Books of subscription shall be opened at Nicholasville, under the direction of William Shreve, George Walker, Francis P. Hord, James Harvey and Daniel B. Price, or a majority of them, for the sale of the stock of said bank; and to continue open for ninety days, unless the stock is sooner taken up.

A bank to be denominated the Newport Bank, Newport, may be located in the town of Newport, in the county of Campbell, with a capital of 200,000 dollars, to be divided into 2000 shares of 100 dollars each; and that books of subscription for said shares shall be opened in said town, under the direction of James Taylor, Thomas D. Carneal, John M'Kinney, William Caldwell and John B. Lindsey, or a majority of them; to continue open for sixty days, unless said shares are sooner taken up

A bank to be denominated the Bank of Green Glasgow. River, shall be established in the town of Glasgow, Barren county, with a capital of 200,000 dollars, to be divided into 2000 shares of 100 dollars each; and books for subscription for said stock, to be opened under the direction of Samuel Murrell, Henry Crutcher, Braxton B. Winn, John Gorin, William T. Bush, Alexander Adair, William Thompson, Richard Garnett, Joseph Winlock, Benjamin Monroe and William Savage, or a majority of them; and to continue open sixty days, unless said stock shall be sooner taken up.

A bank to be established at the town of Paris, in Bourbon county, to be denominated the Paris Bank, with a capital stock of 300,000 dollars, to be divided into 3000 shares of 100 dollars each; and that books be opened for subscription of the stock of said bank, under the direction of Henry Clay, junr. Abraham Spears, Hugh Brent, William Scott, William Cockran, Samuel G. Mitchell, Hugh Talbot and William Garrard, or a majority of them, at the said town of Paris, and shall be kept open for the space of sixty days, unless said stock shall be sooner taken.

Paris.

A bank to be denominated the Augusta Ex- Augusta porting Company, to be established at the town of Augusta, in Bracken county, with a capital

M

stock of 100,000 dollars, to be divided into 1000 shares of 100 dollars each; and that books be opened for the subscription of the stock of said bank, under the direction of Francis Wells, James Armstrong, Nathaniel Patterson and Arthur Thoms, or a majority of them; and to continue said books open for ninety days, unless said stock is sooner taken up.

A bank to be denominated the Farmers' Bank Port-William of Gallatin, to be established at the town of PortWilliam, in the county of Gallatin, with a capital of 100,000 dollars, to be divided into 1000 shares of 100 dollars each; and that books be opened for subscription of the stock to said bank, under the direction of Samuel Sanders, Thomas L. Butler and Garland Bullock, or a majority of them; and to continue open for sixty days, unless the shares are sooner taken up.

ville.

A bank to be established at the town of ShepShepherds- herdsville, in Bullitt county, to be denominated the Bank of Shepherdsville, with a capital stock of 100,000 dollars, to be divided into 1000 shares of 100 dollars each; and that books be opened in said town under the direction of Wilfred Lee, George F. Pope, James Alexander, Daniel Drake, Guy Phelps, John Burks, junr. John Reid, William Simmons, senr. and Rodolphus Buckey, or a majority of them; and to continue open sixty days, unless said stock shall be sooner taken.

Danville.

A bank to be denominated the Bank of Danville, shall be established in the town of Danville, in Mercer county, with a capital of 150,000' dollars, to be divided into 1500 shares of 100 dollars each; and that books for subscriptions for said bank stock, shall be opened in the town of Danville, on the first day of Aprit next, or in convenient time thereafter, under the direction of Joshua Barbee, William Akin, John Calhoon, Charles Henderson, David Bell, Richard Davenport, Jeremiah Clemens and James G. Birney, or a majority of them; and shall continue open sixty days, unless said stock shall be sooner taken up.

5. Be it further enacted, That subscriptions Time of open shall be opened at each of the aforesaid places, ing subscripby the respective managers thereof, on the first

tions.

day of April next, or in convenient time thereafter, and to continue open as heretofore directed.

Shares subscribed for, shall be paid by the sub- Shares, how scribers in current money, or, in notes on the paid. Bank of the United States or its branches, or in notes on the Bank of Kentucky or its branches; one fifth at the time of subscribing, one fifth in 90 days, one fifth in 180 days, one fifth in 270 days, ond one fifth in 360 days; which days shall be calculated from and after the day of election of the first president and directors; but the president and directors may, at their election, extend the time directed by this act for paying up the three last instalments, or any one of them, so long as they may think expedient.

