1839 When & how Thomas Elliott, and John Rootes Thornton, together with those who shall hereafter become stockholders, as hereinafter directed, shall be, and they are hereby, created and made a corporation and a body politic, by the name and style of "The President and Directors of the Paris Fire, Life, and Marine, Insurance Company," and by that name shall have perpetual succession, and be capable, in law, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of law or equity in this Commonwealth, or elsewhere, and to contract and be contracted with; with full power and authority to acquire, hold, possess, use, occupy, and enjoy, and the same to sell, convey and dispose of all such real and personal estate which shall be necessary and convenient for the transaction of its business, or which may be conveyed to said company for the security, or in payment of any debt which may become due and owing to the same, or in satisfaction of any judgment of a court of law, or any order or decree of a court of equity, in their favor; and to make and use a common seal, and the same to alter or renew at pleasure, and generally to do and perform all things relative to the objects of this institution, which now is, or shall be, lawful for any individual, or body politic or corporate to do. SEC. 2. That the persons named in the first section, or a majority of them, shall open books of subscription for the books are to be stock in said company, which stock shall consist of two thou- opened, amount of capsand shares, of one hundred dollars each, payable in gold or ital stock. silver coin, and at the time of subscription they shall have a right to demand and receive five dollars on each share, and to have secured the residue, to the satisfaction of the corporation, payable in six months; which obligations may be renewed to be paid and from time to time, either for the whole, or such part thereof secured. as the president and directors shall determine. And it shall be the duty of the president and directors to give at least thirty days' notice of any call they may think it expedient to make; and in case of failure of any stockholder to meet such call, or to secure the payment of the remainder, as aforesaid, it shall be lawful for the president and directors to sell such may be forfe’d. delinquent shares, and transfer the same to the purchaser, or to declare them forfeited to the company, together with all previous payments thereon. No transfer of stock shall be deemed valid and complete so long as the person transferring the same, shall be indebted to the said company, until the amount for which he is so indebted, is secured to the satisfaction of the president and directors: and the stock of every stockholder shall be held as collateral security for the payment of whatever sum he may be indebted to said company, by note, for stock, or otherwise. and How stock is How stock President & SEC. 3. That the stockholders shall meet in Paris, in Bourbon county, at the place of opening books for the subscrip- directors to be tion of stock in said company, on the first Monday in May, elected. When eighteen hundred and thirty nine, or so soon as a sufficient and how. 1839 number of shares shall have been subscribed and paid, and secured to be paid for, as herein provided, upon giving two weeks notice of the time of such meeting, in the newspaper published in said town, and at the office of the company, on the first Monday in May, in each succeeding year, and elect a president and six directors, who shall continue in office until the first Monday in May of the ensuing year, and until their successors shall be elected; of which election, previous notice shall be given in a newspaper printed in Paris, if one be published there, if not, then in some newspaper printed in Lexington, at least two weeks; and in case of the death, resignation, or removal of the president, from the county, the directors may elect some person to fill such vacancy, for the residue of the year; and no person shall be chosen a director who does not own five shares of the stock. and number of votes that may be given. SEC. 4. That in all elections by the shareholders, each share, Who entitled to the number of ten, shall be entitled to one vote; and every to vote on stock five shares, over that number, owned by the same person, shall entitle him to one additional vote; but no person who is not a resident of the State of Kentucky, shall have a vote, and no shareholder shall have a vote at any election for president and directors unless he shall have been the owner of the stock three months prior to said election, by regular transfer upon the books of the company; and shares may be voted on by the executor or administrator of the deceased owner, or by proxy. appointed. SEC. 5. That the president and directors, for the time beOfficers and ing, shall have power to appoint such officers and agents unagents may be der them, and at such places as shall be necessary for the executing the business of said company, and to allow such compensation as may be agreed upon, and to require and take bond and surety for the faithful discharge of their respective duties and trusts; and the said president and directors shall By-laws and have power to make by-laws and ordinances to govern the corporation, and may repeal, alter and amend them; and the president and three directors shall constitute a quorum for the transaction of business, or four directors without the president, one of whom shall be chosen president for the time being. ordinances. 1 insurance and on what. SEC. 6. That the president and directors, for the time beMay make ing, shall have power and authority, in the name of the company, to make insurance at such rate of premium, or interest, as may be agreed upon by the parties upon buildings, furniture, machinery, goods, wares, and merchandise, of every de scription, against fire, in town or country; and also to make all kinds of insurance on every description of property transported by land or water within the United States; and likewise to make insurance on lives, by sea or water, or on shore, and to contract for, grant and sel! annuities, and to make all kinds of contracts in which the casualties of life or property are involved; and every such contract, bargain, argreement or policy to be made by the said corporation shall be in writing or in print, and shall be signed by the president, and shall be attested and signed by the secretary or clerk, who may be appointed by the president and directors for that purpose. 