cause them to be kept open not less than twenty days, or until the whole balance shall be taken; and the President and Directors may require such premium on the stock sold at the re-opening of the books, as they shall deem right, which premium shall be the property of the Bank: Provided, it shall be the duty of the President and Directors of said Bank, if the whole stock shall not be sold, before the organization of the principal Bank, to cause books to be opened at some suitable place or places, in that section of the state where they shall be about to establish a branch, and allow to the subscribers of stock at those places, the like terms as though they had been original subscribers. SEC. 35. That when not less than ten thousand shares of the capital stock shall have been taken, and the commissioners shall have closed the books, it shall be their duty to give notice in some public newspapers printed at each of the places where the books may have been opened and stock subscribed, and appoint a day and place in the city of Louisville, for the election of the first board of Directors for said Bank, who shall hold their offices until the succeeding annual election; and not less than thirty nor more than sixty days' notice shall be given of the time and place of electing the said Board of Directors; and some three of the commissioners shall act as inspectors of the election, and shall take the proper oaths and perform all the duties of inspectors of elections in like cases. SEC 36. That payment of the shares of the capital stock held by individuals, companies and corporations, shall be made in gold and silver, and at the times and in the manner following, to wit: five dollars on each share, to the commissioners, at the time of subscribing, and five dollars on each share within ten days after the election of the first board of Directors, and twenty dollars on each share within sixty days thereafter, and the residue shall be paid in instalments of ten dollars on each share every ninety days thereafter, until the whole is paid. Stock may be forfeited for a non-payment thereon. SEC. 37. That should any of the subscribers to the capital stock of said Bank, fail or refuse to pay for their stock as herein provided, the President and Directors, first giving public notice in at least two of instalments public authorized newspapers printed in this State, for the space of thirty days, by a resolution entered on their records, may forfeit such stock, and proceed at such time as they may deem expedient, to re-sell the same; and all partial payments made on any stock which shall be forfeited, shall be held for the benefit of the Bank. SEC. 38. That the Governor of this Commonwealth shall be, and he is hereby authorized and requested, within ten days after the commissioners shall notify him that ten thousand shares of the capital part of the state stock of said Bank has been subscribed by individuals, com nies and corporations, to subscribe for, and on account of this Commonwealth, twenty thousand shares of the capital stock of said Bank; Governor to subscribe 20000 shares on the and when. To issue scrip for the amount thereof bearing an interest of 5 per cent. be sold and bank. and he is further authorized and requested, when the third instalments shall have been paid by individuals, companies and corporations, on the request of the President and Directors of said Bank, to pay for five thousand shares thereof, by executing to said President and Directors, the bonds or scrip of this Commonwealth, for five hundred thousand dollars, in such amounts as they may require; bearing on the face an interest of five per cent. per annum, payable by this Commonwealth, on the first Mondays of January and July, in each year, at the principal Bank, and redeemable, at the pleasure of this Commonwealth, at any time within five years after the expiration of this charter; and when one million of dollars shall have been paid into said Bank by individuals, companies and corporations, the Governor of this Commonwealth is further authorized and requested, on the application of the said President and Directors, to pay for five thousand additional shares of said stock, by executing the like bonds or scrip of this Commonwealth, for five How scrip to hundred thousand dollars, bearing like interest; which bonds or transferred by scrip shall be received by said President and Directors, as payment in full for ten thousand shares of said capital stock; and it shall be lawful for the President and Directors of said Bank to sell and transfer said bonds or scrip, and by endorsement thereon, to agree and bind the Bank to pay the interest either annually or semi-annually, to whoever may be the holder of the same, without any demand being made upon the State for the interest thereof, at any place or places within the United States; and said bonds or scrip shall be transferable at such place or places, and in such manner as the President and Directors of said Bank shall prescribe by sold by bank their by-laws; but the same shall at no time be sold, transferred or at less than par otherwise disposed of by the President, Directors and Company of the Bank of Kentucky, for a less sum than the nominal amount of any such bond or scrip with the interest which may be due thereon, nor until the whole sum for which the same may be sold has been How redeemed actually paid; and it shall be the duty of the President and Directors of said Bank, out of the amount which will be due the Commonwealth on the stock, to redeem the aforesaid bonds or scrip without charge, and pay over the residue to the State. The Governor of this Commonwealth for the time being, shall annually nominate, and with the advice and consent of the Senate, appoint three Directors on the part of the Commonwealth in this institution, who shall hold their office until their succesors may be duly appointed and qualified; and if any Director thus appointed shall vacate his office by death, removal from the state, resignation or otherwise, the Governor is hereby empowered to fill the vacancy. And should said Bank go into operation during the recess of the Senate, the Governor shall as in other cases make a pro tempore appointment. Not to be value. Directors on the part of the state to be ap pointed. SEC. 39. That the said Bank shall annually reserve, out of the dividends on the stock of this Commonwealth, the five per cent. interest per annum on the said one million of bonds or scrip, and the residue of the dividends on the stock of this Commonwealth shall be carried to the payment of the remaining ten thousand shares of the stock, belonging to the Commonwealth, from time to time, as the dividends shall be declared, and paying in full for so many shares as the dividends, from time to time, will pay for, until the payment of the whole ten thousand shares is fully made; but the Commonwealth of Kentucky shall have the right, from time to time, to devote any other resources she may have to the payment of said stock. SEC. 40. That so soon as three hundred thousand dollars of the capital stock shall have been paid in by individuals companies or corporations in gold or silver, the President and