Certificate of

stock, form of.

of transferring the same shall be fixed in the by-laws of the bank.

§ 9. The office for the transaction of business of the Location of bank bank shall be in the town of Smithland, Livingston county, Kentucky.

10. The General Assembly reserves the right to modify or amend this charter at pleasure.

§ 11. This act shall take effect from its passage.

Approved May 4, 1888.

Creating style and capital stock

CHAPTER 1560.

AN ACT to incorporate the Deposit Bank of Beattyville. Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. There is hereby established a bank in the town of Beattyville, in Lee county, Kentucky, to be styled the "Deposit Bank of Beattyville, Kentucky,” with a capital stock of thirty thousand dollars, in shares of one hundred dollars each, par value, which may, by the consent of the owners of a majority of the shares of stock aforesaid, be increased to fifty thousand dollars, in shares of one hundred dollars each, to be subscribed and paid for as hereinafter specified; and the subscribers, their associates, successors and assigns, shall be a body-politic and corporate, by the name and style of the "Beattyville Deposit Bank," and may so continue for thirty years from its organization. But the board of directors of said bank are authorized and empowered to wind up its affairs whenever the owners of two-thirds of the stock determine that the interest of the company requires its discontinuance; and to effect this, the board shall have all powers necessary to wind up and liquidate the affairs of said bank upon equitable principles.

§ 2. Said corporation shall have all the privileges of

ers.

natural person in contracting and being contracted Corporate powith, in suing and being sued by the name aforesaid, all places and courts whatsoever; and may have nd use a common seal, and change the same at leasure.

control.

§3. The said bank shall be under the control of Management and he following-named persons as directors, namely: A. B. Hampton, C. B. Hill, H. T. Glenn, R. C. Hill, J. E. Abraham and David Price, who shall old their offices until the second Tuesday in Janary, 1889, and until their successors are elected and ualified. Each director hereinafter elected shall be stockholder, and after the first election, which hall be held on second Tuesday in January, 1889, hey shall be chosen on second Tuesday in Janary of each year, or if not on that day, from any ause, then as soon thereafter as convenient, and hall hold their offices for one year, or until their uccessors are elected and qualified. They shall apoint one of their number president, and may if they esire, and think best and necessary, at any time apoint also from their number a vice-president, who hall hold his position at the pleasure of the board directors. The board shall hold regular meetings such times as they may fix upon, and such called eetings as they may deem necessary. In case of the eath, resignation or removal of any director or ficer, the vacancy shall be filled by the board of rectors. The board shall have power to receive bscriptions for as many of the shares of the capl stock remaining unsold, or increased as aforesaid d unsold, as said board may at any time decide to 1; shall declare dividends, appoint such officers, ents or servants as they think necessary to conduct → business of the bank, and pay them such wages or aries for their services, and take from them such ads to secure the faithful performance of their ties, as they may think proper; shall prescribe 60-LOCAL LAWS, VOL. 3.

Names of commissioners.

Deposits and class of business.

such rules as they may think best for the transfer of the stock on the books of the bank by the stockholders or by an attorney; the stock shall be personal property. The number of directors to be elected in January, 1889, and each year thereafter, shall be not less than five nor more than nine, the number to be hereafter determined by a vote of the stockholders.

§ 4. J. B. Hampton, C. B. Hill, H. T. Glenn, R. C. Hill, J. E. Abraham and David Price, are hereby appointed commissioners, any three of whom may act; and may open books of subscription to the capital stock of the corporation as soon as shares to the amount of twenty thousand dollars have been already subscribed; said commissioners shall transfer said subscriptions to said books to be opened by them, and shall give notice thereof in one or more newspapers, and shall, in said books, enter the names of the subscribers, and amount of stock subscribers, and amount of stock subscribed for by each of them. The payment for the shares subscribed shall be made in such installments or at such times as the board of directors may order; and when ten thousand dollars shall have been paid in, the bank may begin business. 5. The bank may receive deposits of gold, silver, bullion, currency, or any thing lawfully circulating as money, and repay the same in such manner, at such times, and with such interest, not to exceed the rate fixed by law, as may be agreed upon with depositors by special or general contract. It may borrow or lend money, buy or sell checks, drafts, bills of exchange, promissory notes, uncurrent money, bonds, stocks, mortgages and other evidences of debt, and do a general banking business; may take personal or other securities for the payment of obligations, and dispose of the latter in accordance with the provisions of an act, entitled "An act for the benefit of the incorporated banks of Kentucky," approved March 16, 1871; and such disposition shall pass a valid title to the same; may receive deposits from minors and married

women, and their checks, receipts or acquittances shall be valid. All promissory notes and bills made negotiable and payable at the banking-house of said corporation, or at any other banking-house, may be discounted by it; and they are hereby placed upon the footing of foreign bills of exchange, and like remedy as upon such bills may be had thereon, jointly or severally, against the drawers, acceptors and indorsers thereof.

§ 6. The bank may acquire, hold and use all such Real estate. real estate, goods and chattels, as may be necessary for the transaction of its business, or which may be conveyed to it as security or in satisfaction of any debt, judgment or decree, but shall sell and convey the latter within five years. The board of directors may make all needful by-laws for the government of said bank, not inconsistent with law.

private property.

§ 7. The private property of stockholders shall not Exemption of be liable for the debts of the corporation. The indebtedness of the bank, other than for the general deposits, shall at no time exceed the amount of its paid-up capital.

§ 8. Before entering upon their duties, the president, Oaths of officers. directors and other officers of the bank shall take an oath before some justice of the peace, notary public or police judge, to faithfully and honestly discharge all the duties imposed upon them under this charter, and that they will not sanction or permit any violation of it; and should any occur, will at once report the same to the Attorney-General of this Commonwealth.

9. Nothing in this charter shall be construed to Shall not issue allow the bank to issue any note or bill to pass or cir

culate as money.

currency.

§ 10. The officers, agents or servants of said bank, Terms of office. appointed by the board of directors thereof, shall hold their offices at the pleasure of said board, and may be removed therefrom by said board at any time, with or without cause.

§ 11. All elections provided for by this charter shall

Place' of election be held at the banking-house of said corporation, in such manner and by such officers as may be determined upon by the board of directors, and the result of such election shall be declared in the manner and by the persons selected by said board.

§ 12. The General Assembly shall have the right to examine the affairs of the bank by any committee, officer or agent appointed for that purpose, and reserves the right to alter, amend or repeal this charter at pleasure.

§ 13. This act shall take effect and be in force from and after its passage.

Approved May 4, 1888.

CHAPTER 1563.

AN ACT to amend the charter of the Union County River Bottom
Land Fence Company.

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

§ 1. No horses, mules, cattle or hogs shall be allowed to run at large or be herded on the common inclosure, except such mules, horses or oxen actually used by landlords and tenants in cultivating land within said inclosure, and such milk cattle as are used by said landlords and tenants for family purposes.

§ 2. Any of said landlords or tenants shall have the right to take up and impound any stock put on said inclosure in violation of this act.

§ 3. Any person violating this act shall be subject to a fine; said fine to be estimated at five dollars per week for each head of stock put on said inclosure in violation of this act, to be recovered by a warrant, in the name of the Commonwealth of Kentucky, before any magistrate having jurisdiction.