empowered, on compliance with the conditions of the first section of this act by Mrs. Brown, to convey by deed of general warranty that part of the said alley hereby closed, to her, her heirs and assigns, forever. § 3. This act shall be in force and effect from its passage. Approved February 11, 1876. 1876. CHAPTER 153. AN ACT to amend an act, entitled An act to incorporate the Bardstown Be it enacted by the General Assembly of the Commonwealth of Kentucky: May establish male or femal § 1. That it shall be lawful for the board of trustees of the Baptist Female College, at Bardstown, by and with the advice school, or both. and consent of a majority of the stockholders in said institution, to open within their college buildings a school for the education of males or females or both, as the said board of trustees may deem will best promote the interest of said institution, or discontinue same as an institution, or sell and convey tinue, sell, or consame by consent of majority of stockholders. § 2. This act to take effect from its passage. vey. May discon Approved February 11, 1876. CHAPTER 155. AN ACT to amend an act, entitled "An act incorporating the German Lutheran Presbyterian St. John's Church in Newport," Session Acts 1850-'1, volume 2, page 270. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That so much of an act approved March 3d, 1851, vol. Name changed. 2, page 270, Session Acts 1850-'1, as establishes the name of the corporation therein referred to as "The Trustees of the German Lutheran Presbyterian St. John's Church in the city of Newport," be, and the same is hereby, repealed, and in lieu thereof it is enacted that the name of said corporation shall hereafter be known as "The German Evangelical Protestant St. John's Congregation of Newport, Kentucky." § 2. This act shall be in force and effect from and after its passage. Approved February 11, 1876. 1876. CHAPTER 156. AN ACT to repeal an act to prevent the sale of spirituous and vinous liquors in Elkton, Todd county, approved December 20, 1871. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That an act of the Legislature of Kentucky, passed and approved December 20, 1871, entitled "An act to prevent the sale of spirituous and vinous liquors in the town of Elkton, Todd county, or within one mile of the corporate limits thereof," be, and the same is hereby, repealed. § 2. This act shall take effect from and after its passage. Approved February 11, 1876. CHAPTER 157. AN ACT to prohibit the sale of spirituous or malt iiquors in the Sardis precinct, Mason county. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That it shall be unlawful for the county court judge of Mason county, or any other person or persons, to grant a license to any person or persons to sell spirituous, vinous, or malt liquors within the Sardis precinct, in Mason county. § 2. That the penalty for the violation of this act shall be the same as is now already provided for by law. Approved February 11, 1876. CHAPTER 158. AN ACT for the benefit of John E. Abbott, of Hart county. WHEREAS, John E. Abbott was sheriff of Hart county in 1872, and judgment was rendered against him in Franklin. circuit court for a considerable sum in favor of the State for unpaid taxes, and the sum of two hundred and fifty-two dollars and forty-four cents damages and costs, all of which he has paid, as will the principal and costs as the damages; therefore, Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the damages so paid be, and the same shall be, Appropriating refunded; and that the Auditor of Public Accounts draw his $252 44. warrant on the Treasury in favor of John E. Abbott for the sum of two hundred and fifty-two dollars and forty-four cents, the amount of said damages. § 2. This act to take effect from its passage. Approved February 11, 1876. 1876. CHAPTER 159. AN ACT incorporating and for the benefit of Building and Loan Associations of the county of Jefferson and city of Louisville. Be it enacted by the General Assembly of the Commonwealth of Kentucky: Ten or more to form associa § 1. At any time when ten or more persons may desire to form a Building and Loan Association, for the purpose of tion. aggregating a portion of the savings of all, and loaning the same to its members only, under the provisions of this act, they shall organize in the manner and at the times prescribed How organized. by an act of the General Assembly of this State, approved March 15th, 1870, entitled "An act to provide for the organization and regulation of incorporated companies, except banking, insurance, and railroad companies," and the amendment to said act, as well as under chapter 56 of the General Statutes. § 2. No charter granted under or by virtue of the provis- Term of charter. ions of this act shall be for a term longer than twenty years; Stock subject to lien. the capital stock shall at no time consist of more than four Capital stock. thousand shares, of two hundred dollars each; the installments on which stock are to be paid at such time and place as the by-laws of the said associations shall appoint; but no periodical payment shall be for more than two dollars on each share. Every share of stock shall be subject to a lien for the payment of unpaid installments and other charges incurred thereon, under the provisions of