CHAPTER 53. AN ACT to amend section three of an Act approved March 11, 1902, entitled, "An Act for the better enforcement of an Act approved March 10, 1894, entitled, "An Act whereby the sense of the people of any county, city, town, district or precinct may be taken as to whether spirituous, vinous or malt liquors shall be sold, bartered or loaned therein, and to amend section four of said Act." Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That section three of an Act approved March 11th, 1902, entitled, "An Act for the better enforcement of an act approved March 10, 1894, entitled, An Act whereby the sense of the people of any county, city, town, district or precinct may be taken as to whether spirituous, vinous or malt liquors shall be sold, bartered or loaned therein, and to amend section four of said act," being subsection 3 of section 2557b of the Kentucky Statutes, be and the same is hereby amended and re-enacted so that same, when amended and re-enacted, will read as follows: 3. On the first conviction for a violation of said act, or any of its amendments, the court shall require the defendant to execute bond in the sum of two hundred dollars to be of good behavior for the period of twelve months. The court may, in its discretion, increase the amount of the bond, and if the bond is not given the defendant shall be committed to the county jail for a period not exceeding ninety days, to be fixed by the court. On the second or any subsequent conviction for a violation of said act, or any of its amendments, committed after a former conviction for a violation of said act, or any of its amendments, the defendant shall be confined in the penitentiary for not less than one nor more than two years. Approved March 23, 1916. CHAPTER 54. AN ACT to authorize any city in this State owning its own water or light plant and furnishing water and light to such city to furnish water or light to any other city in this State, and to authorize any city in this State to contract for water and light from any city owning its water or light plant and furnishing water and light. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. Any city or town in this State shall have the right to acquire a franchise to furnish water and light to any other city or town in the same way and manner that any private corporation or individual may acquire such franchise. $ 2. Any city or town in this State owning and operating its own water or light plant shall have the power to enter into a contract or agreement with any other city or town to furnish such other city or town water and light, and any city or town may contract with any other city or town owning its water or light plant to receive from such city water or light. Such contracts or agreements may be entered into by the city council or board of commissioners of such cities, and said authorities are given full power to so contract and agree with each other in regard to the furnishing of water or light, and such contract shall set out specifically the terms thereof; and any city or town is authorized to pay Aets-17 to any other city or town a rental for water and light from year to year, or for a term of years, and any city or town may construct, erect or lay its own mains, pipes or wires to receive water or light from any city or town owning and operating its water or light plant, or it may contract with such city to do these things. § 3. Any city or town is hereby authorized to construct, erect, lay or maintain mains, pipes, lines or other necessary apparatus to convey water or light between any city or town owning and operating its water or light plant and any other city or town, and to this end any city or town is authorized and empowered to acquire rights and rightsof-ways in the same way or manner that private corporations or individuals may acquire rights or rights-of-ways, and any city or town is authorized to do any and all things in carrying into effect the provisions of this act which any individual or corporation may do. 4. All laws and parts of laws in conflict with this act are hereby repealed. Approved March 23, 1916. CHAPTER 55. AN ACT to permit corporations organized for the purpose of transacting the business of life or casualty insurance, or both life and casualty insurance, upon the co-operative or assessment plan, to re-incorporate as life insurance companies on the mutual or stock plan; and providing means whereby, and the conditions on which, such re-incorporation may be effected. Be it enacted by the General Assembly of the Commonwealth of Kentucky: That any corporation organized for the purpose of transacting the business of life of casualty insurance, or both life and casualty insurance upon the co-operative or assessment plan, heretofore incorporated under the laws of the Commonwealth of Kentucky, may, with the consent of at least threefourths of its directors, become a life insurance company, upon the mutual or stock plan, subject to the laws of this Commonwealth applicable to such corporations, and those prescribing how articles of incorporation shall be amended, and upon complying with the following conditions, and regulations, to-wit: Notice of the proposal so to change the form of the corporate organization, and of a meeting of the members, policy holders or certificate holders of the corporation, held for the purpose of taking action thereon, shall be given by publication stating the time, place and object of such meeting once a week for three consecutive weeks in some newspaper of general circulation, published in the city or county in which said corporation has its principal place of business. At such meeting, there shall be required in order to effect the change proposed, the affirmative vote in person, or the consent in writing, of at least two-thirds of all the members of the corporation, and the concurrence of at least three-fourths of the directors. At such meeting, if the proposed change be approved, the amount of the capital stock of the corporation shall be fixed within the limits prescribed by the laws of this Commonwealth for such corporations, and the par value of the shares and the number of shares into which the capital stock is to be divided shall also be determined. The members, policy holders, or certificate hold ers of such corporation shall have the first right to subscribe for said stock, subject to such equitable regulations as the directors may prescribe, but all subscriptions for shares of stock must be made and paid for in cash and at a price not less than par. Upon the completion of its reorganization as a stock company, the assets, if any, of such corporation, and its liabilities, shall be and become the assets and liabilities of the stock company, except so far as herein otherwise provided. The said company shall not be entitled to do any business as a stock corporation until the amount of stock determined as herein provided, and as authorized by the laws of this Commonwealth, shall have been subscribed and paid for, at not less than par, and the provisions of the law concerning such corporations shall have been complied with, and the proceeds of said capital stock to the amount of at least one hundred thousand dollars shall have been invested in securities such as those in which · insurance corporations are permitted by the laws of this Commonwealth to make investments, and such securities to the amount of at least one hundred thousand dollars, shall have been deposited with the proper officials of this Commonwealth, to guarantee the payment of policies issued by said company, and until the Insurance Commissioner shall have, upon request, valued the assets of the company and its outstanding policies, and shall have given his certificate that the admitted assets of said company, including its capital stock, are sufficient to provide reserve upon all outstanding assessment policies, valued as hereinafter provided, over and above all other bona fide debts of said company and claims against it, and that said. corporation has complied with all of the laws of |