1876. permitted to be discontinued or renewed so as to come within the provisions of this act: And provided further, That in case of non-payment of installments or interest by borrowing stockholders for six months, payment of principal and interest, without deducting the premium paid or interest thereon, may be enforced by suit for personal judgment or decree of foreclosure according to law; and the amount collected shall be applied as directed by section five of this act. 9. All mortgages heretofore given to building and loan. associations, by their corporate names, before the passage of this act, having obtained their charters from the proper court under the act of the General Assembly of this Commonwealth, mentioned in section one of this act, be, and they are hereby, declared good and valid to all intents and purposes, as though they had been made after the passage of this act. Provided, however, That all notes evidencing loans made under this act shall bear interest at no greater rate than now provided by law. Approved February 14, 1876. Name. Powers. Obligations. CHAPTER 160. AN ACT to amend the charter and change the name of the Chestnut Street Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the name of the Chestnut Street Presbyterian Church, of Louisville, be, and the same is hereby, changed to that of Broadway Tabernacle Presbyterian Church; and in' such name it shall hold its property and assets, and transact its business; and shall sue and be sued, and answer and defend on and against all claims now existing, or which may hereafter exist, against said church. § 2. That section four of an act to incorporate the Chestnut Street Presbyterian Church, approved February 25, 1848, be, and the same is hereby, repealed. 3. That said corporation shall be bound by any note, bond, or obligation, signed by a majority of its trustees as such, to which its corporate seal is affixed, attested by its treasurer. 4. That the trustees of said corporation may borrow any sum not exceeding thirty-five thousand dollars, at such rate of interest not exceeding nine per cent. per annum, and payable at such time as they may agree upon, and secure its payment by a mortgage upon its church property, on the southwest corner of Chestnut street and Fourth avenue in Louisville; they may also sell and convey said property for such price as they may agree upon. 1876. Trustees may borrow. § 5. Said trustees may also issue coupon bonds to the May issue bonds. amount of thirty thousand dollars, of such denominations, bearing such rate of interest not exceeding nine per cent. per annum, and payable at such time as they may determine, How payable. and secure the payment of the same by a mortgage on the property recently purchased by said church on the southwest corner of Broadway and Fourth avenue, in the city of Louisville. § 6. Said trustees or their successors may sell and convey any real estate said corporation may hereafter acquire. § 7. The mortgages and conveyances herein authorized shall be signed by a majority of the trustees of said corporation as such, and have its corporate seal affixed, attested by its treasurer. Trustees may sell or convey. Approved February 14, 1876. CHAPTER 161. AN ACT to incorporate the "Mutual Benefit Association" of the Western WHEREAS, W. C. Ireland, A. C. Campbell, F. B. Carroll, J. M. Ferguson, D. D. Geiger, S. Casebolt, John W. Hampton, and others, for the purpose of providing a fund for the benefit of the families of the members, formed an association styled "Mutual Benefit Association" of the Western Virginia Con ference of the M. E. Church, South-the prime object being to secure a fund for the benefit of the families of deceased ministers of said conference. Articles of incorporation were adopted; but as there are doubts as to the legality of such incorporation securing the end intended, those interested desire an act of the General Assembly legalizing and establishing as law the articles aforesaid; therefore, 1876. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the articles of incorporation hereinafter set forth shall constitute and be the charter of the "Mutual Benefit Association" of the Western Virginia Conference of the M. E. Church, South, constituting said association a corporation, with all the rights, powers, and privileges specified in the articles aforesaid, which are as follows, viz: ARTICLE I. § 1. This association shall be called the "Mutual Benefit Association" of the Western Virginia Conference of the M. E. Church, South; and by that name ("Mutual Benefit Association"), shall be capable of contracting and being contracted with, both in and out of the State of Kentucky, of suing and being sued. § 2. Every person who signs and acknowledges these articles of association, and all who may become entitled to the privileges and benefits of the association, as provided by these articles of association and such by-laws as may be adopted, shall be members of the association and entitled to one vote. ARTICLE II. § 1. The officers shall consist of a board of directors of not less than seven nor more than twenty-one, seven of whom shall