Page images
PDF
EPUB
[ocr errors]

when it shall act more effectually to suppress the practice of operate.

duelling," approved Februarý the 4th, 1812, it shall and may be lawful for the court or magistrats, or any other person authorised by law to perform that duty, to administer the oath with this amendment, to wit: In lieu of the first of April 1812, insert the first day of January 1818; whereupon such person shall be exempt from all the disabilities imposed by said recited act, by failing or refusing to take the oath therein prescribed.

82. Be it further enacteil, That it shall be lawRegulations ful for any attorney at law who may have incurnies ar law,

red
any

disabilities under the said recited act against duelling, to apply for, and upon obtaining from any two judges of the Circuit or of the Court of Appeals, a license to practise law, it shall and may be lawful for said attornies to practise in any court of law or equity in this commouwealth, upon taking the oath against duelling as prescribed by this act, and shall thereupon be exempt from all the disabilities incurred as aforesaid.

as to attor

CHAP. CCXVI.

AN ACT to incorporate Sanders' Manufacturing

Company. .
Passed 31st January 1818, pursuant to the provisions

of the constitution, the objections of the acting Gov

ernor to the contrary notwithstanding.

01. BE it enacted by the General Assembly of the Company in- Commonwealth of Kentucky, That a company corporated

be incorporated by the name and style of “ SanName, ders' Manufacturing Company," and by the same

name shall have succession during the continuance of this act, and shall be able to sue and be

sued, implead and be impleaded, answer and be Powers: answered in all courts of law or equity in this

state or elsewhere; and to make and have a common seal, and the same to break, alter or renew

at their pleasure ; and also to ordain and estabÉstablish by- lish such by-laws or ordinances and regulations laws.

as shall appear necessary for regulating the con

cerns of said corporation, not being contrary to this act, or to the constitution and laws of this state, or of the United States.

02. Be it enacted, That the capital stock of Capital said corporation shall be three hundred thousand dollars, divided into six thousand shares of fifty dollars each.

03. Be it enacted, That for the well ordering Directors of the affairs of the said corporation, there shall how to be

chosen. be seven directors (being stockholders in said company) chosen by ballot on the first Monday in April 1918, and on the first Monday in January in every year thereafter during the continuance of this charter, by a plurality of votes of the stockholders present, or by proxy, each stockholder voting the number of votes he may be entitled to, agreeably to a scale hereinafter named; and the director's so chosen shall serve as such until the first Monday in January in each yoar, and until others shall be chosen, and no longer ; to choose a and at their first meeting after such clection they president. shall choose one of their own body as president; and should it at any time happen that an election Proviso. of director's shall not be made upon the day when pursuant to this act it ought to have been made, the said corporation shall not for that cause be dissolved, but it shall be lawful on any other day to hold and make an election of directors, in sucha manner as shall have been regulated by the bylaws and ordinances of the said corporation ; and in case of the deatlı, resignation or disqualifica- Vacancies tion of a director, the place of such director for how filled. the remainder of the year shall be filled up by the board of directors for the time being; and no per- Directors of son who is a director of any other manfacturing other banks company or bank shall be a director of this. ineligible. 04. Be it enacted, That subscription books

Books for shall be opened on or before the first Monday in subscription

and February next in the town of Lexington, under when the direction of the following commissioners, where to be

opened. to wit: James Morrison, William Leavy, John Fowler, Thomas Bodley, James Weir and William W. Worsley, or any two of them. And be it enacted, That George M. Bibb, James

Commission. Johnson, Nathaniel Hart, John T. Mason, jun.and ers to exam

ine and valuo John March, be, and they are hereby appointed turing estab: commissioners to survey, cxamine and inspect lishment, ap. the present manufacturing establishment at Sanpurtenances, ders, in the county of Fayette ; and after a due &c.

examination thereof, viz. Sixty acres of land and the buildings thereon, including all the cotton and woolen machinery of every description whatsoever appertaining to the factory buildings, shops, tools, fulling-mill, dressing-shop, loomhouse, looms and appendages thereto ; also the steam engine, and every thing that fairly and properly belongs to said establishment, upon said examination the said commissioners shall aflix a fair value and price for the same, and give a schedule or inventory thereof, stating the valire in money of each item, taking into view the convepience and importance of such an establishment to a manufacturing company, to which they shall subscribe their names, and deliver the same to Lewis Sanders, the proprietor thereof.

$ 5. Be it enacted, That the said Lewis SanProprietor ders may, and he is hereby authorised to subscribe authorised to in the books opened for subscription to form the subscribe the

at capital stock of said corporation, the amount his which said es- said manufacturing establishinent may be valued tablishment to by the commissioners appointed for that purmaybe valued

pose.

