Security. ity. loaned or invested in such manner as may be determined by the by-laws of the corporation, except it shall not be invested in real estate. § 11. The capital of said company shall be taken and considered as the only security required by law for the faithful performance of its duties, and other security shall not be required upon its appointment to any of the offices or duties mentioned herein, except when required by the courts or by parties in interest; but any court having jurisdiction to make or approve such appointments shall have power, before making or approving same, and from time to time afterwards, to examine the officers of the company, under oath or affirmation, as to the security aforesaid, and appoint a suitable person to investigate the affairs and management of said company who shall report to such court the manner in which its investments are made, and the security offered to those by or for whom its engagements are held; the expense of such investigation to be defrayed by the company. § 12. The said corporation may be appointed, and Fiduciary capac- may act as guardian of infants, as executor or administrator, or committee of lunatics; as receiver, assignee or other trustee, whether appointed by deed, by last will and testament, by any court in this Commonwealth, or in any other manner not inconsistent with law. It may receive and hold in trust estate, real and personal, including the notes, bonds, obligations and accounts of estates and individuals, of companies and corporations, private or public, and may, in its fiduciary capacity, purchase, collect, adjust and settle, sell and dispose of the same in this State or elsewhere. It may act as agent or attorney in the leasing, conveying and managing real and personal estate, receiving and collecting rents and other moneys, in the issuing and countersigning certificates of stocks, bonds or other obligations of any corporation, association or municipality, State or public authority; and may receive and manage any sinking fund therefor, and may accept and execute all such trusts of every description, not inconsistent with the laws of this State, as may be committed to it by any person or persons, or by any corporation, or by any court of record of this or any other State. It shall have a trust department, and all its fiduciary of a fiduciary character shall be kept in a separate and special set of books. sponsibilities in ity. 13. In the exercise by said company of the powers Duties and reherein authorized as guardian, executor, administra- fiduciary capac tor, committee of lunatics, or of any office or duty imposed by any court, said company shall be subject to the same duties and responsibilities, shall have the same powers, and shall receive the same compensation as fixed by law with relation to individuals holding similar offices or trusts except as herein otherwise specially provided. The exercise of the other powers. and the performance of other duties by said company may be, as to compensation and otherwise, matters of contract with the parties interested. 14. This act shall take effect from its passage. CHAPTER 1483. AN ACT to authorize and empower the city of Lexington, Fayette county, Kentucky, to subscribe to the capital stock of any railroad company, which may undertake the construction of a railroad be tween the city of Lexington and the town of Lawrenceburg, Anderson county. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. The city of Lexington, in Fayette county, is Capital stock. hereby authorized and empowered to subscribe for not exceeding one hundred thousand dollars of the capital stock of any railroad company chartered or to be chartered and organized under the laws of Ken scription. tucky, which may undertake to construct or complete a railroad, with single or double track, between the city of Lexington and the town of Lawrenceburg, in Anderson county, via Versailles, upon the terms hereinafter set forth. Such subscription may be made payable at such times and in such manner as may be agreed upon between such railroad company and the said city of Lexington; and may be paid in the negotiable coupon bonds of the city of Lexington: Provided, That the principal of such bonds may be made payable not more than thirty years after date, and shall bear interest at a rate not exceeding six per cent. per annum, payable semi-annually. § 2. Such subscription, if made, shall be made in Manner of sub- the following manner: The amount, terms and conditions of the proposed subscription shall be first approved by the mayor and general council of the city of Lexington, and shall then, by order of the said mayor and said council, be submitted to a vote of the legal voters of said city at an election to be held therein on the day to be named in such order for the purpose of ascertaining the sense of the legal voters of said city upon the question of making such subscription. Notice of such election shall be published in some newspaper in the city of Lexington not less than ten days before the holding of such election, and such other and further notice shall be given as may be prescribed by the mayor and general council in the order calling such election. At such election votes shall be received "For the railroad subscription," and Against the railroad subscription." Officers of election shall be appointed by the mayor, and they shall hold such election at the places and in the manner provided with reference to ordinary election for officers of the said city of Lexington; and such officers shall make return of such election to the mayor of said city. As soon after said election as convenient, and within five days thereafter, said mayor of said city of Lexington shall cause the votes to be counted, and shall determine whether a majority of the votes cast at such election were or were not in favor of such subscription; and if they were, the mayor shall thereupon, in the name and on behalf of said city of Lexington, subscribe for the stock of such railroad company in the amount mentioned in such proposed subscription, and in accordance with the terms thereof; and thereupon the mayor shall cause the bonds necessary for the payment of said subscripE tion to be prepared, and shall, in the name and on behalf of said city of Lexington, execute the same in accordance with the terms of the subscription. § 3. Said bonds, when so prepared and executed, Bonds. shall be by the mayor deposited with such trustee or trust company as may be agreed upon between such railroad company and the mayor of said city, to be held by said trustee and delivered to said railroad company, or to its orders, when it shall become entitled thereto by the terms of the act; but said bonds. shall not be delivered by the trustee to said railroad company until the road proposed shall have been constructed between Lexington and Lawrenceburg via Versailles, and a railroad connection with said road shall have been established by said company, or by some other company, in such manner that a train of cars may pass, and shall have passed, thereover, via Lawrenceburg, between Louisville and Lexington. Simultaneously with the delivery of said bonds, the said railroad company shall cause to be delivered to the mayor of Lexington, for and on behalf of said city, the certificate or certificates for an amount of capital stock of such railroad company equal, at its par value, to the par value of the amount of stock subscribed by said city. § 4. An annual tax, sufficient to pay the interest Levy of tax. coupons aforesaid as it matures, and to create a sinking fund sufficient to pay the principal of said bonds at maturity, shall be levied, collected and used for the payment of such interest, and ultimately of the prin cipal of said bonds, by the proper disbursing officers of the city. § 5. This act shall take effect from and after its passage. Approved May 3, 1888. CHAPTER 1484. AN ACT to promote the study of medicine and surgery in the city of Louisville. Be it enacted by the General Assembly of the Commonwealth of Kentucky: That whereas, it is necessary for the good of mankind that those persons who are engaged in the study practice of medicine and surgery should obtain a knowledge of the structures of the human body, that they may thus better understand the diseases of the body; be it hereby enacted, § 1. That it shall be lawful for the professors of any legally chartered medical college within the corporate limits of the city of Louisville, Kentucky, or any person or persons authorized by said professors, to take the dead body or bodies of any unclaimed pauper dying in the public hospitals of the city of Louisville; and that the professors or their agents may examine, dissect and study for the advancement of science the said body or bodies of said unclaimed deceased paupers; and be it further provided, that after said body or bodies shall have been examined and studied, the remains shall be duly buried in the burying-ground provided and set apart for that purpose by the city of Louisville; and be it further provided, that said body or bodies shall be duly embalmed, and preserved in a suitable cold storage-room provided for that purpose; and that the said body or bodies shall be kept thirty days before being examined or dissected. |