books to be given by publication in one or more papers printed in the county of Fayette; and said books to remain for the receipt of subscriptions at such places for the space of twenty (20) days, unless the whole amount of the capital stock herein limited shall be sooner subscribed; and said persons holding books for the subscription of said capital stock shall receive all moneys paid at the time of subscribing to said stock, and hold the same until the election of the first board of directors, when the same shall be delivered to said board. § 15. That at the first election any stockholder shall Vote of stock. have the right to vote upon every share of stock by him subscribed, and upon which he has paid the amount in cash required by the second section of this act; and at all subsequent elections the said stockholders to be governed by such rules, regulations and by-laws as may, by virtue of this act, be adopted by the board of directors of said company. That said company shall pay taxes, as other insurance companies are now required to pay, under the general insurance laws of this State. § 16. That this act shall take effect from its passage, and continue in force for the space of one hundred years. Approved April 27, 1888. CHAPTER 1294. AN ACT to amend an act to amend the charter of the Fayette Building and Loan Association. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That an act, entitled "An act to amend the charter of the Fayette Building and Loan Association," be, and the same is hereby, amended as follows: By inserting in the fifth section, as set out in the act to which this is an amendment, between the words "and liens upon real estate" and the words "ample in amount," the words "or good collateral security, to be approved by the board of directors." 2. This act shall take effect from and after its passage. Approved April 27, 1888. CHAPTER 1296. AN ACT to incorporate the Carrollton and Eminence Railroad Com pany. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That W. F. Howe, John I. Forbes, Prentiss Incorporators. Meade, Thos. J. McElrath, and their associates, successors and assigns, be, and are hereby, created a body-politic and corporate, under the name of the Carrollton and Eminence Railroad Company, with per- Name petual succession, and by that name shall be capable of taking, purchasing, holding, leasing, selling and conveying real and personal estate, so far as may be necessary or expedient for the purposes hereinafter mentioned; and in said corporate name may sue and be sued, contract and be contracted with; have a common seal, which they may alter at pleasure, and may have and exercise all the rights, powers, privileges and immunities necessary or proper to carry into effect the objects and purposes for which this corporation is created. § 2. The said company is hereby empowered to con- Business. struct a line of railroad of standard gauge, single or double track, with all the necessary and proper sidings, switches and branches; which line of railroad shall begin within the corporate limits of the town of Carrollton and extend, by the nearest and most prac ticable route, through the counties of Carroll, Trim Locate line. ble and Henry, or either of them, to the town of Eminence or New Castle, in Henry county; and with the right and power to construct and operate branch lines to such points in said counties, or counties adjoining them, as the company may deem advisable. 3. For the purpose of making the surveys necessary or deemed advisable by it, to enable said company to locate its line or lines of railroad as aforesaid, the officers, agents and employes of said company are hereby authorized and empowered to enter upon and make surveys over any land between said terminal points, or on the line of any proposed branch of said railroad in the counties of Carroll, Trimble, Henry, or in any county adjoining said counties, and to set and mark off on said lands the proposed line or lines of said railroad and branches. 4. The said company may acquire by gift, purCondemn lands. chase or condemnation, a perpetual right of way to such line or lines as may be selected by it for its said railroad and branches, not exceeding sixty feet in width, except where a greater width is required by reason of natural formations or obstructions, or for side-tracks, stations, water-tanks or other necessary appurtenances. It may also acquire by gift, purchase or condemnation, any stone quarries, gravel pits or earth adjacent to its line or lines, or other material to be used in the construction, operation or repair of said railroad or its branches, and the right of way to and from the same. Operate other railroads. § 5. In case said company can not agree with the owners and occupiers for the lands or other property necessary for the purposes specified in the foregoing section, said company may condemn same, according to the provisions of the act of April 1, 1882. § 6. The said company may purchase or lease, and operate other railroads in connection with its railroad and branches, or it may sell, lease or transfer its railroad or branches, and its corporate rights, franchises and privileges, to any other railroad company, persons or corporation, or consolidate with any other line of railroad. In case of such sale, transfer or consolidation, the name of said railroad may be changed as may be agreed between the board of directors of this company and the company, persons or corporation so acquiring the Carrollton and Eminence Railroad. § 7. The authorized capital stock of said company Capital stock. shall be two million dollars, divided into shares of one hundred dollars, and so much thereof as the board of directors of said company determine may be issued in payment for property, rights of way, land, material and equipment furnished, or work and labor done in connection with the location and construction of said railroad or its branches; and work on said railroad may begin when fifty thousand dollars have been subscribed to its capital stock. The incorporators, or a majority of them, may, at any time, open books for subscriptions to the capital stock of said company, which subscriptions shall be made on such terms as may be prescribed by said incorporators. Shares of stock in said company shall be deemed personal property, and be transferable on the books of the company as prescribed by the by-laws. At all meetings of stockholders each share of stock shall be entitled to one vote, and stockholders may vote in person or by written proxy; but the board of directors may determine as to whether stockholders shall be allowed to vote before their subscriptions are paid. The private property of stockholders shall be exempt from the corporate debts of said company. 8. Said company may, by order of its board of Bonds. directors, execute its bonds, signed by the president and attested by the secretary, for amounts not exceeding, in the aggregate, thirty thousand dollars per mile for each mile in length of its railroad and branches as surveyed and located, and the right of way acquired by it, made payable at such times and places as the board of directors may have determined, and bearing interest, payable annually or semi-annually, at a rate not exceeding six per centum per annum; and may secure the bonds so issued by mortgage on the property, franchises, immunities and privileges of said company, with such stipulations and directions as may be determined on by the board of directors; and said bonds may be disposed of as ordered by said board. § 9. The said company shall have power to erect Telegraph lines, and maintain, in connection with its said railroad and branches, a line or lines of telegraph, so far as may be necessary for the transaction of its business and that of the public. Bridge over § 10. Said company shall build a bridge across the Kentucky river where said railroad crosses the same, and within the corporate limits of Carrollton, for the use of said road; but it may be built so that there may be a wagon and foot-way across it for the use of the public, for which such reasonable tolls may be charged as the Carroll county court and the company may, from time to time, agree upon; or in case of disagreement, to be fixed by the circuit court on appeal from the order of the county court fixing the rates. In the event that the Carroll county court, a majority of the justices present and concurring therein, shall contribute to the building of said bridge such an amount as may be agreed upon by said court and company, and which said court is hereby authorized to do, and to issue bonds if deemed necessary in payment thereof, and to levy a tax to pay the interest of said bonds, and to pay the principal at maturity, then the tolls from such bridge, so far as it is a wagon and foot-way, shall be collected by, and go to the benefit of, the county; or it may, at any time, be made free to the public that the said court so constituted may determine: Provided, however, That if said bridge is not built as high above low-water mark as the railroad bridge across the Kentucky river near Worthville, it shall be made a draw-bridge, with sufficient space to allow any steamboat to pass through the opening. In the |