and southward to the river; thence up the river with its meanders to the beginning. § 2. The legislative powers of the said city shall be vested in seven councilmen, whose qualifications shall be the same as now provided by law; and each of the said wards shall be entitled to one and only one member of the board of councilmen of the said city, who shall at the time of his election and membership be a bona fide resident of the ward from which he shall be elected. In case of his removal from the ward from which he is chosen his office shall be declared vacant, and the vacancy filled as now provided by law. §3. The several voting places of the said wards shall be as follows: For the first ward, at the city court-house; for the second ward, at Hipkins' livery stable; for the third ward, at the Planters' warehouse; for the fourth ward, at Wheeler's warehouse; for the fifth ward, at the Rock Bridge stemnery on North Main street; for the sixth ward, at E. L. Foulk's coal yard; for the seventh ward, at Armstrong's livery stable near Seventh street bridge. But the board of councilmen may, from time to time, change these several voting places, or any of them, in their discretion: Provided, That the votes of the voters of the several wards above enumerated shall, in no election for city officers, be taken, recorded, or received outside the limits of the particular ward in which such voter or voters shall reside at the time. § 4. It shall be unlawful at any election for councilmen for the voters of the several wards above enumerated to vote for any candidate or person for councilman of the said city, except one; and such candidate or person so voted for for said office of councilman, shall be a resident of the ward in which such voter resides. § 5. No person shall be deemed a qualified voter for the office of councilman of said city who has not been, for at least sixty days, next preceding the election, a bona fide resident of the ward in which he proposes to vote. § 6. Subsection first of section thirteen of article three, and the words "when laid off and established by the board of councilmen as hereinafter provided,” in the first section of said article three of the act of which this is an amendment, are hereby repealed; and hereafter the board of councilmen of said city shall have no authority to divide or sub-divide said city into wards. 7. This act shall take effect from and after its passage: Provided, That the term of office of the present board of councilmen shall remain as now fixed by law. § 8. All laws and parts of laws in conflict with this act are hereby repealed. Approved January 22, 1890. Capital stock. CHAPTER 46. AN ACT to incorporate Simpson County Bank, Franklin, Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That there be, and there is hereby, etablished in the town of Franklin, Simpson county, State of Kentucky, a bank by the name of "Simpson County Bank," with a capital stock of fifty thousand dollars, to be divided into shares of one hundred dollars each, to be subscribed and paid for as hereinafter provided; and the subscribers and holders of said shares of stock, and their successors, associates and assigns, shall be, and are hereby, created a body-politic and corporate, under the name and style of "Simpson County Bank," and shall continue a body-politic and corporate for fifty years from the date of its organization; and shall be capable of contracting and being contracted with, of suing and being sued, of answer ing and being answered, and of defending in all courts and places whatever. It may have a common seal, and change and renew the same at pleasure. ors. § 2. Said bank shall be under the control, manage- Board of directment and direction of seven directors, each of whom shall be stockholders, and, after the first election, shall be elected annually on the first Monday in January in each year, and shall hold their offices for one year, and until their successors are elected and qualified. They shall elect one of their number president of the bank, also they shall elect one of their number vice-president. The vice-president shall act as a director at all times, except when performing the duties of president. The directors shall hold regular meetings at such times as may be fixed by the by-laws, but the president may call a meeting at any time he may think proper, of either the directors or stockholders. In case of death, resignation or inability of any director to serve, the vacancy shall be filled by the board of directors till the regular annual election. The directors shall have power to receive subscriptions for so many of the shares of stock of said bank remaining unsold as they may at any time choose to sell; to declare dividends of the profits arising from the business, and to appoint such officers, agents or employes as they may deem necessary to conduct the business of the bank, and pay them such compensation, and take from them such bonds to secure the due and faithful performance of their duties, as they shall think proper and reasonable; but the cashier of said bank shall be a stockholder, and shall be elected by the directors immediately after their election and qualification. A failure to hold the regular annual election on the day above designated shall in no case or in anywise impair the rights and privileges of said corporation, but in such case the election may be held on a day appointed by the board of directors, after thirty days' written notice by the cashier or the president, posted at the banking-house of said bank, or Take oath. By-laws. Deposits. published in two successive issues of any Simpson county newspaper, and shall have the same effect as if held on the regular day designated. At all said elections for directors each stockholder shall have one vote for each and every share of stock he or she may own or hold in said bank. The stock of any absent stockholder can only be voted by written proxy for officers or otherwise. The board of directors, at their last regular meeting next before the election of officers, shall appoint a judge and clerk (who shall also be stockholders) to hold said election of directors, and the certificate of such judge and clerk shall be conclusive proof of the election of the persons therein named as directors. 3. The terms of office of the cashier, clerks and other agents or employes of said bank shall continue only at the pleasure of the directors. § 4. The president, directors and other officers of this bank, previous to entering on the discharge of the duties of their several offices, shall take an oath before a justice of the peace, or some other officer authorized to administer an oath, to faithfully, honestly and to the best of their skill and judgment discharge all the duties of their respective offices and stations under this charter, or which may be required of them by the by-laws and rules of said bank. 5. The board of directors shall have power to make all necessary by-laws as they may deem proper for the management of the bank: Provided, however, The same shall not be contrary to the laws of this State or of the United States, nor in conflict with this charter. § 6. The bank may receive deposits of gold, silver, bullion, currency or any thing lawfully circulating as money, and repay the same in such manner, at such times and with such interest (not to exceed the legal rate fixed by law) as may be agreed upon with the depositors by general or special contract. It may borrow or lend money, buy or sell checks, bills of sonal estate. exchange, promissory notes, current or uncurrent 87. Said bank may receive deposits from minors and married women, and the checks and receipts and acquittances of such minors and married women shall be good, valid and effectual in law to protect the bank from any and all liability to the parent, guardian or husband of such minor or married woman. per § 8. The payment for the shares of stock subscribed shall be made as follows, namely: Fifty dollars shall Pay.nent of capibe paid on each share when subscribed, and the residue in such installments and at such times as the 6-LOCAL LAWS, VOL. 1. tar stock. |