the charter and bylaws; and the by-laws may prescribe the manner of enforcing said lien. New shares of stock may be issued in lieu of the shares withdrawn or forfeited. The stock may be issued in one or in successive series, in such amount as the board of directors or the stockholders may determine; and any stockholder wishing to withdraw from the association may do so by giving thirty days' notice at any regular meeting, of his or her intention to do so, when he or she shall be entitled New shares may be issued. issued. How stock 1876. Proviso. to receive the amount paid in by him or her, and such proportion of the profits as the by-laws may determine, less fines and other charges: Provided, That at no time shall more than one half of the funds in the treasury of the association be applicable to the demands of withdrawing stockholders, without the consent of the board of directors, and that no stockholder shall be entitled to withdraw whose stock is in pledge for security. Upon the death of a stockholder, his or her legal representative may elect to hold the stock, and transfer of the same shall be made without charge or by notice as above. Said legal representative may withdraw the stock in same manner and for same amount as the stockholder before decease might have done. § 3. The number, titles, functions, and compensation of the officers of any corporation created by virtue of this act, their terms of office, times of election, qualifications of electors, ratio and manner of voting, and the periodical meeting of said associations, shall be determined by the by-laws: Provided, however, That each stockholder shall have one vote, and only one vote, without reference to the amount of stock he or she may. hold. 4. The said officers, or the association, shall hold stated meetings, at which the money in the treasury, if over two hundred dollars, shall be offered for loan in open meeting. Each stockholder shall be entitled to receive a loan of two hundred dollars for each share of stock held by such stockholder: Provided, That a stockholder may borrow such fractional part of two hundred dollars as the by-laws may provide, and good and ample security shall be given by the borrower to secure the repayment of the loan. In case the borrower shall fail to offer security, or shall offer security that is not approved by the board of directors by such time as the by. laws may prescribe, he or she shall be charged with one month's interest, together with any expenses incurred, and the money shall be re-loaned at the next stated meeting. In case of non-payment of installments or interest by the borrowing member for the space of six months, payment of principal and interest, without deducting the premium paid or interest thereon, may be enforced by proceeding on the bond and security by suit for personal judgment or decree of foreclosure according to law. § 5. A borrower may repay a loan at any time; and in case of the repayment thereof before the expiration of the tenth year after the organization of the association or the date of issue of the particular series of stock pledged for the loan, there shall be refunded to such borrower one tenth of the premium paid for every year of the said ten years then unexpired; and in case of recovery of loans by process of law, when the amount collected by, or distributed to, said association shall exceed the amount of loan taken by the borrower, with interest and charges, the money shall be re-loaned at the next stated meeting; and the excess recovered beyond the amount required to pay the loan, with interest and charges, shall be returned to the borrower from whom the money was collected, or his or her legal representatives: Provided, That in case the said corporation shall have issued its stock in series, such re loan shall be made only to the stockholders of the same series And provided, That if the premium offered for the reloan shall be greater than that originally given by the defaulting borrower, the amount of the original premium only shall be taken as the basis of the calculation made in arriving at the amount to be paid, as surplus, to such member by the said corporation: And provided, That such defaulting borrower may, at any time after the said re-loaning, demand from said corporation the amount required to be paid to a stockholder withdrawing his stock, saving and excepting, however, to said corporation the right to retain so much, or the whole thereof, as may be requisite to save it from loss in case the amount received shall not suffice to pay the re-loan. § 6. No premiums, fines, or legal interest on such premiums, that may accrue to the said corporation according to the provisions of this act, shall be deemed usurious, and the same may be collected as debts of like amount are now by law collected in this State. § 7. No corporation or association created under this act shall cease or expire from neglect on the part of the corporators to elect officers at the time mentioned in their charters or by-laws; and all officers elected by such corporations shall hold their offices until their successors are duly elected. 8. Nothing herein contained shall be applied to, or construed to affect, any cause or suit now brought, or that may be pending in any court in this State, nor shall any suit be 1876. |