§ 3. The officers of said corporation shall consist of a president, vice-president, secretary and treasurer, who shall be elected by the members and officers of said corporation, at such times and places as they may elect, and who shall hold office until their successors are duly elected, qualified and installed into office. § 4. The place of business of said corporation shall be in the city of Louisville, Kentucky. § 5. Said corporation may provide by-laws for the better carrying into effect the provisions, purposes and objects of this charter, and for holding meetings and so forth, and provide such dues and fees as may be necessary to this end. § 6. The private property of the members of the corporation shall be exempt from the corporate debts of the members and officers. § 7. This act shall take effect from and after its passage. Approved April 20, 1888. CHAPTER 1191. AN ACT to amend an act, entitled "An act to amend an act, entitled An act to empower the county court of Bourbon county to make subscriptions to the capital stock of turnpike roads in said county.' Be it enacted by the General Assembly of the Commonwealth of Kentucky: §1. That section 1 of an act, entitled "An act to amend an act, entitled 'An act to empower the county court of Bourbon county to make subscriptions to the capital stock of turnpike roads in said county,' approved January 16, 1868, be amended by striking out the words "one thousand dollars," where they occur therein, and inserting in lieu thereof the words "twelve hundred and fifty dollars." § 2. This act shall be in force from and after its passage. Approved April 20, 1888. CHAPTER 1192 AN ACT to amend the charter of Auburn. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the trustees of the town of Auburn shall have power to require the owners of town lots in said town to make, repair, and keep in repair, the sidewalks in front of or binding on their lots in said town; and may require such sidewalks to be made of brick, stone, gravel, cinders or plank, as the trustees may direct; and said trustee shall have power to prescribe the width, grade and material to be used in both sidewalks and curbing to said sidewalks; and if any owner of any lot or lots in said town shall fail to make or repair the sidewalks in front of or binding on their lot or lots in said town for forty days after the owner or occupant of said lot or lots shall have been notified by the board of trustees, then the board of trustees shall have power to cause said sidewalks to be made and repaired as aforesaid, at their own. expense, and may sue the owner of the property, whose duty it was to make, repair, and keep the same in repair, and recover the amount so expended by them in making and repairing the same, and costs of suit, in any court of competeut jurisdiction 2. This act shall take effect from its passage. Approved April 20, 1888. CHAPTER 1193. AN ACT to incorporate the Deposit Bank of Jellico. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That J. E. Redfield, of Connecticut, Benjamin Corporators. Crawford, of Illinois, B. R. Hutchcraft, A. Gatliff 25-LOCAL LAWS, VOL. 3. Shares. Powers. and W..R. Thompson, of Kentucky, and their associates, successors and assigns, be, and are hereby, created a body-politic and corporate, by the name and Corporate name. style of the Deposit Bank of Jellico; the capital of which shall not exceed one hundred thousand dollars, divided into shares of fifty dollars each, to be subscribed and paid for by individuals, companies and corporations, in the manner hereinafter specified; which subscribers and share-holders, their successors and assigns, are hereby created a body-politic and corporate, by the name and style aforesaid; and by that name, under the restrictions hereinafter prescribed, shall be competent to contract and be contracted with, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts and places, and in all matters whatever, as nat ural persons; with full power to acquire, hold, possess, use, occupy and enjoy, and the same to sell, convey and dispose of, all such real estate, goods, effects and chattels, as shall be necessary for the transaction of its business (provided, the the value thereof shall not exceed twenty-five thousand dollars), or which may be conveyed to said institution as surety for any debt, or which may be received in discharge of any debt, or purchase in satisfaction of any judgment or decree in its favor, or in the purchase of any property on which it may have a lien; but real estate purchased by it in satisfaction of any debt, judgment or decree, shall not be held by it for a longer period than five years; and said institution may have and use a common seal, change, alter and renew the same at pleasure; and may ordain and put in execution such by-laws, rules and regulations, for the government of the same as may be deemed necessary: Provided, They be not contrary to the Constitution and laws of this State or of the United States. By laws. Indebtedness limited. § 2. The institution shall not at any time owe, either by bond, bill, note or other contract, an amount exceeding the amount of capital stock actually paid in, exclusive of sums due on deposit; and in cases of excess, the president and directors under whose administration it shall have taken place, shall be liable for any or all the debts of said institution, in their individual capacities, by joint and several actions of debt against them, or any of them, their heirs, executors or administrators, in any court having jurisdiction thereof, by any creditor or creditors of the same, and shall be prosecuted to judgment and execution, any condition or agreement to the contrary notwithstanding: Provided, That if the president or any of the directors may be absent when the excess may be contracted or created, or being present, shall dissent from the act H. by which the excess is about to be contracted or created, he or they shall not be liable under this section if he or they shall, within ten days from the creation of excess or dissent thereof, make affidavit of their absence or dissent, and file the same for record with the recording officer of the county; and, moreover, within ten days give notice thereof in some newspaper printed in the county, and shall in said notice call a meeting of the share-holders, which they are hereby authorized to do. 佐 ness. § 3. That the business of the institution shall be to Nature of busireceive money on deposit, upon which it may pay an interest to the depositor of not more than six per cent. nor less than one per cent. per annum, as it may choose, dependent upon the length of time for which said deposit may be made; to loan money, discount bills of exchange; the promissory notes made payable to any person or persons or order, or payable to this institution or order, and negotiable and payable at their bank, or at any bank or office of discount and deposit, and indorsed to and discounted by said institution, shall be, and are hereby, placed upon the same footing as foreign bills of exchange; to buy and sell for its own purposes, for compensation, on commission, bonds, stocks, and securities, and to do a gen. eral banking business. Directors. § 4. Said institution shall not at any time fail or refuse to pay its deposits in gold or silver, or currency of the like kind and value of that deposited; and in case the officers, in the usual business hours at their banking-house, shall refuse or unreasonably delay payment as aforesaid, then demandable by any person entitled to receive the same, said institution shall be liable to pay damages at the rate of twelve per cent. per annum on the amount thereof from the time of such failure, refusal or delay, until payment thereof. 5. That the real and personal estate, business, property, funds and prudential concerns of said insti tution shall be under the direction and control of five directors, who shall be stockholders, and after the first election shall have been stockholders at least three months previous to their election; they shall be residents of this State and citizens of the United States, and after the first election they shall be elected annually on the second Monday in January. Each Terms of office. director shall be a stockholder in his own right. They shall hold their offices for one year, and until their successors shall be chosen. All elections after the first shall be conducted by two at least of the stockholders, appointed by the directors. The stockholders so appointed shall give at least thirty days' notice of the time and place of said election. The election shall be by plurality of votes, to be counted and read in public after they are taken. No director or officer of any other bank shall be eligible as a director in this institution, and any director becoming a director or officer of another bank, or while under protest in this institution for the non-payment of debt, shall be held to have vacated his office; nor shall two partners in trade, or shall one partner, while another is a director in another bank, be eligible as directors in this institution at one and the same time; and if the president or any director or officer of this institution shall fail or become insolvent, after his election or appointment, he shall become incapable to serve, and shall be Election. |