ordain, establish, and put in execution such by-laws as may be necessary or convenient for the government of said corporation, not contrary to the laws of this State or of the United States: Provided, That said deposit bank shall not hold any real estate conveyed to it as security for, or in payment, in whole or in part, of any debt, judgment or decree for a longer period than five years.

§ 11. That every stockholder shall be individually liable to the creditors of the bank for double the amount of stock subscribed and owned by him.

12. This act shall take effect from and after its passage.

Approved April 30, 1888.

CHAPTER 1357.

AN ACT to further regulate the operation of turnpike roads and com. panies in Harrison county, and to authorize and fix charges and tolls for crossing certain bridges of such companies.

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

§ 1. If any company in Harrison county, incorporated under the general laws, or by special act, to build and operate a turnpike, gravel or plank road in said county, deems it necessary to construct a bridge over any water-course crossing the line of said road, and shall build the same, and the same shall, when built, cost a sum in excess of the average cost of construction of one mile of said road, then, and in that event, said corporation shall be authorized to demand, receive and collect tolls for crossing said bridge, at the rates now allowed by law for travel on turnpike, gravel and plank roads.

2. In order to ascertain the amount of toll to be paid for crossing the bridge, the cost of the bridge and its approaches shall be divided by the average

cost of one mile of the entire road owned and constructed by the company building the bridge; and the quotient, without any regard to the remainder, shall be regarded as the distance traveled for which toll may be collected, as authorized by the chapter to which this is an amendment.

3. This act shall take effect from and after its passage.

Approved April 30, 1888.

CHAPTER 1358.

AN ACT to correct the title of an act, entitled "An act to incorporate the Princeton College Institute, in Princeton, Caldwell county, and other purposes," approved March 21, 1882, and to otherwise amend

same.

WHEREAS, In the title of an act, entitled "An act to incorporate the Princeton College Institute, in the town of Princeton, Caldwell county, and other purposes," approved March 21, 1882, the word "college" was, by mistake, used instead of the word "collegiate;" therefore,

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

§ 1. That the title of said act be, and same is hereby, so amended and corrected as to make same read as follows: An act to incorporate the Princeton Collegiate Institute, in the town of Princeton, Caldwell county, and for other purposes.

2. The said board of trustees shall have the power to receive, hold and use, for benefit of said institute, any property or estate, real, personal or mixed, given, granted, conveyed, devised or bequeathed to the institute, and to sell and convey same whenever they shall deem it to the best interest of the institution so to do; they shall have power to establish, preserve

and perpetuate an endowment for support of the institution, or for support of scholarships, chairs or professorships.

§ 3. This act shall be in force from its passage.

Approved April 30, 1888.

CHAPTER 1359.

AN ACT to incorporate the Kentucky Breeding Farm.

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

§ 1. That W. H. Wilson, W. T. Handy, T. J. Megibben, J. A. Wolford and J. S. Withers, be, and the same are hereby, constituted a body-corporate, together with their successors and assigns, for the purpose of buying, owning, breeding, selling, dealing in and handling live stock, and for the purpose of buying and owning any real estate that may be necessary to carry out the purposes of the company, the name of which corporation shall be known as the Kentucky Breeding Farm.

§ 2. The said corporation shall have perpetual succession, and shall have the right to sue and be sued, and shall conduct all of its business in its corporate name. Its chief office shall be at Cynthiana, Harrison county, Kentucky. The amount of capital stock shall not exceed two hundred and fifty thousand dollars, and the highest amount of indebtedness to which the corporation shall subject itself at any one time shall not exceed two-thirds of its capital stock. The shares of stock shall be five hundred dollars each. The stock may be transferred upon the books of the company in person or by attorney. The private property of stockholders and members shall be exempt from the corporate debts of the company.

§3. The corporation shall have all the rights and powers of an individual in the transaction of business

appertaining to the affairs of the corporation. It shall have the power to make all rules and regulations necessary for the management of its affairs, not inconsistent with the Constitution or laws of this State.

§ 4. The corporation shall have the right to issue bonds, and to mortgage any of its property to carry on its business, and to borrow money. The stock shall be paid in such manner and in such installments as the directors may order.

§ 5. The corporation shall be under the control of five directors, who shall be selected from the stockholders, and who shall hold their offices for the period of one year, and until their successors are elected and qualified. The officers shall consist of a president, treasurer, secretary and general manager.

§ 6. The general manager shall have the general control and management of the affairs of the corporation, and he shall make all contracts for the corporation, subject to the approval of the directors, and he shall be paid such salary as the directors may fix.

7. This act shall take effect from and after its passage.

Approved April 30, 1888.

CHAPTER 1360.

AN ACT to incorporate the Louisville Driving Park Association.

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

§ 1. That M. H. Smith, B. B. Veech, E. H. Chase, Corporators. H. H. Littell, S. C. Maxwell, Paul Jones, J. W. Gaulbert, Augustus Sharpe, Philip Judge, George L. Danforth, John E. Green, their associates and successors, be, and they are hereby, incorporated, under the name of the Louisville Driving Park Association; Corporate name. and by that name may sue and be sued, and perform

Capital stock.

Directors.

Officers.

all acts authorized by law, and shall have all the rights and powers incident to corporations.

§ 2. The capital stock of the said association shall consist of any sum not exceeding one hundred thousand dollars, which shall be divided into shares of a par value of one hundred dollars each, which may be subscribed and paid for in the manner determined by the by-laws of the association; such shares shall be transferable upon the books of the company only; and each share shall be entitled to one vote upon all matters coming before the stockholders.

§ 3. The affairs of the said association shall be controlled by a board of directors, consisting of not less than seven and not more than eleven persons, who shall be stockholders, and shall be elected by the stockholders to serve for one year, and until their successors are elected. The incorporators herein named shall constitute the first board of directors, and their successors shall be elected on a day fixed in the by-laws of the association for the annual election of directors.

§ 4. The board of directors shall elect one of their number to be president and one to be vice-president; and they shall also elect a treasurer and a secretary, and such other officers as they may deem expedient. The duties of all officers shall be defined in the byFirst board di- laws of the association. The officers to serve during the period of the first board of directors herein named shall be as follows: John E. Green, president; Augustus Sharpe, vice-president; George L. Danforth, treasurer; Geo. Lindenberger, secretary.

rectors.

and powers.

5. The said association shall have authority to General business hold fairs and meetings for exhibitions of live stock, agricultural and manufactured products, machinery, and such other things as are usually exhibited at State and county fairs; and have running and trotting contests; and may sell, or authorize and regulate the sale of pools on such contests on the grounds of the association, and at one place in the city of Louisville ;