1872. Said towns, bonds to pay court may direct; and the chairman and board of trustees, or the mayor and aldermen of any town, or mayor or aldermen or council of any city, are hereby authorized &c.. may issue to issue the bonds of their respective towns or cities in like for stock. manner, and shall deliver forty per cent. of the amount of bonds subscribed to the president of said road, when the president and chief engineer of said company shall make and file with the county judge, chairman of any board of trustees, or mayor of any town or city, their affidavit, showing that thirty miles of said road has been graded, bridged, and ties prepared for laying the iron rails; and said president shall cause to be issued and delivered to the said party who deliver to him the bonds an equal amount of the stock of said railroad company; and the said party to whom the stock is delivered shall hold the same in trust for those who pay the taxes; and when tax receipts to the amount of one hundred dollars is presented, one share of stock shall be delivered to the party, and the tax receipts canceled and filed. The party to whom the stock certificates are delivered shall receive and receipt for all dividends that may be declared by the company on all stock remaining in his hands; the money shall be held as a sinking fund, and used only in retiring the bonds, which shall be done as soon as a sufficient amount is obtained to purchase one bond or more; and when an additional thirty miles of road is prepared as aforesaid, and affidavits are filed, an additional forty per cent. of the whole amount of bonds shall be delivered and stock received; and when another thirty miles is prepared as aforesaid, and affidavits filed, the balance of the whole subscription shall be delivered, and the stock issued therefor. The stock shall be in certificates of one hundred dollars each. All of said bonds shall be payable to bearer, bearing any rate of interest not exceeding ten per cent. per annum, payable semi-annually in the city of New York, and the bonds payable at such times as the company may direct, not exceeding thirty years from date; but before any such subscription on the part of any town, city, county, or part of a county, shall be valid or binding on the same, the mayor and aldermen or chairman and board of trustees of any town, the mayor and aldermen or council of any city, and the county court of any county or part of a county, shall submit the question of such subscription to the qualified voters of any Question of town, city, county, or part of a county in which the pro- be voted on by posed subscription is made, at such time or times as such said towns, &c. chairman, mayor, or county court may, by order, direct; but no vote shall be taken until a majority of the justices of the peace of said county, in their discretion, may order and direct the same; and should a majority of the qualified voters voting at any such election vote in favor of sub subscription to 1872. scribing stock in said railroad company, the mayor and aldermen, or chairman and board of trustees of any town, the mayor and aldermen or council of any city, or county court of any county to which such vote shall be presented, shall be authorized to make the subscription in the name of their respective towns, cities, counties, or parts of counties, and proceed to have issued the bonds to the amount of such subscription as hereinbefore directed; and the mayor and aldermen, or chairman and board of trustees of any town, mayor and council of any city, or the county court of any county that may subscribe for stock in said Authorities of railroad company, are hereby authorized and required to levy, annually, and collect a tax upon the taxable property in their respective towns, cities, counties, or parts of a county, as listed and taxed under the revenue laws of this State, a sum sufficient to pay the interest on said bonds as it accrues, together with the cost of collecting the same. They are authorized and required to make provision for paying said bonds at their maturity; and to enable them to do this, they may establish a sinking fund, and loan out the same at any rate of interest they can obtain, and if necessary, collect the same by law, or may adopt such other means as to them may seem proper and expedient; and may levy and collect taxes annually or otherwise on the property aforesaid for this purpose. eities, &c.. shall levy tax to pay bonds. § 17. The property of the company hereby incorporated Property to be shall be exempt from taxation under the revenue laws of exempt from this State until the half of said road shall have been comis one half completed. Said railroad company may construct or purchase tax until road pleted. a telegraph line near their road and branches, or may become owners of stock in any company which may construct such line of telegraph; and may establish an express company over their line of railroad, and become the owners of stock in such company, with the usual privileges of such co.npanies, and subject to the usual restrictions on them. 18. That said company may acquire any corporate rights, franchises, and privileges in other States, and use the same, which they may receive from the Legislatures thereof, or which they may acquire therein, not inconsistent with this charter or the laws of Kentucky. shall begin work on their road in good faith within three years, and complete the same within ten years from the passage of this act, or forfeit the powers and franchises herein granted. They § 19. This act shall take effect from and after its pas sage. Approved March 4, 1872. CHAPTER 417. AN ACT to authorize J. D. Cumbie to change the direction of the State road running through his lands, in Todd county. WHEREAS, It appears that the State road in Todd county, Kentucky, running through the lands of J. D. Cumbie, divides his lands so as to throw them into a very inconvenient shape; and whereas, it further appears that said road can easily be so changed as to save said Cumbie a large amount of fencing; and to avoid the inconvenience of such a division of his lands, without giving rise to any inconvenience to travel or any expense or trouble to the State, therefore. