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published, or stuck up on the court-house door of said county, a clear and explicit account of the sum of money raised by this act, and the manner in which it has been expended.
An ACT giving certain powers to the County
APPROVED January 30, 1818. 01. BE it enaoled by the General Assembly of Court to pro: the Commonwealth of Kentucky, That when any in which the county court of this commonwealth shall puil courts may sit down their court-house, for the purpose of erectwhen there is ing a new one, it shall and may be lawful for such house.
county court to rent a suitable house from time to time for the purpose of holding the courts of such county in, until such new court-house may be completed : Provided, such house so rented as aforesaid does not exceed one quarter of a mile from the public square of that town where such new court-house may be intended to be erected. And it shall and may be lawful for the several courts of such county to be holden in
house so provided by such county court, until the completion of such new court-house.
2. Be it further enacted, That such county court shall have power from time to time to pay for the rent of any house so provided, out of the county levy.
An ACT to incorporate the Kentucky. Ohio Canal
APPROVED January 30, 1818. WHEREAS it appears that the opening of a canal around the falls of the Ohio river, will be of great public utility ; and that the highest interests of this state, and the states of Ohio, Pennsylvania, Virginia, and of the general govern.
ment, require of the legislature of Kentucky the adoption of suitable measures for the immediate commencement of this national work: Therefore,
9 1. De it enacted by the General Assembly of the Commonwealth of Kentucky, That a company shall be formed under the name, style and title of Name of cor
The Kentucky Ohio Canal Company," for the poration. purpose of opening a canal navigation, with suit. For what pur able locks, round the falls of Ohio river, on the pose formed. Kentucky side thereof.
82. Be it further enacted, That the capital stock Capital stock. of said company shall be six hundred thousand dollars, divided into six thousand shares of one hundred dollars cach.
83. Be it further enacted, That books for the Books for sub subscription to the stock of said company shall be scription,
when&where opened in the town of Louisville, on the first
to be opened Monday in April next, at such place as the commissioners hereafter named shall direct, to continue open from day to day for one montlı, and afterwards from time to time by adjournment or otherwise, as the commissioners shall think best, until the whole sum licreby authorised to be subscribed shall be taken.
$ 4, Be it further enacted, That William Lytle, Comm’rs. Thomas Prather, Richard Steele. John Gwathmey, Worden Pope, Cuthbert Bullitt, Thompson Gray, Levi Tyler, David L, Ward, James A. Pearce, Craven P. Luckett and Archibald Allen, shall be, and they are hereby appointed commissioners under this act; who shall have power to To appoint appoint one of their body as chairman, and officers. a fit person as secretary to the said board, which
shall be denominated the Board of Commissioners for the Kentucky Ohio Canal Company. The said board shall possess power to appoint two or To appointomore persons, at as many towns and places with-ther comm'rs in this state, or any other state or territory, as
receive commissioners to open books for the subscription
subscriptions of stock to said company, in such manner and form as they shall prescribe ; and to cause them to return their books of subscription, or report the amount subscribed, and by whom, as often as shall be required by the board of commissioners at Louisville.
$ 5. Be it further enacted, That of the capital Part of stock stock of said company two thousand five hundred reserved for
shares shall be reserved to be subscribed by the states.
respective states, whenever they shall think proApportioned per to do so; that is to say, for the state of Kenbetween the tucky, five hundred shares; for the states of Ohio,
Pennsylvania and Virginia, fire hundred shares each ; and for the general government, five hundred shares ; and the board of commissioners at Louisville shall possess power to take such steps as they may think best, to induce the general governnient, and each of the states for which stock is reserved, to consent to take the amount of said stock; and the stock, when taken by the Uuited States, or either of the states for which the same is hereby reserved, shall vest the same power in
the authority as authorised by each state respecsidente di tively, to vote at each annual or general mceting
of stockholders to elect a president and directors, as individuals or bodies politic or corporate pos
9 6. Be it further enacted, That the subscripPersons sub- tions to the capital stock of said company sball scribing;
to be made in the following manner: At the time of give
their notes. subscribing, each person shall give his note, ne
gotiable and payable at the Louisville branch bank of Kentucky, for the amount of five dollars on
each share subscriberl, payable ten days after the ble.
