The Kentucky General Assembly, in 1890, passed an act to incorporate the Shepherdsville 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, Volume II, 1890, pages 1346-1347.
AN ACT to incorporate the Shepherdsville and Pitt's Point Turnpike Road Company.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
§ 1. An incorporated company is hereby created for the purpose of building, owning and operating a macadamized or gravel road in Bullitt county, from Shepherdsville along the most practicable route, to be determined by the board of directors of the company, to Pitt's Point, under the corporate name of the Shepherdsville and Pitt's Point Turnpike Road Company; and by that name it is empowered to sue and be sued, to contract and be contracted with, to acquire, own, sell and convey any and all real and personal property necessary and convenient for the purpose of constructing, maintaining and operating said road, and all other privileges and franchises incident to such corporations.
§ 2. The capital stock of said corporation shall be twenty thousand dollars, to be divided into shares of twenty-five dollars each.
§ 3. James Shepherd, F. M. Hardy, O. T. Means, Edward Crouns, W. H. Holsden, Hezekiah McKinney and G. W. Simmons are appointed commissioners, who, or any three of whom, are authorized to receive subscriptions to the capital stock of said company, and for that purpose may open books at such time and place as they may determine, after having giving notice thereof by two weekly insertions in a newspaper published at Shepherdsville, or by written or printed notices posted at the court-house door in Shepherdsville for fifteen days next before the day upon which said books shall be opened.
§ 4. When three thousand dollars of the capital stock of said company shall have been subscribed for, it shall be the duty of said commissioners, or any two of them, to give notice of a stockholders' meeting, to be held at such time and place as the notice may designate, and such notice shall be given in the manner designated in the preceding section as to notice of opening books for stock subscriptions. The stockholders shall, at such meeting, elect from their number five directors, who shall hold their offices for one year, or until their successors are elected and qualified. The board of directors shall have the power to make by-laws and to fill vacancies accruing in the board. Thereafter an annual election of stockholders shall be held for the purpose of electing directors, and the time and place of holding such annual election shall be fixed in the by-laws. The directors shall elect from their number a president, who shall hold his office for one year, or until his successor is elected and qualified, and they may employ such other officers and agents as they may deem necessary.
§ 5. Said company is expressly empowered to collect toll for the passage of persons, stock and vehicles, or other things, over said road, and for this purpose may establish and maintain toll houses and toll-gates, and may fix the rates of toll, regulate and change the same; but such rates shall not exceed the rate fixed by the law. After two miles of said road shall have been completed, it shall have the right to erect a gate and charge and collect proportional toll.
§ 6. The gate-keepers or other employes appointed and put into the toll-houses, or other houses of said company, shall not thereby become tenants of said company, but shall only be occupants at the will of the president and directors of said company.
§ 7. This act shall take effect and be in force from and after its passage.
Approved April 23, 1890.
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