4. That it shall be the duty of the county court to condemn a lot or parcel of land, sufficient for a site for a school house, not exceeding one acre, in the same or similar manner as lands are by law condemned for public highways, when a site cannot be procured at a reasonable price without such intervention of the court. § 5. Said school-houses shall be erected as near the centre of each district as may be. § 6. This act, and the act of which this is amendatory, shall not be construed to include negroes or mulattoes, but shall apply to white persons, who alone are entitled to the benefits of the same. § 7. This act shall take effect from and after its passage. 1872. Approved February 24, 1872. CHAPTER 319. AN ACT to incorporate the Lexington Building and Accumulating Fund Association. Be it enacted by the General Assembly of the Commonwealth of Kentucky: Corporators' names. style. Name and § 1. That John B. Payne, W. B. Emmal, Heury B. Higgins, James H. Campbell, J. T. Slade, B. G. Thomas, John A. Prall. Chas. Schultze, Wm. Christee, Wm. Harting, John A. Geary, W. D. Bryant, H. W. Adams, Robert McMichael, and R. S. Bullock, be, and they are hereby, constituted a body-corporate, under the name and style of the Lexington Building and Accumulating Fund Association No. 1; and by that name may sue and be sued, implead and be impleaded; shall have succession; have a common seal, and alter or change the same at pleasure; may acquire and hold real and personal estate, and sell and convey the same, and shall possess such other powers as are consistent with the objects of the association. § 2. The officers of the association shall be a president, Officers of corvice president, solicitor, secretary, assistant secretary, and treasurer, and nine (9) directors; and until the first general election of officers hereinafter provided for, John B. Payne shall be president; W. B. Emmal, vice president; Henry B. Higgins, solicitor; James H. Campbell, secretary; J. T. Slade, assistant secretary; G. Thomas, treasurer; and the other corporators above named shall be directors. In elections for officers and transaction of other business, each member present at the meeting shall be entitled to one vote: Provided, That women and infants, members of the association, may vote by proxy, married women and infants by their husbands and guar poration. 1872. dians, other women by any member of the association selected by them, in writing, to act for them. 3. The capital stock of said association shall be four Capital stock. hundred thousand dollars, to be divided into shares of four hundred dollars each, and to be paid by the stockholders in weekly installments of one dollar each week, for each share of stock, until said installments, with their net accumulations, shall amount to said sum of four hundred dollars for each share, or, at the expiration of five years from the first election of officers, whether said shares have amounted to said sum or not, there shall be a distribution thereof to the stockholders, and a liquidation of its affairs; and after that its corporate powers and existence shall only continue to settle up its unsettled business and affairs. May open books for subscrip tion of stock. corporation. § 4. The corporators above named shall open books for the subscription of said stock, and may adopt, so far as it has progressed, the subscription already made in anticipation of this act; and whenever three hundred shares shall be subscribed, said association may go into operation. Other shares may subsequently be subscribed until the whole stock is taken, the subscribers thereto being required to pay the back installments, corresponding with those paid by the original subscribers, with interest at such rate, not exceeding ten per cent., as the association may prescribe in its by-laws: Provided, That no stockholder shall acquire or hold, at any time, more than ten shares of said stock. Said stock shall be transferable on the books of said association, as may be provided in its by-laws. § 5. The object of said association being to enable its Objects members, by their savings and accumulations, to acquire homes and other property, its business shall be to loan its capital stock as paid in, and the accumulations thereof, only upon mortgages and liens upon real estate ample in amount to secure the same, preference being given in all cases to members of said association; and said loans shall be made at such rate of interest, not exceeding ten per cent., as may be agreed by the parties thereto, together with such premiums therefor as may be offered by the parties to whom the loans may be made. ⚫fficers. § 6. As soon as practicable after the association is ready Election of to go into operation as provided in section four of this act, the corporators shall call a meeting of the stockholders, giving reasonable notice of the time and place of such meeting, for the election of officers, who shall serve for one year, and until their successors are elected and enter upon the discharge of their respective duties. Annually thereafter, at such time as may be fixed by the by-laws, to be adopted by the stockholders, the officers shall be elect ed, and said stockholders shall have authority to pass and make any by-laws for the government of said corporation, not inconsistent with this charter or the laws of this State, or the Constitution of the State or the United States. 