first general meeting of stockholders and election of president and directors, of which meeting at least thirty days notice as aforesaid shall be giv, en; and twenty dollai's on each share, including the first five, within sixty days after such election; and ten dollars on each share every ninety days thereafter until one half of the stock shall be paid; and ten dollars in every six months thereafter, unless in the opinion of the president and directors a longer time of payment may be given, of which they shall give notice in the pub
lic papers. printed at Louisville. Subscriber to
07. Be it further enacted, That no subscriber have no divi. shall have any benefit, or draw any dividend from dend, if he said company, while any failure exists in the payhas failed to
ment of instalments as they become due ; pay any in
and on failing three months at any time to pay any
instalment, shall forfeit the same to the use of the company, or such shares may be sold for the benefit of said company, the owner always being liable for any deficiency occasioned by such sale.
8 8. Be it further enacted, That when it shall When half of appear by the returns made to the board of com- the stock is missioners at Louisville, that one half of the stock
general meet to be subscribed for by individuals, bodies corpor- ing to be calate or politic, have been taken, they shall imme- led. diately take the necessary steps to have a general meeting of the stockholders called, at such time as they may think proper, giving not less than thirty days notice in the public papers printed in Louisville, Frankfort, Lexington and Cincinnati, of such tinte and place of meeting for the purpose of choosing a president and seven directors of the Kentucky Ohio Canal Company. 09. And be it further enacted, That the com
Body politic. pany, when so formed, shall be, and they are hereby created and made a corporation and body politic, by the name, style and title of the “ President and Directors of the Kentucky Ohio Canal Company,” and shall so continue and have per- Privileges. petual succession, and by that name are hereby made able and capable in law to sue and be sued, plead and be impleaded, answer and be answered in all courts of law and equity in this state and elsewhere, and to make, have and use a common seal, and the same to break, alter or renew at pleasure ; and also to ordain and establishi such Powers. by-laws, ordinances and regulations as shall appear necessary for regulating the concerns of said company, not being contrary to this act or to the constitution and laws of the United States and of this state.
. 10. Be it further enacted, That the vumber Scale of rots of votes to which each stockholder shall be enti- ing. tled, shall be according to the namber of shares they may hold, in proportion as follows: For every share under five, one vote ; for every two shares over, and not exceeding ten, one vote for every four shares over ten, and not exceeding thirty, one vote; for every six shares over thirty, and not exceeding sixty, one vote ; for every eight shares over sixty, and not exceeding C
hundred, onc vote; and for every ten shares over one hundred, one vote. And after the first election no share or shares shall confer a right of of voting which shall not have been holden three
calendar months previous to the day of elerMay vote by tion.
All stockholders, who are residents of proxy, and the United States, and no others, may vote
but a shareholder by proxy; and none but a stockholder shall be shall be eligi- eligible as a president, director and treasurer, and ble to an of- every president, director and treasurer', as the fice.
case may be, shall cease to be such on liis ceasing to be a stockholder.
11. Be it further enacted, That the stockholdAnnual meeting.
ers in said company shall meet annually on the first Monday in April in every year for the purpose of choosing a president, seven directors and treasurer as aforesaid, to continue in office for
one year, and until others shall be closen First presi- in their place; and the first president and direcdent and di- tors shall continue from the time of their elecrectors, how tion until the first Monday in April 1819, and unnue in office. til others shall be elected as aforesaid in their
stead ; and in all vacancies which shall happen in their body, the board shall fill such vacancy until the next annual meeting.
§ 12. Be it further enacted, That the president Power of pre- and directors of said company, by themselves or sident & di- agents, shall have full power to enter with their vey & lay off superintendants and workmen, as they shall find route for ca necessary; into and upon any lands in the vicininal.
ty of the proposed canal ; and to survey and lay out such route or tract as shall be deemed by them most practicable for effecting a safe and easy navigation, by means of locks or other devices, doing as little damage as possible to the grounds
and enclosures. And it shall be lawful for the To agreewith owners of soil president and directors to contract and agree with thro" which the owners of the lands and tenements for the it may run. conveyance of so mucli as will be necessary for
the purpose of making and perfecting the said navigation, and of crecting and establishing all the necessary locks, works and devices to such a navigation belonging, if they can agree with such owners; but in case of disagreement, the said company may lay out and open their works on