guardians, etc.

§ 11. Said corporation may be appointed, and may May act as act as guardian for infants, as executors or administrators, or committee for idiots or lunatics, and receivers, assignee or other trustees, whether appointed by deed, by last will and testament, by any court within this Commonwealth, or in any other manner, not inconsistent with law. It may receive and hold in trust estate, real and personal, including notes, bonds, obligations, and accounts of estates and individuals, of companies and corporations, private or public; and may, in its fiduciary capacity, purchase, collect and adjust and settle, sell and dispose of the same in this State or elsewhere. It may act as agent or attorney in the leasing, conveying and managing real and personal estate, receiving and collecting rents and other moneys, in issuing and countersigning certificates of stock, bonds or other obligations of any corporation or municipality, State or public authority; and may receive and manage any sinking fund thereof; and may accept and execute and guarantee all such trusts, of every description, not inconsistent with the laws of this State, as may be committed to it by any other person, or by any corporation, or by any court of record of this State. It shall have a trust department, and all of its business of a fiduciary character shall be kept in a separate, special set of books.

made.

§ 12. It shall be the duty of the corporation, through Statement to be its president and cashier, to make a detailed statement annually (or oftener if so required), to such court or courts as may have committed any trust or trusts to said corporation, of all investments or loans of said fund, together with a statement, as near as practicable, of the value of the estates and property so committed by said court to said corporation, which statement shall be verified by the oath of one of said officers; and the said trust fund, and all the loans and securities thereof (in the possession of said corporation), shall be primarily liable for the obligations of said corporation as executor, administrator, guardian,

receiver, assignee, or trustee in any other capacity, and shall not be liable for any other debt or obligation of the corporation until all its obligations in regard to its trusts, as aforesaid, shall have been first duly met and discharged. Said corporation shall keep a complete set of books, showing receipts and disbursements of money, and giving a full and correct account of all its transactions in each and all trusts committed to its care, which books shall be open for the inspection of the courts committing such trusts to its care, and to the parties in interest, at such times as said court may direct.

§ 13. The capital of said corporation shall be taken Liability of capi- and considered as the security required by law for the

tal stock.

faithful performance of its duties, and other security shall not be required upon its appointment to any of the offices or duties mentioned herein, except when required by the courts or by parties in interest; but any court having jurisdiction to make or approve such appointment shall have power, before making or approving the same, and at any time thereafter, to examine the officers of the corporation, under oath or affirmation, as to the security aforesaid and the amount and extent of its fiducial and other liabilities; and if deemed advisable by said court or courts, to appoint a suitable person to investigate the affairs and management of the said corporation, and report to said court the manner in which its capital and funds are invested, and the security offered, to those by or for whom its engagements are held; the expense of such investigation to be paid by the said corporation. § 14. In the exercise, by said corporation, of the Resp nsibilities powers herein authorized as guardian, executor, adand penalties. ministrator, committee of lunatics, or of any office or duty imposed by the court, or otherwise committed to said corporation, it shall be subject to the same duties and responsibilities, and shall have the same powers, and receive the same compensation, as may be fixed by law with relation to individuals holding similar

offices or trusts, except as herein otherwise specially provided. The exercise of other powers, and the performance of other duties by said corporation, may be, as to compensation and otherwise, matters of contract with the parties interested.

§ 15. The elections provided for by this charter shall Elections. be held at the banking-house of said corporation in such manner and by such officers as may be determined upon by the board of directors, and the result of such election shall be declared in the manner and by the persons selected by said board.

§ 16. The General Assembly shall have the right to examine the affairs of the corporation by any committee, officer or agent appointed for that purpose, and reserves the right to alter, amend or repeal this charter at pleasure.

$17. This act shall take effect and be in force from and after its passage.

Approved January 16, 1890.

CHAPTER 23.

AN ACT to amend an act, entitled "An act to incorporate the Louisville
Safety Vault and Trust Company."

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

1. That an act, entitled "An act to incorporate the Louisville Safety Vault and Trust Company," be, and the same is hereby, amended as follows: That the corporate name be, and the same is hereby, changed from Louisville Safety Vault and Trust Company to "The Louisville Trust Company," and by that name shall have perpetual succession; and shall have and exercise all the powers given and granted in the original act of incorporation and all subsequent amendments, the change of name not to impair in any

respect any valid and binding obligation, contract or agreement, heretofore entered into by said corporation.

§ 2. That the capital stock of said company shall consist of ten thousand shares, of the par value of one hundred dollars each, with the privilege to increase the same by a vote of two thirds of the stockholders, at any annual or special meeting, to any sum not exceeding twenty-five thousand shares.

§ 3. That the board of directors of said company shall consist of not less than thirteen nor more than twenty-five stockholders, who shall serve from the time of their election until the next annual election, or until their successors are duly elected and qualified; and the board of directors shall have power to add to their number by filling all vacancies, however occurring, between the annual elections.

§ 4. All laws and parts of laws in conflict with this act are hereby repealed as to this corporation; and this act shall take effect and be in force from its passage.

Approved January 17, 1890.

CHAPTER 24.

AN ACT to authorize the citizens or other persons owning and producing timber on the waters of Big creek, of Clay and Leslie counties, to boom Big creek.

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

§ 1. That any citizen, or any number of citizens, living upon the waters of Big creek, in Clay and Leslie counties, or any other person owning or producing timber on said creek, be, and they are hereby, authorized to erect a boom across said Big creek at the mouth of said creek, in Clay county, for the purpose of catching saw-logs, staves, or other lumber floated down said creek.

§ 2. The person or persons booming said creek shall not be permitted to charge for catching and holding of any logs, staves, or other lumber, except by special contract with the owner of said logs, staves, or other lumber.

$3. This act shall take effect from and after its passage.

Approved January 17, 1890.

CHAPTER 26.

AN ACT to change the time of holding the Christian Quarterly Court.

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

1. That the Christian Quarterly Court shall be held on the second Monday of January, April, July and October of each year, and each term of said court shall continue as long as the business thereof may require.

2. This act shall take effect and be in force on and after the first day of February, one thousand eight hundred and ninety.

Approved January 17, 1890.

CHAPTER 27.

AN ACT to incorporate the Louisville Steam Motor Power Company.

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

§ 1. That W. S. Hays, Fred. Hoertz, G. E. Thurman, Incorporators. Z. Phelps, their associates, successors and assigns, be, and they are hereby, associated and incorporated as "The Louisville Steam Motor Power Company," with power to sue and be sued in and by its corporate name; to have and use a common seal, and with all other powers common or incident to incorporated bodies.