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That J. D. Cumbie is authorized and empowered to change the direction of the State road in Todd county, running through his lands, so as to make it intersect the Highland Lick road at a different point, and to divide his lands in a different way, provided said change shall be upon as good a route, and shall not lengthen said road more than five hundred yards longer than it now is. § 2. The land embraced by the old road in the part so changed shall become the property of said Cumbie, and be subject to his use and control: Provided, He shall deed, or cause to be deeded, to the State, the land occupied by the new road, which shall be of equal width as the old road: And provided further, That said new road shall be put in good condition for public travel. § 3. This act to take effect from its passage. Approved March 4, 1872.. 1872. CHAPTER 418. AN ACT to incorporate Salt River College. Be it enacted by the General Assembly of the Commonwealth of Kentucky: lished. §1. That there shall be, and is hereby established, the College estab Salt River College, to be located at or near the town of Van Buren, in Anderson county, State of Kentucky. § 2. That Thomas Milton, Hall Yowell, Holmes Franklin, Grigsby Thomas, Johnson D. Beard, James H. Wakefield, Henry McClusky, Win. L. Barker, T. Walter Heady, William C. May, Thomas Mcllvoy, James Trabue, and Noble Butler, are hereby constituted the board of directors and body-corporate, by the name of Salt River College; and by that name may sue and be sued in any court in Kentucky; may fill vacancies in their own body, from any cause occurring; shall, at their first meeting, elect a presi Corporators names. 1872. Directors to elect officers. names. dent, treasurer, and secretary of said college. At any meeting of said board of directors, any absent member may vote by proxy. They may at any time change the location of said college; may, in co-operation with the trustees hereinafter named, prescribe such rules and regulations for the government of said college, its officers, all its affairs, subject to the provisions of this act, as they may see fit. § 3. That Wm. Cotton, Jack Langsford, Wm. T. Burge, Trustees Z. Green Milton, Jacob M. Snyder, J. Riley Davis, and of directors & trustees. Sweasy, and their successors in office, shall be the trustees of this corporation, and shall have power to fill all vacancies in their own body from any cause occurring. § 4. The board of directors, and the board of trustees Term of office herein named, shall hold their office until the first Monday in July, 1875, at which time, and annually thereafter, the stockholders shall hold an election for a new board of directors and a new board of trustees, at which election each stockholder shall have a vote in proportion to the amount of stock held by him; and the directors and trustees elected at such meeting or meetings shall hold their office till their successors have qualified. lege. § 5. The said board of directors shall have power to reMay acquire ceive and hold, for the benefit of said college, any lands, property for benefit of col- tenements, hereditaments, moneys, stocks, goods, or choses in action, by gift, donation, devise, contract, or purchase, as the board of directors may deem necessary for the purposes aforesaid, and may dispose of the same at pleasure; to make any contracts or agreements; and to do and perform all such acts as any similar institution is permitted to do or perform. All property belonging to said institution of stock. shall be free of taxation. § 6. That books for the subscription of stock in aid of May open the establishment and maintenance of said college, shall books & receive bscriptions be opened at such times and such places as the board of directors shall direct; three commissioners to be appointed by the board of directors to open said books, any two of whom may act. The subscribers must enter into an obligation of the following import: "We promise to pay to the Salt River College fifty dollars for every share of stock set opposite our names, to be paid in such manner and proportions, and at such times, as may be required of us by the board of directors of said college." mechanical department. § 7. The said board of directors shall have power to May establish establish agricultural and mechanical departments, to enable indigent students to pay their tuition by labor therein. § 8. The president and faculty of said college shall have May confer power to confer such honors and degrees as are usual in the colleges of this Commonwealth. rees. $9. The officers and stockholders of said college shall not be individually liable for the debts and liabilities contracted by the corporation. § 10. That the common school of the district in which the college is located shall, at the option of the trustees of said college, be taught by the teacher or teachers thereof, under the control of said trustees, according to the provisions of the common school law of this Commonwealth. All white children residing in said district, who are entitled to the benefits of the common school fund, shall have the privilege of attending the said college, free of charge, for the term prescribed by the common school law of the State, and shall be taught reading, spelling, writing, arithmetic, geography, English grammar, history, and such other branches as the board of trustees may prescribe; but any or all of said branches may be taught in the departments of said college in which the common school is not taught. 11. That the said board of trustees may admit pupils within the school ages, from the districts adjoining the district in which the college is located, with the consent of a majority of the trustees of the said adjoining districts, to be taught in said college during the term common school is taught; and the said trustees shall report to the county commissioner, upon oath, the number of said pupils attending said college; and the commissioner shall pay to the said trustees, at the same time the common school fund is payable to the trustees or teachers of the common schools, the pro rata of the common school fund of each pupil attending said college from the said adjoining districts. 12. That this act shall take effect from and after its passage. 1872. Stockholders not individual ly liable. Common school may be taught in college. Approved March 4, 1872. CHAPTER 419. AN ACT to repeal the charter of the Providence Mining, Manufacturing, and Shipping Company. WHEREAS, It has been made known to this General Assembly that a large majority in value of the stockholders of the Providence Mining, Manufacturing, and Shipping Company have tendered to the Commonwealth a surrender of all of the corporate franchises of said company, and requested of this body an acceptance thereof, and a repeal of the act, entitled "An act to incorporate the said company," approved 5th day of February, 1856, and all acts styled amendments of said act; and whereas, said com |