reside at or near Ashland, Kentucky, and constitute a local board, and a majority of the local board shall constitute a quorum for the transaction of business; also a president, vice president, secretary, and treasurer, to be selected by the directors from their body; and they shall reside in or near Ashland, Kentucky. The first board of directors shall consist of seven (who shall be the local board as herein provided), and the board may increase the number of directors, from time to time, so that they do not exceed the number of twenty-one. § 2. The office of the association shall be in Ashland, Kentucky. § 3. The board of directors shall control the business interests of the association; shall have charge of its funds; shall receive, consider, and accept or reject, all applications for membership; shall hold business meetings at least once a month, and shall have power to call (for good cause) special meetings of the association, and shall fill all vacancies occurring in their own body. § 4. All elections of this association shall be by ballot. 5. The conditions of membership in this association, and form of application, shall be prescribed by the by-laws. ARTICLE III. § 1. The secretary and treasurer shall give such bonds, with sureties, for the faithful performance of their duties, as the board of directors may require. § 2. All moneys of the association shall be paid into the hands of the treasurer, who shall make investments and disbursements thereof, upon the order of the board of directors, countersigned by the president or vice president and secretary. At the annual meeting of the association, and at such other times as the board may require, he shall report all receipts and expenditures, and do such other things touching the affairs of the association as may be required of him. § 3. All moneys received as fees for admission to membership in this association shall go into the invested funds of the association, as hereinafter provided. § 4. At the end of each month the incidental expenses for such month shall be paid out of the funds received for fees during the month, which shall be audited and allowed by the board of directors. It shall be the duty of the board to order the treasurer to invest the balance remaining on hand in such stocks, bonds, or other securities, as they may particularly designate, and cause the investment to be made immediately. They shall also cause to be re-invested, from time to time, accruing interest, or dividends on investments already made, and so to manage and direct the financial affairs of the association as to prevent any of its funds from lying idle and unproductive. § 5. The board of directors shall order investments made in such securities, and such only, as are good and interest paying at the time, keeping constantly in view the desirableness of the investment, on account of its safety, its productiveness, and the readiness with which it can be converted into cash. 1876. ARTICLE IV. § 1. The object of this association is to provide a beneficiary fund, to be distributed as hereinafter provided. VOL. I-LOC. L.-19 1876. § 2. The number of this association shall not exceed two thousand. 83. Upon the decease of any member of this association the beneficiary and to which he may be entitled shall be paid as follows: 1. To the widow for the benefit of herself and children, if any. 2. To his mother and sisters. 3. To his father and brothers. 4. To his grandchild, or children. But the board of directors may, in their discretion, for good cause, pay the same to some other person as trustee, to be paid to those entitled, or for their use, in such manner, and for such purposes, and in such sums as the board may direct, or make such other disposition of the fund as will, in their judgment, best subserve the interest of those intended to be benefited: Provided, however, That this power of appointment shall in no case be exercised by the board where the member may have made such appointment by will. No member shall, by will or otherwise, divert the beneficiary fund from those entitled to it, but may exercise the power of appointment of a trustee, in order to secure the proper economical appropriation of the fund so as to secure the benefits intended by this association. § 4. If a deceased member.leaves no family or other kindred, as specified in section 3, then the expenses of his last illness and funeral expenses shall be paid out of the amount to which his family would have been entitled, so far as it will contribute thereto, and the residue (if any) shall revert to, and become the property of, the association, and be added to the contingent fund. § 5. The beneficiary fund shall in no case be subject to the claims of creditors, or execution, or attachment for debts, taxes, or other demands against the deceased member, or his estate. ARTICLE V. § 1. The fees and dues for membership shall be an admission fee of five dollars, and upon the death of any member an assessment on each survivor of one dollar and ten cents. § 2. Of the one dollar and ten cents upon each assessment, the one dollar shall constitute the beneficiary fund, to be paid |