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CHAPTER 1570.

AN ACT to incorporate the Licking Iron Railway Company.

Be it enacted by the General Assembly of the Com monwealth of Kentucky:

§ 1. That Theodore A. Dodge, Philip N. Moore, Incorporators. Samuel J. Fearing, Frederick A. Heath, J. A. J. Lee, and their associates, successors and assigns, who may become stockholders, be, and are hereby, created a body-politic and corporate, of the name and style of the Licking Iron Railway Company, and by that name shall have perpetual succession, with power to sue and be sued; to own property, both real and personal; to engage in the mining of coal, iron and other minerals, and the manufacture of iron or steel for the market in all its branches, and the transporting and selling them within and without this State, and to do all other acts and have all other powers needful for the successful prosecution of their business, and for the execution of the powers herein granted; and said corporation may have and use a common seal, and set aside and renew or alter the same at pleasure; and by said corporate name may contract and be contracted with; and by that name shall have, and are hereby invested with, all powers, privileges, immunities and franchises of natural persons.

Capital stock.

First board of directors.

§ 2. The capital stock of said company shall not exceed three million dollars, divided into shares of one hundred dollars each, and may be subscribed for, purchased, owned and controlled by individuals in and out of this State, and railroad and other corporations in Kentucky and elsewhere.

3. The incorporators named in the first section, or such of them as may act, shall constitute the first board of directors of said company, and may serve as such until their successors are duly elected and qualified. The said incorporators, or a majority of them, shall meet at such time and place as they may

agree upon and designate, and from their number, or from such persons as they may associate with them, choose a president and appoint such other officers and agents as may be necessary; they shall have power to adopt such by-laws for the government of the company, its officers, agents and employes, as may be needful and proper, and alter, amend or repeal the same at will.

§4. The incorporators, or the first board of directors, By-laws. shall provide in the by-laws for the annual election of directors, five in number, who shall be stockholders of said company, and shall fix the time and place and determine the manner of the first and succeeding elections of directors. The directors succeeding the first board shall severally hold their offices for one year, and until their successors are elected and qualified, which board of directors may fill any vacancies in their number, and shall choose from their own number a president. It shall require a majority, including the president, to constitute a quorum of the board of directors for the transaction of business.

§ 5. At the elections of directors, and all other meet- Elections. ings of the stockholders of said company, the stockholders shall be entitled to one vote for each share of stock so held, which may be cast in person or by written proxy. Provision shall be made in the by-laws for the annual meetings of stockholders, and such called meetings as are necessary.

§ 6. The president and board of directors shall have Management. the management and control of the property, business and affairs of the company, and may appoint all such officers, agents and employes as are necessary, prescribe their duties and compensation, and take from any one of them bond, with surety, for the faithful performance of his duty.

scription.

§ 7. It shall be lawful for the president and directors Books of subof said company to open stock books for subscription to the capital stock at such times and places, and to continue them open for such length of time, as may be

Business.

necessary; and no board of directors other than t incorporators named in section first shall be electe nor shall any business be transacted under this cha ter, until at least twenty-five thousand dollars have been subscribed to the stock of this company, and paid in cash. The capital stock of said company is hereby declared to be personal property, and may be issued, certified, transferred, and registered in such manner and at such places as may be ordered and provided by the laws of said company.

§ 8. The said Licking Iron Railway Company shal be, and are hereby, authorized to locate, construct build, and complete a railway, with such lines of telegraph, switches and branches, no one of the latter exceeding ten miles in length, as said corporation may desire; and for that purpose shall be entitled to acquire a continuous line of one hundred feet in width of land, with such additional ground as may be necessary for the use of said railway, from a point on the Elizabethtown, Lexington and Big Sandy Railroad, in Bath county, by the most acceptable and satisfactory route, to the Ohio river, at some point in Mason or Bracken county; and to construct, build and furnish the said railway with all necessary side-tracks. switches, depots, stations, buildings, and structures for the convenient working of said railway and carrying on of its business, and with all the rolling stock of every sort and kind, and with all other machinery, implements and property the said company deem necessary and proper for the prosecution of its business; and the said company shall have power to operate and maintain the same; and for said purpose said company, in its corporate capacity, is hereby invested with all the powers necessary for the purchasing, acquiring title to, holding, selling, and conveying and transferring all real, personal and mixed property the said company may deem necessary for the carrying out of the objects of this act, to the same extent as any natural person or persons.

9. The said Licking Iron Railway Company may Lands, etc. y, lease or rent any suitable lands, timber, mines, ning privileges or rights of way; and may erect, in th or other counties of the State, works for the rection of ores, and the manufacture of iron or steel any or all of the branches of that art.

10. If, for the purpose of constructing the roads resaid, it be necessary to pass the lands of others, dit can not agree with such person or persons on › amount of compensation to be paid for same, then s company may condemn the same as provided law. The principal office of said company shall be Olympia, Bath county, Kentucky. The directors Principal place all have power and authority to locate and establish inch offices or agencies at such other places as may, their judgment, be deemed necessary.

of business.

11. The said company is hereby authorized to bor- Borrow money. w money to complete, equip, furnish, operate or intain said railway, and to issue bonds, in amount t exceeding twenty-five thousand dollars per mile of → road, with such time to run as it may deem proper, d to mortgage its corporate property and franchises secure the same.

12. That said company may make contracts with May contract. y corporations or persons for the construction or uipment of said road and the branches thereof, or y part of the same, and pay therefor, in whole or in rt, in the stock, bonds or other property of said comny.

13. That this company may make any contract or reement with any railroad company with which they y connect, which they may deem proper, for runng its cars and locomotives over such other road, or such other road running its locomotives and cars er this company's road; and this company may arge such tolls and fares for traffic over its road may be allowed by law.

§ 14. The individual property of the stockholders

of this company shall not be liable for the corporate debts of said company.

15. This charter shall be deemed abandoned if an Begin business. Organization is not effected thereunder, and work begun in good faith upon the main stem of said road, within six years from the passage of this act, and the main stem be prosecuted to completion within ten years from the passage of this act.

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

[Became a law without approval of Governor May 4, 1888.]

CHAPTER 1571.

AN ACT for the benefit of Clint. Wallace and Frank Smedley, of the city of Paducah, in McCracken county.

WHEREAS, Clint. Wallace and Frank Smedley, of the city of Paducah, in the county of McCracken, did, on or about the 15th day of March, 1888, capture and return to the keeper of the Penitentiary one Frank Ratcliffe, an escaped convict; and whereas, they have received but fifty dollars for said work, said amount not being sufficient to pay the expense of said work; therefore,

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

§ 1. That the Auditor draw his warrant on the Treasurer of this Commonwealth for the sum of fifty ($50) dollars, payable to said Clint. Wallace and Frank Smedley.

§ 2. This act to take effect from its passage.

[Became a law without approval of Governor May 4, 1888.]

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