And be it enacted, That all other subscribers Shares how shall pay at the time of subscribing five dollars and when to in lawful money of the United States, in gold or, be paid.

silver, or in the notes of the Bank of Kentucky or its branches, or in the notes of the Bank of the United States or its branches on each share subscribed, and five dollars on cach share in like money on the first day of July next, and five dollars on each share in like money in

every succeed. ing two months until the whole is paid.

0 6. Be it enacted, That on the execution of a The estab- sufficient deed by the said Lewis Sanders, agreelishment

ably to the laws of this state, conveying to Sar be conveyed to the compa ders' mansacturing company the lands, factory, ny by the buildings, machinery and improvements, with proprietor. the privileges and appartenances thereunto be

longing, perfectly free from all incumbrances whatsoever, he shall thereupon receive certificates

amount

to

to

or evidences of stock in the said company to the To receive amount of his manufacturing establishment, as certificate of

the amount valued anal certified by the commissioners aforc- of his stock. said appointed for that purpose.

$ 7. Be it enacted, That there shall be a gen- General eral meeting of the stockholders on the first Mon- meeting. day in January in each year during the contilill

President & ance of this charter, at which meeting the presi- directors dent of said company shall preside ; and at these lay before meetings it shall be the duty of the presislent and stockholders director's to lay before the stockholders a fair and an account of

the corporafull account and statement of the affairs and con- tton. cerns of said corporation.

$ 8. The following rules, restrictions, limitations and provisions shall be the fundamental articles of the constitution of the said corporation, viz.

First-The number of votes to which each Votes by the stockholder shall be entitled shall be according stockholders. to the number of shares he shall boil in the.proportions following, viz. For one share, one vote; for every two shares, above two and not exceeding ten, one vote; for every four shares above ten, one yote. No share or shares shall confer a right of suffrage which shall not have been holden three calendar months previous to the day of election. Second-Any president or director ceasing to President &

directors be a stockholder, shall cease to be a director or

be president, as the case may be,

stockholders. Third--Not less than four director's sball constitute a board for the transaction of business, of Not less than

four to whom the president shall always be one, except stitute in case of sickness or necessary absence, in which board. case his place may be supplied by any other director chosen president protein.

Fourth- The president and directors for the Managers, su. time being shall have power to appoint and om- perintendploy managers, superintendants, artificers, la- be appointed. borers and hands necessary for the working and carrying on the different branches of the said manufactory; and also have power to appoint Also other such other officers and servants as may be neces- officers. sary for executing the business of the said corporation, removable at pleasure, and to allow

Compensa

tion them such compensation for their services res- cers, &c. pectively as shall be reasonable.

must

con

а

[ocr errors]

to offi

est.

Fifth-The lands, tenements and hereditaments Corporation which it shall be lawful for the said corporation may

hold

to hold, shall be such only as shall be requisite lands.

for its accommodation, relative to the convenient transacting of its business, and such as shall have been bona fide mortgaged or conveyed in trust to it by way of security.

Sixth-At least one hall of the capital stock One half of of said corporation shall be vested in and fully the

capital used and employed in manufacturing wool, cot. ed in manu ton, paper, leather, grain and soap, and such facturing other useful and beneficial manufactures as a ma

jority of all the directors may from time to time determine on.

Seventh-The other half of the capital stock Other half in of said corporation may be used and employed in banking banking.

Eighth-The said corporation shall not take or Rate of inter receive more than at the rate of six per centum

per annum for its loans.

NinthIt shall be the duty of the said presiIn loans pre

dent and directors in making loans or discountforence to be ing paper, to give the preference-first, to the given to cer- paper offered by manufacturers; second, to the tain persons.

paper

offered by mechanics ; and third, to the paper offered by the growers and exporters of the produce of Kentucky,

Tenth-The stock of said corporation shall be Stock trans- assignable and transferable according to such ferable.

rules and regulations as shall be prescribed by the ordinances of the same.

Eleventh-The bills obligatory and of credit Bills of cred- under the seal of the said corporation, which it assignable shall be made to any person or persons, shall be by endorse

assignable by endorsement thereon, under the ment.

hand or hands of such person or persons, and of liis, her or their assignee or assignees, so as ab. solutely to transfer and vest the property in

each and every assignee or assignees succesNotes paya- sively; and all bills or notes which may be isble to order sued by order of the said corporation, signed or bearer,

by their president and counter-signed by their clerk, cashier or treasurer, promising the payment of money to any person or persons, his, her or their order, or to the bearer', though not

« ՆախորդըՇարունակել »