § 5. Said corporation may, if they see proper, at any time, sell and convey any real estate or other property they may have acquired, or any part thereof, or any interest therein, or improvements thereon, by deed and conveyance duly executed in the corporate name by the directress, or some other authorized officer or agent, on behalf of said corporation. 6. Said corporation, whenever it shall be necessary to May borrow carry out the object of this charter, shall have power to borrow money, in any sum not exceeding five thousand dollars, and to secure the same by mortgage, pledge, or incumbrance upon any property they may have or possess. 7. This act shall take effect and be in force from and after its passage. Approved March 24, 1880. CHAPTER 533. AN ACT to amend the charter of the Maysville District Camp Meeting Association of the Methodist Episcopal Church. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That article four of the charter of the Maysville District Camp Meeting Association of the Methodist Episcopal Church be, and the same is hereby, amended by adding thereto the following: And it shall be further unlawful for any person or persons to bring, or cause to be brought, spirituous, vinous, or malt liquors, or cider upon the grounds of said association, or to drink any of said liquors or cider on said grounds, or to be found with said liquors or cider in their possession. 2. This act shall take effect and be in force from and after its passage. Approved March 24, 1880 CHAPTER 534. AN ACT to amend an act, entitled "An act establishing a new charter for the city of Louisville," approved March 3, 1870. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the eightieth section of an act, entitled "An act establishing a new charter for the city of Louisville," approved March 3d, 1870, be amended by striking out the words "twenty-five cents," and inserting in lieu thereof the words "thirty cents:" Provided, however, That this amend ment shall not take effect until it is ratified by the qualified voters of the city of Louisville, at the ensuing general election in August, 1880; and for the purpose of ascertaining the sense of the people of the city, it shall be the duty of the judges of the election to ask each voter if he votes for or against the school tax; and it shall be the duty of the clerk to record the names of those voting for and those voting against said tax; and the votes on this subject shall be counted, and the result certified in the same manner as provided by law for other elections held on said day; and if the majority of those who vote on this subject, at said election, vote for said tax, it shall be the duty of the general council to levy said tax of thirty cents instead of twenty-five cents, as originally provided in said act. § 2. This act shall take effect and be in force from and after its passage. Approved March 24, 1880. CHAPTER 535. AN ACT for the benefit of the Stony Point and Seamond's Mill Turnpike Road Company, Bourbon county. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the county court of Bourbon county, at any regular or called term thereof, may, a majority of the justices of said county being present and concurring, appropriate any sum, not exceeding three thousand dollars ($3,000), for the purpose of aiding the Stony Point and Seamond's Mill Turnpike Road Company in constructing a bridge over Stoner creek, on the line of their road, near Seamond's mill; said appropriation to be made on such terms and conditions as may be agreed upon by said court and said corporation at the time when such appropriation is made. Such contract shall be entered upon the records of said court, and this shall be the sole evidence of the terms and conditions upon which such appropriation is made. § 2. Said court, at the time of making such appropriation, or at some other called or regular term, shall provide for pay. |