The Peoples Bank of Mt. Washington was incorporated in 1890 by Act of the General Assembly. This Act is transcribed below, and is taken from Acts of the General Assembly of the Commonwealth of Kentucky, Volume III, 1890, pages 812-816.
AN ACT to incorporate the People's Bank of Mount Washington
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
§ 1. There is hereby established a bank in the town of Mount Washington, Bullitt county, Kentucky, with a capital stock of thirty thousand dollars, in shares of one hundred dollars each, par value, which may, by the consent of the owners of a majority of the shares of the stock aforesaid, be increased to fifty thousand dollars, in shares of one hundred dollars each, to be subscribed and paid for as hereinafter specified; and the subscribers and their associates, successors and assigns, shall be a body-politic and corporate, by the name and style of "People's Bank of Mount Washington," and may so continue for thirty years from its organization; but the board of directors of said bank are authorized and empowered to wind up its affairs whenever the owners of two-thirds of the stock determine that the interest of the company requires its discontinuance; and to effect this the board shall have all powers necessary to wind up and liquidate the affairs of said bank upon equitable principles.
§ 2. The said bank shall be under control of the following named persons as directors, namely: J. W. Croan, William W. Hall, G. G. Gilbert, George Abell, P. W. Fox, George B. Day and F. O. Carrithers, who shall hold their offices until the first Saturday in June, one thousand eight hundred and ninety-one, and until their successors are elected and qualified. Each director hereafter elected shall be a stockholder, and a majority of the directors shall be at all times residents of Bullitt and Spencer counties. And after the first election, which shall be held on the first Saturday in June, one thousand eight hundred and ninety-one, they shall be chosen annually on first Saturday of June each year, or if not on that day, from any cause, then as soon thereafter as convenient; and shall hold their offices for one year, or until their successors are elected and qualified. They shall appoint one of their number president, and may, if they desire or think best and necessary at any time, appoint also from their number a vice-president, who shall hold his position at the pleasure of the board of directors. The board shall hold regular meetings at such times as they may fix upon, and such called meetings as they may deem necessary. In case of death, resignation or removal of any director or officer, the vacancy shall be filled by the board of directors. The board shall have power to receive subscriptions for so many of the shares of the capital stock remaining unsold, or increased as aforesaid and unsold, as said board may at any time decide to sell; shall declare dividends, appoint such officers, agents or servants as they think necessary to conduct the business of the bank, and pay them such wages or salaries for their services, and take from them such bonds to secure the faithful performances of their duties as they may think proper; shall prescribe such rules as they may think best for the transfer of the stock on the books of the bank by the stockholder or by an attorney. The stock shall be personal property. The number of directors to be elected in June, one thousand eight hundred and ninety, and each year thereafter, shall not be less than five or more than nine, the number to be hereafter determined by a vote of the stockholders. J. W. Croan, William W. Hall, G. G. Gilbert, George Abell, P. W. Fox, George B. Day and F. O. Carrithers are hereby appointed commissioners, any three of whom may act, and may open books of subscription to the capital stock of the corporation, and when shares to the amount of thirty thousand dollars shall have been subscribed, said commissioners shall transfer said subscriptions to said book to be opened by them, and shall give notice thereof in one or more newspapers, and shall, in said books, enter the names of the subscribers and amount of stock subscribed for by each of them. The payment for the shares subscribed shall be made in such installments, or at such times as the board of directors may order; and when fifteen thousand dollars shall have been paid in, the bank may begin business: Provided, The balance of the stock subscribed shall be paid in within twelve months from the date of the commencement of business, and that fifty per cent, of any increase shall be paid up in cash, and the remainder within twelve months from the date of the order of such increase. If the stock is not paid up in full within twelve months from the date of commencement of business by the bank, or within twelve months from the date of the order increasing the stock of said bank, then the capital of said bank shall be reduced to the amount of stock paid in full.
§ 3. The bank may receive deposits of gold, silver, bullion, currency, or any thing lawfully circulating as money, and repay the same in such manner, at such times, and with such interest, not to exceed the rate fixed by law, as may be agreed upon with depositors by special or general contract. It may borrow or lend money, buy or sell checks, drafts, bills of exchange, promissory notes, uncurrent money, bonds, stocks, mortgages, and other evidences of debt, and do a general banking business; may take personal or other securities for the payment of obligations, and dispose of the latter in accordance with the provisions of an act, entitled "An act for the benefit of the incorporated banks of Kentucky," approved March sixteenth, one thousand eight hundred and seventy-one, and such disposition shall pass a valid title to the same; may receive deposits from minors and married women, and their checks, receipts or acquittances shall be valid. All promissory notes and bills made negotiable and payable at the banking-house of said corporation, or at any other banking-house, may be discounted by it, and they are hereby placed upon the footing of foreign bills of exchange, and like remedy as upon such bills may be had thereon, jointly or severally, against the drawers, acceptors and indorsers thereof.
§4. The bank may acquire, hold and use all such real estate, goods and chattels, as may be necessary for the transaction of its business, or which may be conveyed to it as security or in satisfaction of any debt, judgment or decree, and shall sell and convey the same within five years. The board of directors may make all needful by-laws for the government of said bank, not inconsistent with law.
§ 5. The private property of stockholders shall not be liable for the debts of the corporation. The indebtedness of the bank, other than for general deposits, shall at no time exceed the amount of its paid-up capital.
§ 6. Before entering upon their duties the president, directors and other officers of the bank shall take an oath, before some justice of the peace, notary public or police judge, to faithfully and honestly discharge all the duties imposed upon them under this charter, and that they will not sanction or permit any violation of it; and should any occur, will at once report the same to the Attorney-General of this Commonwealth.
§ 7. Nothing in this charter shall be construed to allow the bank to issue any note or bill to pass or circulate as money.
§ 8. The officers, agents or servants of said bank, appointed by the board of directors thereof, shall hold their offices at the pleasure of said board, and may be removed therefrom by said board at any time, with or without cause.
§ 9. All elections provided for by this charter shall be held at the banking-house of said corporation in such manner and by such officers as may be determined upon by the board of directors, and the result of such election shall be declared in the manner and by the persons selected by said board.
§ 10. The General Assembly shall have the right to examine the affairs of the bank by any committee, officer or agent appointed for that purpose, and reserves the right to alter, amend or repeal this charter at pleasure.
§ 11. Said bank shall have power to sue and be sued, to contract and be contracted with, to plead and be impleaded in its said corporate name, and do such other acts and things usually done by banks, not inconsistent with the Constitution and laws of this Commonwealth and of the United States; but no special privilege not herein conferred shall be understood to be conferred by this act.
§ 12. This act shall take effect and be in force from and after its passage.
Approved May 15, 1890.
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