not probable that he will be an experienced man in matters relating to taxation, and, for that reason, it is for the best interest of the auditor's office as well as the State Tax Commission that a member be appointed who can devote his entire time to the duties of his office: therefore,

Be it enacted by the General Assembly of the Com monwealth of Kentucky:

1. The Governor shall appoint a third member of the State Tax Commission to succeed the Auditor of Public Accounts, but this appointment shall not be made until July 1, 1919, and the member so appointed shall serve for a term of four years from the date of his qualification. Said third member shall be paid the same salary as is now provided for the members of the State Tax Commission appointed by the Governor, and the same restrictions and laws applying to the present members shall apply to the third member so appointed. His salary shall be paid out of the appropriation made for the support of the State Tax Commission. The Auditor shall continue as a member of the said commission until such third member has been appointed and qualified as herein provided.

Approved March 26, 1918.

CHAPTER 30.

AN ACT repealing Section 4527, Chapter 113, Article 16, Kentucky Statutes, Carroll's Edition, 1915, relative to the State Normal School for Colored Persons and amending and reenacting same.

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

1. That Section 4527, Chapter 113, Article 16, Kentucky Statutes, Carroll's Edition 1915, relative to the State Normal School for Colored Persons, be

and the same is hereby repealed, and the following re-enacted in lieu thereof:

Trustees-Appointment-Term of Office-Powers -Vacancies-Treasurer. The State Normal School for Colored Persons, established by an Act of the General Assembly, approved May eighteenth, one thousand eight hundred and eighty-six, shall hereafter be under the control and supervision of a board of trustees, composed of the Superintendent of Public Instruction, who shall be ex-officio chairman of the board, and three intelligent and discreet persons, to be appointed by the Governor subject to the approval of the Senate, who are hereby constituted a body corporate, with power to sue and be sued, plead and be impleaded, and to hold in trust all funds and property now owned by said school, or which may hereafter be provided for it, and shall be known and designated as "The Board of Trustees of the Kentucky State Normal School for Colored Persons," provided that no two appointive members of said board shall be residents of any one county.

The term of office for the three members appointed by the Governor shall begin on the first day of July, one thousand nine hundred and eighteen, and one member thereof shall retire as may be determined by lot, at the end of one year thereafter; one in two years and the other in three years; their successors shall be appointed by the Governor, for a term of three years; they shall be subject to removal by the Governor for cause, and he is authorized to fill all vacancies occurring by death, resignation or otherwise, provided that the board as now constituted shall continue in office for their respective terms.

Said board shall adopt such rules for the government of said school, not inconsistent with law, as

they deem proper, and shall supervise all its interests, provide for all of its wants, confer weekly with the faculty and require formal reports of the actual condition of the school in every regard. They shall biennially, beginning on the first day of July, 1918, elect some suitable person outside of their own number as treasurer, who, before entering on his duty, shall give in bond such a sum as they may prescribe, and they shall agree with him as to compensation: Provided, that in no case shall such compensation exceed one hundred dollars per annum: Provided that no member of the board of trustees of the State Normal School for Colored Persons shall draw any salary for their services as such, but shall be paid their necessary traveling expenses and hotel bills in going to and from each meeting of the board and other legitimate expenses, to be paid out of any money not appropriated by the State of Kentucky for said State Normal School for Colored Persons, said expenses to be paid after an itemized account is filed as is now required by law for similar expenses against the State.

§ 2. That all laws and parts of laws in conflict with this law are hereby repealed.

Approved March 26, 1918.

CHAPTER 31.

AN ACT relating to banks and banking, being an Act to amend Section 579, Kentucky Statutes, Carroll's Edition 1915, entitled "Business-when may begin-powers of corporation."

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

That Section 579 of the Kentucky Statutes, compiled and edited by John D. Carroll, and issued in the year one thousand nine hundred and fifteen, be

and the same is hereby amended and re-enacted by adding to said section the following language:

"Any bank or trust company may accept for payment at a future date drafts or bills of exchange drawn upon it by its customers and issue letters of credit authorizing the holders thereof to draw drafts upon it or its correspondents at sight or on time, not exceeding one year, and may also accept drafts or bills of exchange drawn upon it, having not more than six months sight to run, growing out of transactions involving the importation and exportation of goods; and any bank or trust company may discount acceptances which are based upon the importation or exportation of goods and which have a maturity at time of discount of not more than three months and are endorsed by at least one other bank or trust company; but no bank or trust com pany shall accept such drafts or bills of exchange. to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired capital stock and surplus, except by authority of the Banking Commissioner under such general regulations as said Commissioner may prescribe, and in no event to an amount exceeding the capital stock and surplus of such bank or trust company; and such regulations shall apply to all banks and trust companies alike regardless of the amount of capital stock and surplus." So that said section when amended and re-enacted shall read as follows:

"When the articles are filed and recorded as above provided, it may commence business, and shall thereupon become a body corporate, and to be known by and carry on its business in its corporate name, and as such shall have power to adopt and use a corporate seal; to make contracts; sue and be sued; to appoint, remove and elect officers, define their

duties, and require from any of them a bond for the faithful discharge of their duties; to prescribe, by its board of directors, by-laws for the government of the bank not inconsistent with law; to exercise, subject to law, such powers as may be necessary to carry on the business of banking by discounting and negotiating notes, drafts, bills of exchange and other evidences of debt, and purchasing bonds, receiving deposits, and allowing interest thereon, buying and selling exchange, coin and bullion, and lending money on personal or real security as provided in this article. Any bank or trust company may accept for payment at a future date drafts or bills of exchange drawn upon it by its customers and issue letters of credit authorizing the holders thereof to draw drafts upon it or its correspondents at sight or on time, not exceeding one year, and may also accept drafts or bills of exchange drawn upon it, having not more than six months sight to run, growing out of transactions involving the importation and exportation of goods; and any bank or trust company may discount acceptances which are based upon the importation or exportation of goods and which have a maturity at time of discount of not more than three months and are endorsed by at least one other bank or trust company; but no bank or trust company shall accept such drafts or bills of exchange to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired capital stock and surplus, except by authority of the banking Commissioner under such general regulations as said commissioner may prescribe, and in no event to an amount exceeding the capital stock and surplus of such bank or trust company; and such regulations shall apply to all banks or trust companies alike regardless of the amount of capital stock and surplus." Approved March 26, 1918.

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