and paid for as follows, viz: Ten per cent on first call and two per cent. every thirty days thereafter; but subscribers to the said capital stock may pay for the same in larger amounts and at earlier periods than those above-named.

5. This corporation shall not commence the purchase, improvement or sale of real estate until bona fide subscriptions to its capital stock amounting to fifty thousand ($50,000) dollars shall have been obtained.

§ 6. This corporation shall continue for thiry years, but it may close up its business at the end of fifteen years, by a vote of two-thirds of its capital stock in the affirmative.

7. The affairs of this corporation shall be controlled by a board of directors of not less than five and not more than nine, as may hereafter be directed by the by-laws to be adopted by the stockholders of this company, the said directors to be elected annually from among its stockholders on the first Monday in each year; but the incorporators of this company shall constitute the first board of directors of this company until the first election by the stockholders.

§ 8. The directors shall elect a president, vice-president, secretary and treasurer, who shall conduct the business of this company, and employ and appoint and salary such other agents for said company as they see fit; but more than one of these offices may be filled by the same person, if the board of directors shall so order. The treasurer shall give a bond for all money, notes and other valuables which may come into his possession, to be approved by the board of directors.

§ 9. It shall be the duty of the board of directors to carry into effect and enforce the by-laws of this company.

10. The directors shall, once in every six months, make an investigation of the affairs of this company, and shall make a report through its president at the annual meeting in January to the stockholders. They

: shall also, at such times as the business will admit, declare dividends on the capital stock of the company.

§ 11. The highest amount of indebtedness to which this corporation shall at any time subject itself shall not exceed its capital stock.

§ 12. The private property of the stockholders of this corporation shall be exempt from the debts of the - corporation.

13. The directors of this company shall have the power to allow a rate of interest not to exceed six per cent. per annum on all the paid-up capital stock.

§ 14. This act shall take effect from and after its passage.

[Became a law without approval of Governor May 1, 1888.]

CHAPTER 1318.

AN ACT to amend the laws relating to the public schools of the city of Newport, in the county of Campbell.

WHEREAS, It is made necessary, by reason of the Preamble. growth in population and territory of the city of Newport, in the county of Campbell, to provide an additional school-house therein, and to that end a lot suitable for that purpose; and whereas, it is likewise needful to provide for the payment of the bonds issued pursuant to an act, entitled "An act to amend the laws relating to common schools and academy of the city of Newport, Campbell county, and State of Kentucky," approved April 1, 1882; now, therefore,

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

§ 1. That for the purposes aforesaid, namely, the Issue of bonds. erection of an additional school-house in the said city of Newport, the purchase of a lot suitable for that purpose, and the payment at maturity of the bonds issued as aforesaid and still outstanding, the

Proceeds of 'bonds, how disposed of.

Security for bonds.

board of education of said city is hereby authorized and empowered to issue bonds, of a denomination not exceeding one hundred dollars each, to the aggiegate amount of fifty thousand dollars, payable in forty years, and at the option of said board of education, at any time after the expiration of twenty years from their date, such option to be expressed upon the face of said bonds; and they will bear interest at a rate not exceeding four per centum per annum, payable semi-annually, to be represented by coupons attached to the bonds. Said bonds shall be numbered in rotation, and shall be signed by the president of said board of education, and countersigned by the clerk of said board: Provided, however, That said interest coupons shall be signed by said clerk alone, and that said bonds and coupons shall be made payable at a place in said city of Newport, to be designated by said board of education, and expressed in the bonds themselves. Said bonds and coupons are hereby made exempt from taxation for local or municipal purposes, and may be sold or hypothecated for the purposes above-mentioned by said board of education.

§ 2. Of the amount realized from the sale or hypothecation of said bonds, there shall be reserved a sum sufficient to meet the bonds issued pursuant to the act aforesaid, approved April 1, 1882, and still outstanding; which sum so reserved shall be applied exclusively to the payment of said outstanding bonds, in accordance with the provisions.

§ 3. That all the property held by the board of education of said city of Newport, including the lot acquired pursuant to this act, together with the schoolhouse to be erected thereon, and so much of the special tax now levied and authorized to be levied by the city of Newport for the benefit of the common schools and academy of said city, is hereby pledged for the payment of the principal and interest accruing on said bonds. And the said board of education is hereby required to set apart each year, out of the

special tax levied by and received from the city of Newport for the benefit of the common schools and academy of said city, the sum of three thousand dollars, until the principal and interest of said bonds shall be fully paid: Provided, nevertheless, That until the now outstanding bonds, issued as aforesaid, under and pursuant to said act of April 1, 1882, shall have been fully paid, the said annual sum of three thousand dollars shall not be applied or used otherwise than as directed by section 2 of said act, above referred to.

§ 4. This act shall take effect from and after its passage; but the bonds provided for herein shall not be issued unless and until a majority of the qualified voters of the city of Newport, voting at a general city election, shall vote in favor of issuing said bonds. Approved April 30, 1888.

CHAPTER 1319.

AN ACT to amend an act, entitled “An act to incorporate the Louisville Democratic Club," approved March 15, 1888.

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

§ 1. In lieu of section 2 of said act, it is enacted that the capital stock of the corporation shall not exceed one hundred thousand dollars, divided into shares of ten dollars each; and said stock may be transferred by the consent of the club, on the books of the corporation, in the manner prescribed by the by-laws, and not otherwise.

2. Section 2 of said act is hereby repealed.

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

Approved April 30, 1888.

porators.

CHAPTER 1320.

AN ACT to incorporate the Osceola Club, of Owensboro.

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

That W. N. Sweeney, Hunter Wood, Chas. S. Names of incor- Walker, P. T. Watkins, John Wandling, R. S. Triplett, J. A. Fuqua, J. N. Marks, Geo. V. Triplett, Chas. H. Todd, M. P. Mattingly, Sam. V. Walden, Alex. C. Tompkins, Henry P. Tompkins, Tyler McAtee, Jas. H. Hickman, Henry Herr, Roy Hathway, Geo. A. Williams, A. J. Mitchell, their associates and assigns, are hereby empowered and authorized to associate themselves into a body-corporate for purposes of social pleasure, and adopt the following articles of incorporation :

§ 1. The name of the corporation shall be the OsceName and loca ola Club, and its location shall be in Owensboro, Daviess county, Kentucky.

tion.

Capital stock.

Eligibility of members.

§ 2. The amount of the capital stock shall be ten thousand dollars, divided into shares of fifty dollars each, but may be increased to the sum of twenty thousand dollars. A person becoming a member of the club, and no other, shall be entitled to one share of stock, which shall be paid by his initiation fee. Said stock shall not be transferable by act of party or by operation of law, and shall revert absolutely to the club on such person ceasing to be a member, whether by death, resignation or otherwise. No person shall hold more than fifty dollars in the stock of the club, and shall be allowed to cast but one vote as a stockholder.

§ 3. No person shall be eligible as a member unless a person of good moral character and over the age of twenty-one years. The initiation fee shall be fifty dollars, and the monthly dues not exceed two dollars and fifty cents.