機 1850. Jefferson and Brownsborough 10ad, how to lo their road, or establish a toll gate, so as to collect tolls from Spencer C'ty Court may levy ville and Tay tax for Louis May receive certificates of scriptions. SEC. 5. Be it further enacted, That it shall be lawful for the County Court of Spencer county-a majority of all the Justices concurring-to levy and assess, from year to year, a tax on the taxable property within said county-not in any year to exceed ten cents on the one hundred dollars worth of property of said property-the net amount of which tax shall be subscribed and applied to the completion of that part of the Louisville and Taylorsville Turnpike Road, lying within said county; for which sum so applied, the said county shall receive certificates of stock in said road, and the proceeds or dividends on said stock shall, as received by said Court, be applied to lessening stock for subthe county levy in said county. And after the part of said road is completed, which lies in said county, said County Court, in like manner, shall have power to levy and collect, from year to year, a tax on the taxable property of said county, the same to be appropriated, and used on such other internal improvements within said county, as said Court may determine. The said tax may be collected by the Sheriff, or such other person as said Court may appoint, who shall receive for his services the compensation allowed the Sheriff for collecting the revenue, or such compensation as said Court may agree on with such Sheriff or other person; and shall be applied to the construction of other internal improvements in said county, as their discretion may direct; but to be governed by the same restrictions herein before laid down for their levying the tax and taking the stock in the Louisville and Taylorsville Turnpike Road. Approved March 6, 1850. Tax, how collected. Compensation. CHAPTER 480 AN ACT to incorporate the Consolation and Hardinsville Turnpike or Plank Road Company. SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That a company shall be formed under the name and style of the Consolation and Hardinsville Turnpike Road Company, for the purpose of forming an artificial road, with plank, stone, or gravel, from the town of Consolation, on the Louisville and Frankfort Railroad, to a point on the Louisville and Frankfort Turnpike, at or near the residence of John Shannon, by the nearest and most practicable route. Name & style. 1850. Capital stock, SEC. 2. The capital stock of said company shall be fifteen thousand dollars, (to be divided into shares of fifty dollars and how divi each,) which may be increased, from time to time, if said amount be not sufficient to complete the road. ded. opened. Com'rs. SEC. 3. Books, for the subscription of stock in said compaBooks to be ny shall be opened on the first Monday in March next, or as soon thereafter as practicable, and may be agreed upon, at the following places, and under the direction of the following persons, who are hereby appointed Commissioners, viz: At Consolation, Henry Bohannon, Cary White, R. W. Hawkins, Harrison Bailey, John Campbell, and Seth Cook; at Hardinsville, G. F. Maddox, R. E. Finnell, R. Pemberton, W. G. Easley, and James McBride; at Clay Village, J. Strain, F. Middleton, and J. Lee; at Shannon's, Austin Barnett, J. Middleton, Allen Barnett, John A. Magill, and Wm. Lawson; at Jacksonville, W. R. Roberts, J. Bright, J. Hiatt, Wm. Duncan, and Daniel Duncan-or some one or more of them at each place. The said Commissioners shall procure a book or books, and the subscribers to stock shall sign the following obligation therein, Obligation to viz: "We, whose names are hereto subscribed, do promise to pay to the President, Directors, and Company of the Consolation and Hardinsville Turnpike Road Company, the sum of fifty dollars for each share of stock set opposite our respective names, in such manner and proportion, and at such times, as may be required by said company, agreeably to an act of the General Assembly incorporating said company. Witness our hands this be given. ing books, how to be given. day of - 18—." Notice of open- The Commissioners shall give notice of the time and place of opening books, for the subscription of stock, by written. advertisements posted at Consolation, Hardinsville, Clay Village, John Shannon's and Jacksonville. The books may continue open until the whole amount of capital stock shall be subscribed, or a sufficient amount to construct the road. Election of of ficers, when to be held. Powers. SEC. 4. So soon as one hundred shares shall have been subscribed, an election shall be held for the election of a President and five Directors, in the town of Consolation, due notice of