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An Act to incorporate the Piatt's Ferry Turnpike Road Company, and for other purposes. 1849 589 (1849)

handle is hein.slavery/ssactsky0653 and id is 1 raw text is: LAWS OF KENTUCKY. and every year, to make a dividend of so much of the 1850. profits of said corporation as to them, or a majority of --D jidend to them, shall appear advisable ; and in any case of loss or be decla se. losses, whereby the capital stock of the corporation shall mi-annuaily. be lessened or impaired, no subsequent dividends shall be made until a sum equal to such diminution, and arising firom the profits of said corporation, shall have been added to the capital. SEC. 8. The said corporation shall not issue notes or bills Notes or bills of credit not to of credit, nor in any manner engage in the business of be issued. banking, otherwise than in purchase and sale of bills of exchange; nor shall said corporation commence business, or grant any policies of insurance, until an amount equal to five hundred shares is subscribed and paid for. SEc. 9. That whenever said corporation shall be notified Duty of com. of any loss sustained or incurred, on any policy of insu- po notice rance granted or issued by the same, it shall be the duty of said corporation to pay the amount so lost or insured, on such policy, within sixty days after being so notified as afore- said : Provided, there shall have been no violation of the conditions of the policy on the part of the insurance. SEC. 10. Said corporation, by its proper officers, shall at Keep record all times keep a record of its by-laws and proceedings, of of proceedings. every kind, in which it may be authorized to engage under this charter, which shall at all times be open to the inspec- tion of any person or persons interested. SEc. 11. The Legislature reserves the right to modify or repeal the above charter when they shall think expedient. Approved March 7, 1850. CHAPTER 503. AN ACT to incorporate the Piatt's Ferry Turnpike Road Company, and for other purposes. SEC. 1. Be it enacted by the General Assembly of the Corn- Companyin monwcalth of Kentucky, That a company shall be and is corporated. hereby formed, for the purpose of making an artificial Turnpike Road from Piatt's Ferry, on the Ohio River, op- posite the town of Lawrenceburg, Indiana, running thence so as to unite with the Petersburg and Burlington Turn- pike at or near the point where the Burlington and Law- renceburg road now leaves the said Turnpike Road, on the MIcAdamized plan, to be known as the Piatt's Ferry Turn- pike Road Company, and by that name shall be a body pol- itic. SEC. 2. The capital stock of said company shall be five Capital stock. thousand dollars, to be divided into shares of fifty dollars each. SEc. 3. Subscriptions for stock in said company shall be opened, so soon as it may be convenient after the pas-

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