1872. laws, rules and § 7. Said corporation may provide in its by-laws what, May make bypenalties shall attach for failure to pay the installments of regulations. stock at the times fixed therefor, and shall have full power to enforce such penalties, whether the same shall be by fine or by forfeiture of such shares. It may also provide upon what terms members desiring to do so may withdraw from the association. And it may also direct what officers shall be required to execute bonds, with security, for the faithful performance of their duties, and the amount of penalty in said bonds; and said bonds, when executed, shall be fully binding upon the obligors thereto; and may require the payment quarterly, in advance, of five cents per week on each share to meet current expenses, and also fix an initiation fee of one dollar on each share. § 8. The officers and directors may adopt any rules for conducting the business of the association not in conflict with this charter, the by-laws of said association, or the laws of Kentucky, or the Constitutions aforesaid. § 9. Said corporation shall have power to issue and sell, or hypothecate its bonds, with coupons or interest warrants attached, for any sum not exceeding the capital stock actually paid up, and make the same payable at such time and place as may be deemed most advisable; but such bonds shall not bear a rate of interest exceeding ten per cent. per annum, to be paid annually or semiannually, as said corporation may direct: Provided, however, That no bonds shall be so issued without the unanimous consent of the stockholders. § 10. This act shall take effect from and after its passage. Approved February 24, 1872. CHAPTER 321. AN ACT to amend an act, entitled "An act for the benefit of the estate of Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That an act, entitled "An act for the benefit of the estate of Thos. H. Crawford," approved January 13th, 1872, be so amended as to authorize the administrator of said estate to institute suit in the Louisville chancery court against the heirs and creditors of said Thos. H. Crawford, under chapter four, title ten, of the Civil Code 1872. of Practice, in accordance with the provisions of the act to which this is amendatory. § 2. This act shall take effect from its passage. Approved February 24, 1872. CHAPTER 324. AN ACT to enable the board of trustees of Harrodsburg to pay and discharge the indebtedness of the town. WHEREAS, The board of trustees of the town of Harrodsburg, for the purpose of paying a judgment in the Federal Court at Louisville, Kentucky, against said corporation, has borrowed of the First National Bank of Harrodsburg, for the benefit of said corporation, the sum of four hundred and fifty dollars, executing therefor the individual obligations of the members of said board for the sum of four hundred and sixty-five dollars and ninety-two cents, of date 17th day of January, 182, and due four months after date, which sum, borrowed as atoresaid, has been applied to the payment of said judgment and costs; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That said action on the part of said board of trustees in borrowing said sum, and paying therewith the aforesaid judgment, be, and the same is hereby, legalized; and the money so borrowed shall be paid out of the taxes collected for said town, and out of funds belonging to said corporation, so as to save said individual members of said board harmless in the said individual obligation assumed by them; and if they should pay individually said debt assumed by them, they shall be refunded the amount so paid by them, with interest from time of payment, out of the taxes collected for the town, and out of the funds of said corporation. 2. That to enable eaid board of trustees to fully pay and discharge the indebtedness of said corporation, the said board of trustees is hereby authorized to borrow an additional sum of not exceeding one thousand dollars, to be applied to the payment of the indebtedness of said corporation, the sum so borrowed to be paid in the same manner as provided in the first section of this act for the said sum already borrowed; and to this end said board of trustees may issue the bond or bonds of said corporation, payable at such time or times and places as said board may determine, for the purpose of securing as aforesaid an additional loan of not exceeding one thousand dollars, which bond or bonds shall be signed by the chairman of said board in his official character, and countersigned by the secretary of said board in his official character; and when so issued and signed shall be the obligation or obligations of said corporation, and may be sold or hypothecated, or disposed of or used by said board, as the board may deem best, for the purpose of procuring money to pay the indebtedness of said town, and may be transferred by indorsement; said bond or bonds shall bear interest, payable semi-annually, at such rates (not exceeding ten per centum per annum) as said board of directors may elect. §3. This act shall take effect from its passage. Approved February 24, 1872. 1872. CHAPTER 326. AN ACT authorizing the trustees of the Baptist Church of East Fork, in Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That William Calloway, E. B. Moore, and E. D. Crabb, trustees of the Baptist Church of East Fork, in the county of Henry, be, and they are hereby, authorized, a majority of whom may act, to sell and convey the property now owned by said church, which was purchased of John Calloway and William Calloway, and reinvest the proceeds in other real estate, for the use and benefit of said church, for church purposes. The title to said property so purchased shall be held by the trustees of said church and their successors, in trust for the purposes aforesaid. § 2. This act shall be in force from its passage. Approved February 28, 1872. CHAPTER 327. AN ACT for the benefit of the securities of Robert Hamilton, late sheriff of Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That if the securities of Robert Hamilton, in his State revenue bond as sheriff of said county of Perry, for the year 1866, shall, on or before the first day of July, 1872, pay off and discharge the balance of principal, interest, cost, and commissions of the judgment against them in the Franklin circuit court, together with all attorneys' fees, then all damages upon the principal of said judgment shall stand remitted. |