Directors shall cause the Governor of this Commonwealth to be notified thereof; who is hereby authorized to appoint some suitable person to count the money so paid in as capital stock, and to take the oath of the President and not less than six of the Directors, that the same has been paid in as capital stock bona fide, and make due return thereof to him; and on such appearing to be the fact, the Governor is authorized to issue his proclamation that the amount hereby required to be paid in, and in the funds hereby required, has been done, and that said Bank is authorized to commence its operations as a banking institution; and from and after the first publication of such proclamation, it shall be lawful for said Bank to commence business. Dividends of the state, how regulated and applied. State may re deem her scrip otherwise. When bank is to commence business. Amount of stock to be held limited. Penalty. SEC. 41. That no one individual, company or corporation, shall be allowed to take or hold more than two thousand shares of the by individuals capital stock of said Bank, either in their own names, or in the name of others in trust for them; and all stock that any individual, company or corporation shall take or hold, contrary to this provision, shall be forfeited to the Bank for the benefit of the other stockholders; and no individual, company or corporation shall be allowed, in person or by proxy, to vote at the first election of Directors, on any stock which may stand in his, her or their names, without first making oath that the stock bona fide belongs to them, and is not held in trust for others. SEC. 42. Be it further enacted, That the bills or notes of the said corporation, originally made payable to bearer, shall be receivable in all payments to the State, and on account of county levies, unless otherwise directed by law. No stock to be voted except by bona fide owners thereof. Notes receivable in all payments to the state and for county levies. TITLE 22. BANK OF THE COMMONWEALTH. (a) 1820. Bank established and lo fort. rectors to chosen. IN FORCE FROM ITS PASSAGE. AN ACT to establish the Bank of the Commonwealth of Kentucky: Approved SEC. 1. A bank shall be, and the same is hereby established, in the name and on behalf of the Commonwealth of Kentucky, in the cated at Frank- town of Frankfort, under the direction of a President and twelve Directors, to be chosen by joint ballot of both houses of the general A president and twelve di- assembly, who shall continue in office until the next stated session be of the general assembly, and until their successors, chosen in like manner are appointed to act; and the said President and Directors Directors to appoint cashier, shall appoint a cashier, clerks, and other persons necessary to aid in clerks, &c. conducting the same; and they shall take from the said cashier, annually, bond with sufficient security, in the penalty of not less than one hundred thousand dollars, payable to the commonwealth, for his good behaviour, and for the faithful discharge of the duties of his office. Cashier to give bond and security annually. Style of incorporation. To continue until 1841. General grant of powers. SEC. 2. The President and Directors of the said bank, elected in the manner aforesaid, and their successors in office, shall be, and are hereby made a corporation and body politic, in law and in fact, by the name and style of the President and Directors of the Bank of the Commonwealth of Kentucky, and shall so continue until the first day of January, 1841; and by the name and style aforesaid, they shall be, and are hereby made able and capable in law, to have, purchase, receive, possess, enjoy and retain to themselves and their successors, lands, rents, tenements, hereditaments, goods and chattels, of what kind, nature or quality soever, and the same to sell, grant, alien, demise and dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in (a) Plea that the consideration of a note given to the Bank of the Commonwealth, was the loan of their notes, issued as bills of credit, in violation of the federal constitution, is no de fence to a suit brought by the bank on such note. -Lampton v. Bank of the Commonwealth, 2 Litt. 301. See Briscoe v. Bank of the Commonwealth, 7 J. J. Mar. 349. courts of record, or any other place whatsoever; and also to make, have and use a common seal, and the same to break, alter, and renew at pleasure; and also to ordain, establish and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to the law or constitution, hereby established; and generally, to do and execute all and singular such acts, matters and things which to them it shall and may appertain to do; subject, nevertheless, to the rules, regulations, restrictions and provisions in this act. The capital to belong to the state exclusive SEC. 3. The whole capital stock of said bank shall be exclusively the property of the Commonwealth of Kentucky, and no individual or corporation shall be permitted to own or pay for any part of the ly. capital of said bank. They shall Shall have notes not less than one nor dred dollars. Capital, what SEC. 4. The said President and Directors shall have power to issue notes, signed by the President, and countersigned by the cash- power to issue ier, not under the denomination of one dollar, nor over one hundred dollars, on behalf of said corporation, for such sums and with such over one hundevices as they may deem most expedient and safe. also be capable of exercising such other powers and authorities as may be necessary for the well governing and ordering the affairs of said corporation, and of promoting its interest and credit. SEC. 5. The capital stock of said bank shall be two millions of dollars, to be raised and paid in the following manner, to-wit: All to consist of. moneys hereafter paid into the treasury for the purchase of the vacant landsof the commonwealth; all moneys hereafter paid into the treasury for the purchase of land warrants; all moneys which may hereafter be raised for the sale of the vacant lands west of the Tennessee river, and so much of the capital stock owned by the state in the Bank of Kentucky, as may belong to the state after the affairs of said bank shall be settled up, with the profits thereof not heretofore pledged or appropriated by law, shall be exclusively appropriated to the making up the capital stock of said bank. And the treasurer of this commonwealth shall, and he is hereby required, from time to time, as he may receive moneys on all or any of the accounts aforesaid, to pay the same over to the said bank, and take the cashier's receipt therefor, and file the said receipt with the auditor of public accounts, who shall thereupon pass a quietus to the treasurer. SEC. 6. In case of the death, resignation, removal or refusal to act, of the said President or either of the Directors, a majority of those remaining in office shall fill up such vacancy; and the persons so appointed, shall hold their office during the remainder of the term for which the President or Director so dying, resigning, removing or refusing to act, had to serve. duty. Treasurer's Mode of fill ing vacancies in rectors. the board of di |