On 19 Dec 1857 the General Assembly approved an act to incorporate the Paroquet Springs Company. We have transcribed this act below.
From Acts of the Commonwealth of Kentucky passed by the General Assembly, Volume I; Frankfort, KY: A. G. Hodges, public printer; 1858, pages 124-5.
CHAPTER 8
AN ACT to incorporate the Paroquet Springs Company.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
§ 1. That Levi Tyler, Wm. Gay, Thomas Slevin, Ed. H. Summers, F. G. Murphy, Richard H. Field, and Samuel Stedman, with their associates, shall be and are hereby created a body politic and corporate, under the style and name of the Paroquet Springs Company; and by that name shall have corporate existence and succession, with the rights and privileges of a corporation for specific purposes; and may contract and be contracted with, sue and be sued, have and use a corporate seal, and make, ordain, and put in force, the necessary and proper bylaws for the government of said corporation, and the management of its financial and incidental affairs.
§ 2. That the capital stock of the Paroquet Springs Company, shall not exceed two hundred thousand dollars, divided into shares of one hundred dollars each, which shall be personal estate, and pass by written transfer on the books of the corporation, in such manner as the bylaws shall prescribe.
§ 3. That the persons named in the first section of this act. shall be the first Board of Directors of the corporation, and they shall elect one of their own body as the President of the board; the President and Directors shall keep a record of the proceedings, and may appoint a secretary, and such other officers and agents as they may think necessary for the management of the corporate business, and take bond and security for the faithful discharge of the duties confided to each.
§ 4. The President and Directors may purchase the Paroquet Springs, in Bullitt county, Kentucky, either for cash or stock in the corporation, as they may agree with the proprietors, and with the springs not exceeding three hundred acres of land, and may improve the same as a watering place, for the accommodation of the public, by building the necessary hotels, cottages, bath rooms, stables, and other buildings, and furnish, or cause the same to be furnished, and keep, or cause said springs to be kept, as a watering place for the accommodation of the public, by themselves, their agents, or tenants.
§ 5. In improving said springs they may contract with a tenant or tenants to construct the necessary buildings, and pay for the same in the stock of the company, or in the rents of the springs, or part stock and part rent, or part cash.
§ 6. They may agree with the proprietors as to the capital stock of the company, not exceeding two hundred thousand dollars, and the rate at which the stock may be sold for the improvement of the springs, and also as to the amount for which the corporation may mortgage the springs for their improvement, but such mortgage shall not exceed the amount of the capital stock.
§ 7. The first Board of Directors shall continue in office eighteen months after the passage of this act, unless a majority of the stockholders shall choose seven other directors to succeed them, upon ten days public notice, by the stockholders to the number of fifty shares, in one or more newspapers published in Louisville and Bardstown, of the time and place of such election.
§ 8. After the first Board of Directors go out of office, there shall be an annual election of a board of seven directors to manage the affairs of the company, at such time and place, and upon such notice, as the by-laws shall prescribe; but the existing board shall continue until their successors shall be elected and qualified; and when a vacancy, from any cause, shall exist in the board, a majority of the remaining shall elect another director to supply the vacancy, until the next election of stockholders. No person shall be eligible as a director who ia not also a stockholder.
§ 9. The President and Directors shall cause a full and detailed account of the transactions of the company to be made on the 1st of January of each year, and a printed copy furnished to each stockholder whose residence is known to them, and also a full and detailed account at each meeting of the stockholders.
§ 10. The said corporation shall be limited to the purchase and improvement of said springs, and the necessary accommodations of the public, at the same, by themselves, their agents, or tenants, with the real and personal estate necessary for that purpose, and the corporate powers necessary and proper to effect the same.
Approved December 19, 1857.
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