the time and place being first given; at which election, each stockholder shall be entitled to one vote for each share of stock he may hold. Said company, thus organized, shall be a body politic and corporate, and shall possess all the powers, rights, and privileges, and shall and may do all acts and things, necessary for laying out and causing a survey of the most practicable route for said road, and for carrying on and completing the same; and may have and enjoy all the rights and privileges, and be subject to all the duties, qualifications and restrictions, as are given and granted to the Lebanon, New Market and market, &c., Springfield Turnpike Road Company, by an act, approvapplicable ed February 18, 1848, except as herein provided; and all Provisions of Lebanon, New charter, made the provisions of said act, (except so far as they may be local in their application or conflict with this charter,) are hereby enacted as part of this act. SEC. 5. The President and Directors, in the location and construction of said road, and in all other things in relation to their various duties, shall be governed by a majority of the stockholders of said road. SEC. 6. Whenever two and a half continuous miles of said road shall be completed, the company may erect a toll gate and charge half toll thereon, and whenever the whole road shall be completed, they may erect one gate and charge full toll. Approved March 6, 1850. 1850. Majority to govern in con struction of the road. Gate when to be erected. CHAPTER 481. Com'rs names. AN ACT to charter the Bardstown and Nashville Railroad Company. SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That C. Nourse, Jos. Brown, C. P. Matingly, J. M. Doom, E. B. Smith, G. W. Hite, James M. Brown, S. Johnson, T. W. Riley, and T. P. Linthicum, of Nelson county; S. W. D. Stone, J. H. Rodman, Jno. Duncan, W. L. Morris, W. Howell, W. Read, John Forline, and J. P. Hamilton, of Larue county; J. B. Cobb, O. G. Waggener, Harrison Powell, William W. Bowling, John Waggener, and Geo. T. Wood, of Hart county; A. Watkins, J. G. Hardy, P. J. Kirtley, Geo. W. Trabue, F. Gorin, A. Trigg, R. Murrell, John T. Rogers, and James Page, of Barren county; W. F. Evans, A. A. Harvey, S. Carter, W. Thomas, R. J. Foster, J. C. Mulligan, and R. F. Pulliam, of Allen county, be and they are hereby appointed Commissioners, under the direction of whom, or of any three of them, in each of said counties, subscriptions may be received to the capital stock of the Bardstown and Nashville Railroad Company, hereby incorporated; and they may cause books to be opened at such times and places as they ed. may direct, for the purpose of receiving subscriptions to the capital stock of said company, after having given such notice of the times and places of opening the same as they may deem proper; and after the first opening of said books, they may continue them open for such time, and may adjourn to such places as they may deem expedient; and if such a subscription to the capital stock of said company as is necessary to its incorporation shall not have been obtained, said Commissioners, or a majority of them, may cause the said books to be opened and kept open, from time to time, and at such places as may seem expedient, for the space of two years thereafter, or until the sum necessary for the incorporation shall be subscribed: Provided, that any subscription, tendered at any time or place other than Books when and where open. 1850. Capital stock, and how divi ded. that advertised by said Commissioners, if accepted by them, shall be as valid against the party subscribing as if received at the time or place advertised; and if any of said Commissioners shall die, resign, or refuse to act, during the continuance of the duties devolved on them by this act, another may be appointed in his stead by the remaining Commissioners, or a majority of them, of the county for which the said Commissioner, so not acting, was appointed a Commissioner. SEC. 2. Be it further enacted, That the capital stock of said Bardstown and Nashville Railroad Company shall be two millions of dollars, in shares of one hundred dollars each, which may be subscribed for by any individual or corporation; and as soon as three thousand shares of said capital stock shall be subscribed, the subscribers of said stock, their successors and assigns, shall be and they are hereby declared to be incorporated into a company, by the Name & style, name of the Bardstown and Nashville Railroad Company, and powers. tion of stock to be reduced. and, by that name, shall be capable of purchasing, holding, selling, leasing, and conveying, real estate, not exceeding ten thousand acres, and personal and mixed estate, so far as the same shall