The Kentucky General Assembly, in 1869, passed an act to incorporate the Shepherdsville, Bullitt's Lick, and Pitt's Point Turnpike Road Company. This Act is transcribed below, and is taken from Acts of the General Assembly of the Commonwealth of Kentucky, 1869, pages 179-181.
AN ACT to incorporate the Shepherdsville, Bullitt's Lick, and Pitt's Point Turnpike Road Company.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
§ l. That a company may be formed and created a body-politic and corporate, by the name and style of the Shepherdsville, Bullitt's Lick, and Pitt's Point turnpike company, for the purpose of making and constructing a turnpike road from Shepherdsville, in Bullitt county, to Pitt's Point.
§ 2. The capital stock of said company shall be fifteen thousand dollars, with the privilege of increasing it to thirty thousand dollars, to be divided into shares of fifty dollars each.
§ 3. That A. C. Kennison, Wesley Phelps, Jno. W. Glenn. J. D. Bryan, and Jas. Shepherd, are hereby appointed and created commissioners, for the purpose of obtaining subscription to the capital stock of said road, any two of whom may open books for that purpose at such times and places as they may deem best for that end; when the sum of five thousand dollars shall have been subscribed to the capital stock of said company, it shall be the duty of the commissioners, or a majority of them, to give ten days' notice to the stockholders to meet at the court-house, in the town of Shepherdsville, for the purpose of electing a president and three directors; one vote shall be allowed for each share of stock; and such president and directors so elected shall continue in office until their successors are elected and qualified. After the first election, the president and directors shall be elected annually by the stockholders of this company, at the court-house in Shepherdsville, on the first Monday in May.
§ 4. So soon as said company is organized by the election of officers, the president and directors shall be a body-politic and corporate, in fact and in law, under the name and title of the Shepherdsville, Bullitt's Lick, and Pitt's Point turnpike road company; and by said name shall have perpetual succession, and all the privileges and franchises incident to such corporations; and shall be capable of holding their capital stock, and the increase and profits of same; and also of taking and holding, by purchase or gift, such real and personal property, and the increase of same, as may be necessary for the prosecution of the objects of this corporation; they shall also have power to contract and be contracted with, to sue and be sued, plead and be impleaded, answer and be answered, in any court of law or equity in this State; also to have and use a common seal, and generally to do all lawful acts to effectuate the objects for which this corporation was created.
§ 5. The said president and directors shall have power to fix and graduate the elevation and grade of said road, the width and the portion thereof to be covered with stone or gravel; to designate the points of beginning and termination; the points for the erection of toll-gates, and to fix the rates of toll, not going, however, beyond the rates of toll fixed by the general law of the Commonwealth. The president and directors shall have power, after three consecutive miles are completed, to erect a gate and collect toll, and shall apply the proceeds thereof to the completion of said road.
§ 6. For the purpose of locating said road, it shall be lawful for the president and directors, and they are so empowered, to enter, with their surveyor, chain-carriers, engineers, and artist, upon the lands, inclosures, and public roads in, through, and over which the intended road may pass, and to examine and survey the grounds most suitable for that purpose; and also to examine quarries, beds of stone, gravel, and all other materials necessary to the construction of said road.
§ 7. It shall be lawful for the president and directors of said company, with their agents and employes, wagons, carts, and other carriages, and beasts of draught or burden, to enter upon the lands over and near to which said road shall pass, having first given notice in writing of their intention to the owner or occupier or their agents: Provided, however, That if the president and directors shall not be able to agree with the owners of the land through and over which said road shall be located, as to the damages which said owner may sustain by reason of said road passing through and over their land, the president and directors shall apply to the county court of Bullitt county for a writ of ad quad dumnum, to have the damages ascertained which the owner of the land may sustain; and the jury, in assessing the damages, shall take in consideration the advantages and disadvantages resulting to the party claiming by the establishment of said road; but the advantages shall not be used as an offset to the actual value of the land taken; and upon payment or tender of payment of the damages assessed, it shall be lawful for the president and directors of said road, together with their agents and employes, to open and make said road, and dig and carry away any stone, gravel, or other material necessary for the construction or repairing of said road.
§ 8. The president shall give notice in such manner as he may deem best of the amount of the call on each share of stock, and of the time and place of payment; and if any stockholder or subscriber to the capital stock of said company shall neglect to pay his amount of stock so called for for the space of six months after said notice, his said stock shall be forfeited to this company, together with its increase. No stockholder shall vote at any election, or be entitled to any rights of a member of said company, unless the whole amount of his stock shall have been paid agreeably to the requisitions of the president.
§ 9. The president and directors shall appoint a treasurer, gate-keepers, and such other officers as they may deem necessary, and may require bond of them for the faithful performance of their duties; to hold their offices at the pleasure of the board of directors.
§ 10. That the written or printed certificate of the secretary, countersigned by the president, shall be evidence of the ownership of stock in this company; and the same may be sold and transferred on the books of the secretary, in person or by agent or attorney, when all arrearages are paid, and not till then.
§ 11. That the president may call meetings at such times and places as he may desire, for the transaction of business, or to do any other lawful thing in effectuating the objects of this act.
§ 12. The president, directors, and other officers of this company, shall receive such compensation for their services as a majority of the stockholders may agree upon.
Approved January 26, 1869.
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