1839 May make dividends SEC. 7. It shall be the duty of the president and directors, on the first Mondays of May and November, in each and ev- profits. ery year, to make a dividend of so much of the profits of said corporation, as to them, or a majority of them, shall appear advisable; and in case of any loss or losses, whereby the capital stock of the corporation shall be impaired or lessened, no subsequent dividends shall be made until a sum equal to such dimunition, arising from the profits of said corporation shall have been added to the capital. of of credit, and is subscribed. SEC. 8. The corporation shall not issue notes or bills of Shall not iscredit, nor in any manner engage in the business of banking, sue not's or bills otherwise than in the purchase and sale of bank stock. Nor shall not' issue shall said corporation commence business, or grant any poli- policies until a cies of insurance, until five hundred shares are subscribed and certain amount paid for, or secured to be paid, as provided for in the second section. So much of the capital stock of said company as may not be permanently invested, may, at the discretion of the president and directors, be loaned on prommissory notes, at a discount not exceeding that authorized to be made by the banks incorporated by this Commonwealth, and at no greater rate of discount, without a forfeiture of the whole debt. When and how losses are to be paid to SEC. 9. That whenever said corporation shall be notified of any loss sustained or incurred on any policy of insurance granted or issued by the same, it shall be the duty of said cor- the insured. poration to pay the amount so lost or incurred on such policy, within sixty days after being so notified: provided there shall have been no violation of the condition of the policy on the part of the insured. Approved February 18, 1839. CHAP. 1259.-AN ACT to amend the charter of the town of Paducah. Chairman of SEC. 1. Be it enacted by the General Assembly of the Commonwealth of Kentucky, That hereafter when the office of board to be eChairman of the Board of Trustees for the town of Paducah lected. shall become vacant by the death, removal or resignation of the Chairman of the Board of Trustees, two thirds of those that are in office, concurring, shall have the power to fill said vacancy, and said Chairman, so elected, shall be vested with all the powers and rights vested in the Chairman of that Board by an act approved February thirteenth, eighteen hundred and thirty eight. 1839 Former law repealed. His oath. SEC. 2. That so much of the sixth section of an act, incor-' porating the town of Paducah, approved February thirteenth, eighteen hundred and thirty eight, as regards the Clerk, Assessor, Treasurer, Marshal and Market Master to give a lien on their lands and slaves belonging to them and their sureties from the time of the execution of their official bonds, for all sums of money that shall come into their hands, be, and the same is hereby, repealed. SEC. 3. That it shall be the duty of the Governor, by and Police Judge. With the advice and consent of the Senate, to appoint a judicial officer, to be styled "the Police Judge of Paducah," who shall be commissioned as such during good behavior; who, before he enters upon the duties of his office, shall take an oath before some Justice of the Peace, to discharge the duties of his said office faithfully and impartially, to the best of his ability, without favor, affection, or partiality, together with such other oaths as public officers are usually required to take. Jurisdiction. The said Police Judge shall have jurisdiction, within the limits of said town, of all causes, civil and criminal, in which Justices of the Peace have jurisdiction; he may sit as a Court of Inquiry in criminal cases, in which he shall have the jurisdiction now given by law to two Justices of the Peace, and shall proceed, in like manner, as said two Justices are required to proceed in criminal cases. He shall have jurisdiction of all offences under the by-laws of said town, and shall have power to enter judgment and award execution accordingly. He shall have full power and authority to grant injunctions and restraining orders against absent defendants, writs of ne exeat and habeas corpus under the same rules and regulations prescribed by the several acts authorizing certain Justices of the County Courts to grant injunctions, writs of ne exeat and habeas corpus; and it shall be the duty of said Judge to keep a record of his proceedings, a copy of which shall be evidence, and shall have the same effect as records of Justices of the Peace. He shall have power to issue summons for witnesses to give evidence in cases pending before him to compel their attendance; he shall have power to issue compulsory process. He shall have power to fine and imprison for contempt, provided that said fine shall in no case exceed ten dollars, nor the imprisonment twelve hours. He shall have power to order the Marshal to summons a jury in any case cognizable before him, when a jury would be required before a Circuit Court or a Justice of the Peace. It shall be lawful for said Police Judge to take depositions and certify the same, when they are to be read as evidence in any cause pending in any court in this Commonwealth. He shall be entitled to the following fees, viz: to a fee of one dollar upon every application for an injunction, ne exeat, restraining order, or writ of habeas corpus, to be paid in advance or collected as other fees; and in every case in which the injunction, ne exeat, or restraining order, so applied for shall be granted, the fee aforesaid shall be His fees. charged in the bill of costs against the defendant, unless said injunction, ne exeat, or restraining order, shall have been discharged; for a peace warrant, or warrant for a riot, rout, or unlawful assembly, or breach of the peace, fifty cents; for issuing a warrant for a violation of the by-laws of said town, or in any case where the Trustees are plaintiffs, twenty five cents; for swearing a jury and presiding on the trial in any case, except forcible entry and detainer, fifty cents; for taking recognizance to keep the peace, upon the application of any person, fifty cents, to be charged to the applicant. All other fees of said Judge shall be the same as those allowed Justices of the Peace for like services, and to be collected in the same way. 1839 SEC. 4. That upon all judgments rendered by the said Po- Appeals from lice Judge, each party shall have the right to appeal from said his judgments. judgments in the same manner that appeals are taken from judgments of Justices of the Peace in similar cases. Approved February 18, 1839, CHAP. 1260.-AN ACT to allow an additional Justice of the Peace and Constable for Washington county. WHEREAS, it is represented to this General Assembly, that the people of Washington county labor under great inconveniences for want of a Justice of the Peace, and Constable in the neighborhood of Stinnett's old place—for remedy whereof, Be it enacted by the General Assembly of the Commonwealth of Kentucky, That there shall be allowed to the county of Washington an additional Justice of the Peace and Constable, both of whom may reside in the vicinity of Stinnett's old place. Approved February 18, 1839. CHAP. 1261 -AN ACT to regulate the mode of appointing Trustees to the Be it enacted by the General Assembly of the Commonwealth of Kentucky, That, hereafter, in the appointments to the of fice of Trustee of the Cumberland Hospital, the Governor shall not nominate more than three of the five Trustees, who may have held that office at any time during the year next preceding. Approved February 18, 1839. |