dollars, divided into shares of one hundred dollars each; and shall be transferable upon the books of the company under such regulations as the by-laws may prescribe. The said shares shall be personal estate, and transferable as such, and the private property of the stockholders shall be exempt from the corporate debts. § 3. The corporators named in the first section of Commissioners. this act, or any three of them, are hereby appointed commissioners to receive subscriptions of stock in [ said corporation, and they may open books therefor in the city of Ashland, Kentucky, and at such other points in and out of the State, and keep them open for such time as they may deem expedient; and when. twenty-five thousand dollars shall have been subscribed, they may call a meeting of the subscribers and proceed to further organization of the corporation. Lands in this State may be accepted in place of cash as subscriptions to the capital stock of this corporation. by whom. 4. The business affairs of said corporation shall Management, be managed by a board of not less than five nor more than thirteen directors, to be chosen by the stockholders, and the directors from their number shall elect a president, and may appoint such officers and agents as are deemed necessary by them in the management of the corporate affairs. The first board of directors shall be the corporators named in the first section of this act, and they shall continue in office until their successors are elected by a majority in interest of the stockholders. ness. § 5. That the said Licking and Little Sandy Rail- Class of busiway Company shall be, and is hereby, authorized and empowered to locate, construct, complete, maintain, and operate a railway, with any number of tracks and lines of telegraph and telephone lines as the corporation may desire, and for that purpose shall be entitled to acquire title to necessary rights of way, and such additional grounds as may be necessary for the build ing, maintenance, and operation of said road; and it shall have the right to connect with any one or more of the railroads now in existence in the counties through which it may build its road, and to construct, build, and furnish said railway with all necessary side-tracks, turn-outs, switches, depots, stations, and all other necessary buildings, erections and structures for the convenience of operating said railway and carrying on its business; and with all rolling stock of every sort and kind, and all other machinery, implements, and property the company may deem necessary or useful for the proper transaction of its business; and shall have power to operate and maintain the same; and for said purpose said company, in its corporate capacity, is hereby vested with all the powers necessary for purchasing, acquiring title to, holding, selling, conveying and transferring all real, personal and mixed property which may be necessary or useful to the carrying out of the objects of this act. 6. Whenever it shall be necessary for said corpoRights of way. ration to have, use or occupy any land, material or other property in the construction or location of roads or railroads, or repairing same, or the construction or repair of works or buildings necessary for said corporation, it shall be lawful for it, by agents, engineers and surveyors, to enter upon and take possession thereof, after the donation, purchase or due condemnation as provided in this section; but all lands, material or other property thus taken by the said corporation, and not donated to it, shall be purchased of the owners thereof at a price to be mutually agreed upon; and in case of any disagreement with the owner as to the price of any land, material or other property so required; or if the owner is under any disability in law, or any cause whatever, to contract, or absent from the county in which the property may lie, then the said corporation may have the same condemned to its use in the manner prescribed in the act of this General Assembly, entitled "An act to prescribe the mode of condemning land for the use of railroad and turnpike companies," approved April 11, 1882. money. § 7. Said corporation shall have power to borrow May borrow money at an interest not exceeding six per cent. per annum, and to pledge and mortgage its property, or any part thereof, to secure the payment of the money so borrowed; and may issue bonds, payable at such time and place, and in such manner as the board of directors may order: Provided, That bonds so issued shall not exceed in amount the capital stock of the corporation. through city or § 8. That it shall be lawful for the incorporate au- Right of way thorities of any city or town through which the said town. = railway shall be located to sell or lease to the said railway company, as a right of way, the right to lay a single or double track through said city or town, or any portion of the same, on any street or highway that said railway company shall select for that purpose: Provided, It shall not unnecessarily interfere with the business or commerce of said city or town: And provided further, That said company shall be liable for all special damage that may be done to individual property. roads and § 9. That whenever it shall be necessary, in the Intersection with construction of said railway, to intersect or cross streams. any stream of water or turnpike road, railway, or highway lying along or crossing the route of said railway, it shall be lawful for the company to construct the railway across or upon the stream of any such road; but the company shall restore such streams, road or highway thus intersected to its former state, as near as may be, or in such manner as not to impair its usefulness; but if said company, after having selected a route for said railway, find any obstable to continuing in said location, either by difficulty of construction or procuring the right of way at a reasonable cost, or whenever a better or eral Assembly. cheaper route can be had, it shall have the authority to vary the route and change the location. 10. The right to amend or repeal this charter, Rights of Gen- or any amendment thereto, is hereby reserved to the General Assembly, according to the provisions of the act in respect to corporations, approved on the 14th of February, 1856: Provided, That if the corporation hereby created shall not, in good faith, begin the construction of its road within two years from the passage of this act, and shall not complete the same within five years thereafter, the said corporation, and all powers conferred hereby, shall cease as to all such portions thereof as shall then be uncompleted. 11. This act shall take effect and be in force from and after its passage. Approved May 3, 1888. CHAPTER 1449. AN ACT for the benefit of certain persons in the county of Daviess. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That all persons who are liable to work upon county roads in the county of Daviess, and who now or may hereafter live upon lands which adjoin the gravel roads and do not adjoin other county roads of said county, are hereby released from the working on said county roads or any penalties for failure to work same. § 2. This act to take effect from and after its pas sage. Approved May 3, 1888. CHAPTER 1450. AN ACT to legalize certain levies of taxes made by the trustees of the town of Earlington. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the taxes levied and ordered to be collected by the trustees of the town of Earlington, at a meeting held on the second day of April, 1885, a meeting held on the fifth day of April, 1886, and a meeting held on the fourteenth day of April, 1887, and re-levied by order of record at a meeting held on the twenty-fifth day of April, 1888, are hereby legalized and made valid and binding. 2. This act shall take effect from its passage. Approved May 3, 1888. CHAPTER 1451. AN ACT to amend an act, entitled “An act to incorporate the Southern Baptist Theological Seminary." Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the Southern Baptist Theological Seminary is hereby empowered and authorized to borrow money, not exceeding fifty thousand dollars, and to secure same by mortgage upon any realty owned by it in this State. § 2. This act shall take effect from and after its passage. Approved May 3, 1888. |