The Bank of Shepherdsville was incorporated in 1888 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 II, 1888, pages 81-84.
AN ACT to incorporate the Bank of Shepherdsville.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
§ 1. There is hereby established a bank in the town of Shepherdsville, Bullitt county, Kentucky, with a capital of fifty thousand dollars, in shares of one hundred dollars each, to be subscribed and paid for as hereinafter specified; and the subscribers, their associates and assigns, shall be a body-politic and corporate, by the name and style of Bank of Shepherdsville, 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 corporation requires its discontinuance; and for this purpose the board of directors shall have all power necessary to wind up and liquidate the affairs of said bank upon equitable principles.
§ 2. Said corporation shall have all the privileges of a natural person in contracting and being contracted with, in suing and being sued, in all places and courts whatever; and may have and use a common seal, and change the same at pleasure.
§ 3. Said bank shall be under the control of not less than five nor more than nine directors, each of whom shall be a stockholder, and a majority of whom shall at all times be residents of Bullitt county; and after the first election, they shall be chosen on the second Tuesday in January in each year; or, if not on that day, from any cause, then as soon thereafter as convenient, and shall hold their offices until their successors are elected and qualified. They shall appoint one of their number president, and may, if they think best and necessary, at the same time appoint one of their number vice-president, who shall hold their position at the pleasure of the board of directors. The board shall hold their regular meetings at such time as they may fix upon, and such called meetings as they may deem necessary. In case of the death, resignation or removal of any of the directors or officers, 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 as they may at any time decide to sell; shall declare dividends; shall 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 performance 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 stockholders or by any attorney. The stock shall be personal property.
§ 4. T. D. Thompson, N. J. Weller, Wm. Dannson, Jr., W. B. Cundiff, J. F. Combs, A. F. Brooks, Charles Carroll, E. W. Hall and Tom Cochran 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 fifteen thousand dollars shall have been subscribed, it shall be the duty of said commissioners to give notice in one or more newspapers, and appoint a day for the election of a board of directors, who shall hold their offices until their successors are elected and qualified. 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 ten thousand dollars shall have been paid in, the bank may begin business.
§ 5. 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 exceeding the rate fixed by law, as may be agreed upon with the depositors by special or general contract. It may borrow or loan 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 16th, 1871, and such disposition shall pass a valid title to the same; may receive deposits for minors or married women, and their checks, receipts or acquittances shall be valid. All promissory notes and bills made, 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 and severally, against the drawers, acceptors and indorsers thereof.
§ 6. 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 surety, or in satisfaction of any debt, judgment or decree; and may sell and convey the same at pleasure: Provided, That no real estate conveyed to the bank in satisfaction of any debt, judgment or decree in its favor shall be held by it for a longer term than five years. The board of directors may make all needful by-laws for the government of said bank not inconsistent with law.
§ 7. The private property of stockholders shall not be liable for the debts of the corporation, and the indebtedness of the bank, other than for general deposits, shall at no time exceed the amount of its paid-up capital.
§ 8. 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 incumbent 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.
§ 9. Nothing in this charter shall be construed to allow the bank to issue any note or bill to pay or circulate as money.
§ 10. The General Assembly shall have the right to examine the affairs of the bank by any officer, agent or committee appointed for that purpose, and reserves the right to alter, amend or repeal this charter at pleasure.
§ 11. This act shall take effect from and after its passage.
Approved March 13, 1888.
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