be necessary for the purposes of their incorporation, and no farther; and shall have perpetual succession, and, by said corporate name, shall sue and be sued, and may have and use a common seal, which they shall have power to alter or renew at pleasure; and shall have, enjoy and exercise all the powers, rights and privileges which other corporate bodies may lawfully do. SEC. 3. Be it further enacted, That if more than twenty Over-subscrip- thousand shares shall be subscribed to the capital stock of said company, the said Commissioners, or a majority of them, shall reduce, by striking off in succession from the largest number of shares, subscribed by single individuals. or corporations, until the subscriptions shall be reduced to twenty thousand shares, so as to equalize the stockholders, as far as may be. stock when subscribed. notice to be giv. SEC. 4. Be it further enacted, That at every subscription Payments to of stock, there shall be paid, at the time of subscribing, to to be made on the said Commissioners, or their agents appointed to receive such subscriptions, either in money or a note, negotiable and payable at some Bank in the State, as said Commissioners may elect, at sixty days date, or longer, at the option of Calls on stock, the Commissioners or their agents, the sum of one dollar on every share subscribed; and the residue thereof shall be paid in such instalments, and at such times, as may be required by the Board of Directors of said company: Provided, that no payment shall be demanded until` `at least thirty days' public notice of such demand shall have been given by said Board of Directors, by a publication in one or more of the newspapers published in Louisville, Bardstown, and Glasgow; nor shall more than twenty en. per cent. of each share of stock be called for in any one year; but if the exigencies of the company should require the payments of the stock to be made more rapidly than is provided for herein, or should the Board of Directors, or a majority of the whole number elected, consider it expedient, it shall be lawful for them to borrow, on the credit of said company, a sum of money not exceeding, five hundred thousand dollars; and if any subscriber shall fail or neglect to pay any instalment or part of said subscription, demanded according to the provisions of this section, the same may be recovered by action, in the name of said corporation, against such defaulting subscriber, before any tribunal having jurisdiction of such cases; and in all such actions, publication, as directed in this section, shall be the only demand necessary to be proved; or, in case such failure or neglect to pay any instalment or part of said subscription, demanded according to the provisions of this section, shall continue for the space of sixty days next after the time the same shall be due and payable, the Board of Directors may, in their discretion, order that the same shall be forfeited to the company, and they may, also, sell it for the benefit of the company, if they think proper; but the said Board of Directors, by a majority of the whole board, may remit any such forfeiture, on such terms as they may think proper: And, provided further, that it shall be lawful to receive subscriptions to the capital stock of this company, payable in contracts, well secured, to build such parts of the road, or to perform such work in the construction thereof, as may be accepted by the company. 1850. May borrow money, &c. If stock not subscribed in 10 void. SEC. 5. Be it further enacted, That if the subscription, herein made necessary to the incorporation of said compa- years, charter ny, shall not be obtained within ten years after the first opening of the books by the Commissioners under this act, then this act, and all the subscriptions under it, shall be null and void; and said Commissioners shall, after discharging the expenses of opening the books, return the residue of the money, paid in upon the subscriptions, to the several subscribers, in proportion to the sums respectively paid by each. SEC. 6. Be it further enacted, That, at the expiration of the period for which the books are first opened, if two thousand shares of the capital stock shall have been subscribed, or, if not, as soon thereafter as the same shall be subscribed, if within ten years after the first opening of said books, said Commissioners, or a majority of them, shall call a general meeting of the subscribers, at such time and place as they may appoint, and shall give at least twenty days' public notice thereof in some one or more of the newspapers published in Louisville, Bardstown, and Glasgow; and at such meeting, said Commissioners Meeting of stockholders to officers elected. be called and |