which shall in no event be less than the book value of said stock according to the last balance sheet of the selling corporation. Any amount so paid by the vendee to dissenting stockholders shall be deducted from the purchase price of the property in question. Approved March 20, 1918.

CHAPTER 16.

AN ACT to amend an act approved December 3, 1892, entitled "An Act relating to interest and usury."

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

That where any insurance company, as a condition for a lien by such company, of money upon mortgage or other security, may require that the borrower insure either his life or that of another, or his property with such company, and assign to such company, or cause to be assigned to it, any policy of insurance as security for such loan, and agree to pay premiums thereon during the continuance of such loan, and whether such premium be paid annually, semi-annually, quarterly, or monthly, such premiums shall not be considered as interest on such loans, nor shall any loan be rendered usurious by reason of any such requirement, where the rate of interest charged for the loan does not exceed the legal rate, and where the premiums charged for the insurance, do not exceed the premiums charged to other persons for similar policies who do not obtain loans.

Approved March 21, 1918.

CHAPTER 17.

AN ACT creating the office of district detective to the Commonwealth's attorney in counties containing cities of the second class, in which there is located circuit courts of continuous session, prescribing the method of appointment and removal, the duties, powers and salary and the method of payment of such officer.

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

§ 1. That in all counties of this Commonwealth having therein cities of the second class, in which there is located a circuit court of continuous session, there is hereby created the office of District Detective to the Commonwealth's Attorney. Said District Detective shall be appointed by the Commonwealth's Attorney for a term of four years, but may be removed at any time by said Commonwealth's Attorney.

§ 2. It shall be the duty of said District Detective to assist the Commonwealth's Attorney in the preparation of all criminal cases now pending, or which shall hereafter be brought in the Circuit Court of said county, by investigating the evidence and facts connected with such cases, and he shall aid the Commonwealth's Attorney in all matters pertaining to his office, and in such manner as may from time to time be designated by said Commonwealth's Attorney in such county.

3. Said District Detective shall have the same powers of arrest and the same right to execute process, as is now given by law to the sheriffs in such counties.

§ 4. The salary of said District Detective shall not be less than $1200 per annum, nor more than $1800 per annum, to be paid by the Fiscal Court in

such county, and shall be payable out of the county levy in such county in equal monthly installments.

$5. Whereas it is necessary for the proper conduct of the prosecutions pending in said counties that said District Detective shall be appointed at once, an emergency is hereby declared to exist and this Act shall take effect from and after its passage and approval by the Governor.

Approved March 22, 1918.

CHAPTER 18.

AN ACT for the benefit of West Kentucky Industrial College, making appropriations therefor, providing for State ownership of lands bought or improved and prescribing regulations for the control of said institution.

Whereas, West Kentucky Industrial College is established in the west end of this State, at Paducah, Kentucky, for the mental, moral and physical development of the colored people after the manner of the Booker Washington School of Alabama; and

Whereas, said college conducts and operates a training school for colored teachers, boys and girls; and there is no normal school in the west end of our State, and the Kentucky Normal and Industrial Institute at Frankfort, is too remote to afford opportunity for attendance from the west section without great expense; and

Whereas, said. college is non-sectarian and is operated for the common good and not for private gain; and is now in need of funds for further development, now, therefore,

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

§ 1. That there is hereby appropriated out of the general revenues of the State out of any funds not otherwise appropriated, for the benefit of the West Kentucky Industrial College, at Paducah, Kentucky, for colored persons, the following named sums for the specific purposes named and set out herein as follows:

(a) For the maintenance and operation of said college, the sum of three thousand dollars is hereby annually appropriated; provided, the said college gives free tuition to colored teachers taking a training course to teach in the colored common schools of Kentucky and free tuition to colored boys and girls who have attained the age of sixteen and have completed the common school course of this State; but no part of this annual appropriation may be used for the purchase or the improvement of real estate.

(b) For completing and equipping the building now in use and the payment of debts against same, the sum of five thousand dollars is hereby appropriated cut of the general revenues of the State not otherwise appropriated.

(c) That neither of said appropriations shall be paid by the State Treasurer to the officers of said College, payment to whom is hereinafter provided, until the building and site now owned by said college, have been conveyed to the Commonwealth of Kentucky, and title to same has been inspected and approved by the Attorney General, and upon certification of said conveyance, inspection and approval by the Attorney General, the said sums shall be due and payable by the State Treasurer to the officers of said college hereinafter named.

(d) That when teachers and students will have completed a prescribed course that has been approved by the Superintendent of Public Instruction, the said college may, upon conditions prescribed by the State Board of Education, issue to such persons certificates of graduation, which certificates, when signed by the Superintendent of Public Instruction, shall entitle the holder to teach in the colored common schools of this State in the same manner

and duration as diplomas issued or granted by the Colored Kentucky Normal and Industrial Institute. at Frankfort, Kentucky.

(e) That the sums of money hereby appropriated, shall be paid to the County Superintendent of the common schools of McCracken county and shall be used as herein directed, under the supervision of the Board of Trustees for said Industrial College as hereinafter provided for.

(f) That the foregoing named common school superintendent shall before receiving the sums above set out, execute bond to the Commonwealth of Kentucky to be approved by the County Judge of McCracken county and recorded in the Clerk's office of said county, in a sum twice the amount which come to or be in his hands under this Act at any one time.

(g) The President of the College, the County Superintendent of Common Schools of McCracken county, both of whom shall be ex-officio members of the Board, and three trustees to be appointed by the Governor, shall constitute the "Board of Trustees for the West Kentucky Industrial College" and shall have general supervision of its affairs and the expenditure of the appropriation herein made. Each of said trustees, to be appointed by the Governor, shall hold said office of trustee for a term of two years unless removed for cause. One of said trustees shall be a resident and citizen of McCracken county and the remaining two trustees shall be citizens and residents of the first Appellate District. The said Board of Trustees of the West Kentucky Industrial College shall have pwer to adopt by-laws, rules and regulations for the government of its members, official agents, employees, and the general management of said college, providing such by-laws shall