§ 6. Be it further enacted, That the subscribers Incorporated to the said banks, their successors and assigns, shall be, and they are hereby made corporations and bodies politic, in law and in fact, by the names and styles of the president, directors and company of each of the banks hereby established, and shall so continue until the last day of December 1837; and by the names and styles 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, chattels and effects, to an amount not exceeding their capital stock, and one half more in the whole, including the amount of their capital stock aforesaid; and the same to sell, grant, demise, alien and dispose of; to sue and be sued, implead and be impleaded, answer and be answered, defend and be defended, in courts of record, or any other place whatever; and to make, have and use a common seal, and the same to break, alter and renew at pleasure; and also ordain, establish and put in execution such by-laws, ordinances and regulations as shall be necessary and convenient for the government of the said corporations or banks, not being contrary to law and this act; and generally to do and execute all and singular such acts, matters and things, as to them shall and may appertain.

07. Be it further enacted, That for conducting Officers, how the affairs of the said corporations or banks, there & when chos- shall be a president and eight directors, to be cho

en.

into

tion.

sen annually by the stockholders for each of the aforesaid banks, at a general meeting to be holden yearly at the respective offices of said corporations, on the first day of January next for that purpose; which several elections may be continued two days if necessary: Provided however, that the first election of presidents and directors shall not be included in the before mentioned regulations; but shall be had at a time, and in a manner hereinafter directed: And provided also, that in case at any time it shall happen that an election of directors and presidents should not be made upon any day when pursuant to this act it ought to have been done, the said corporations shall not for that cause be deemed to be dissolved; but it shall and may be lawful on any other day to hold and make an election of directors and presidents, in such manner as shall be regulated by the by-laws of said corporations; and the former presidents and directors shall continue in office until such new election shall take place; and in case of the death, resignation or absence from the state of a director, or being chosen president, his place shall be filled for the remainder of the year, by one elected by a majority of the directors.

§8. Be it further enacted, That as soon as one When to go fifth of the capital of each bank shall be actually opera- received on account of the subscriptions for the. stock of either of the said banks, notice thereof shall be given by the commissioners of such bank or banks, or a majority of them, in at least two newspapers printed in this state; and the same persons shall at the same time notify a time and place in their respective towns, at the space of at least thirty days from such notification, for proceeding to the choice of a president and directors for such bank or banks; and it shall be lawful for such election to be then and there made; and the persons so elected president and directors by the stockholders as aforesaid, of each of the banks aforesaid, shall be the first president and direc

tors, and shall be capable of serving until the first Monday in January thereafter, and until their successors shall be duly elected; and the said directors shall immediately thereafter commence the operations of said bank or banks.

9. Be it further enacted, That the directors Cashier, &c. for the time being, shall have power to appoint a cashier, and such other officers and servants under them, as may be necessary for executing the business of the respective corporations, renovable at pleasure; and to allow them such compensation for their services respectively, as shall be reasonable.

§ 10. Be it further enacted, That the president Who to make and directors of each of the said banks for the rules, &c, time being, may make all such rules and regulations, orders and by-laws for the government of each of the said corporations, its officers and servants, as they, or a majority of them, from time to time shall think fit, not inconsistent with law or the provisions of this act, and the same at pleasure to revise, alter and annul; and may use, employ and dispose of the funds, money and credit of the said bank or banks, as they or a majority of them may deem expedient, subject, however, to the restrictions and limitations hereinafter mentioned.

The following rules, restrictions, limitations and provisions shall form and be the fundamental articles of the constitution of the said corporations, viz.

The number of votes to which each stockholder Restrictions. shall be entitled, shall be according to the number of shares he shall hold, in the proportion follow

ing, to wit: For one share and not more than Proportion of two shares, one vote each; for every two shares votes. above two and not exceeding ten, one vote; for every four shares above ten and not exceeding thirty, one vote; for every six shares above thirty and not exceeding sixty, one vote; for every eight shares above sixty and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote. But no person, copartnership or corporation, shall be enti`tled, in his, her or their own right, or as proxy,