Deposit. § 12. That said corporation shall have full power and authority to deposit any portion of their unemployed capital, or other funds at any time in their possession, with any corporation, company or individual in any sections of the United States, and to use the same as they may think proper, in order to facilitate exchanges, and to do and perform all such acts and things as may be requisite in all such transactions and for the best interest of said corporation. Expenses, how § 13. The expenses incurred by the commissioners in executing duties required by this act shall be paid out of moneys received by them of the subscribers to the capital stock, and may be retained by them for such purposes, and the balance so received shall be paid over to the directors after they shall have been chosen. paid. Policies of insurance. Losses. Apportionment. Proviso. Place of business. rance. § 14. All policies of insurance by them made shall be subscribed by the president, or in case of his death or absence, by such other person as may be authorized, and countersigned and sealed by the secretary of said company; and all losses arising under any policy so subscribed and sealed may be adjusted and settled by the board of directors, or such other person or persons as said board may appoint for such purpose. § 15. In case of any loss or losses whereby the capital stock of said company may be lessened before all the instalments are paid in, each proprietor's or stockholder's estate shall be held accountable for the instalments that may remain unpaid on his share or shares at the time of such loss or losses taking place, and no subsequent dividend shall be made until the sum arising from the profits of the business or by advance of the stockholders, to make good said capital stock, shall have been added thereto. § 16. If a greater number of shares shall be subscribed for than is contemplated in the second section of this act, the same shall be apportioned amongst the subscribers in such equitable manner as the said commissioners shall appoint: Provided, such subscriptions take place before the election of directors, and if after their election, then the same shall be appointed by said directors.. § 17. The business of the company shall be carried on at such place in the city of Galena, or elsewhere by agency, as the directors shall direct, and at such agencies as they may establish. Mutual insu- § 18. This corporation may conduct its insurance business, in part or entirely, upon the principle of mutual insurance, if preferred by its stockholders or directors: Provuded, always, that all risks are assessed at their cash value of hazards, and the premiums shall be paid in cash or its equivalent, when the policy is issued. Proviso. Construction of act. § 19. This act shall be and is hereby declared to be a public act, and the same shall be construed liberally, for the beneficial purposes herein granted; and the corporation hereby created shall take effect and be in force from and after the passage thereof, and shall continue in force for the Limitation. term of thirty years, and no longer. § 20. Notwithstanding the expiration of the time for Liquidation. which the said corporation is created, it shall be lawful to use the corporate name, style and capacity for the final settlement and liquidation of the affairs and accounts of the said corporation in all cases, and for the sale and disposition of their estate, real or personal. § 21. the company shall commence operations, agreeably to the of operations. provisions thereof, within two years after the passage of this This charter shall be void and of no effect unless Commencement act. lives. § 22. In effecting insurance on lives agreeably with the Insurance on power conferred by this charter, it shall be the duty of the directors to have kept a separate account for this class of business, distinct from the other insurances, which shall not be affected by the loss or gains of their other insurance business, and it shall and may be lawful for the said directors to allow all persons so insuring such part of the net profits or earnings of this department of the company's business as may be deemed for the mutual interest of the assured and assurers. APPROVED Feb. 15, 1851. AN ACT to legalize the election of trustees to the Jonesboro society of the Methodist In force Feb.15, Episcopal Church, to legalize a conveyance to trustees, and for other purposes. ized. 1851. SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That the election of Daniel Spence, Clement J. Jarnigan, Jefferson Election legal McKinney, William H. Mills and Meredith W. Spence, and their successors, as trustees of the Jonesboro society of the Methodist Episcopal Church, be and it is hereby declared legal and right, in all respects whatsoever, any other statute or enactment to the contrary notwithstanding. § 2. Be it further enacted, That Elias V. Winget, Enos Election valid. A. Phillips, Robert Shannon, Harris M. Ridenhoner and Randolph V. Marshall be and they are hereby declared the duly elected trustees of the Jonesboro society of the Methodist Episcopal Church, and as such full faith and credit is due to all their official acts. § 3. Any and all conveyances heretofore made to any Conveyance or all of the aforesaid trustees, and their successors, more valid. particularly of lot number 71, in Grammer's donation for the town of Jonesboro, is and it is hereby declared to be § 4. In force Feb.15, AN ACT to amend an act entitled an act to incorporate the town of Little Fort, in 1851. Lake county, approved Feb. twelfth, A. D. one thousand eight hundred and forty Preamble. rected. nine. Whereas in the second section of said act descriptive of the boundaries of said incorporation, by a clerical error said boundaries were described as being in congressional township forty-four north, of range twelve, east of the third principal meridian, when in fact it was intended that said boundaries should be described and designated in township numbered forty-five north, of range aforesaid; now therefore, SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That so Boundaries cor- much of the second section of the aforesaid act as designates the boundaries of said incorporation in town fortyfour north, of range aforesaid, be and the same is hereby corrected and amended, so as to read and import as originally intended-town forty-five north, of range twelve, east of the third principal meridian; and that the boundaries of said town (now called Waukegan) as described in said second section, be taken and deemed to be in town forty-five north, of range twelve, east of the third principal meridian. Compensation of assessor and collector. Proceedings of § 2. Also be it further enacted, That the treasurer, assessor and collector of said town of Little Fort (now Waukegan) shall receive such compensation for their services as is provided for treasurers and assessors and collectors of the county and state revenue for similar services, by the township organization law, passed at the last session of this assembly, and approved February twelfth, A. D. one thousand eight hundred and forty-nine, and that all provisions of said act of incorporation conflicting with the provisions of this act be and the same are hereby repealed. § 3. And be it further enacted, That all acts and proboard of trus- ceedings of the president and board of trustees of said incorporation, heretofore had under the charter of said town, are hereby legalized, and shall be deemed and taken as ap tees. plicable to and binding upon the inhabitants of said town as bounded and described in this amendment to the original charter. APPROVED Feb. 15, 1851. AN ACT to incorporate the Paris Male and Female Seminary. In force Feb.15, 1851. SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Jonathan Mayo, Robert Steele, Henry W. Martins, Joseph Cur- Corporation. tis, William Minnick, John Stockwell, Cornelius M. Lankford, Oliver Munsell and Robert Clarke, and their successors, be and they are hereby created a body politic and corporate, to be styled and known by the name of the "The Trustees of the Paris Male and Female Seminary," and by Style. that style and name to remain and have perpetual succession. The said seminary shall be and remain at Paris, in the county of Edgar. The number of trustees shall not exceed nine, of whom a majority shall constitute a quorum to do business. § 2. The objects of said corporation shall be the motion of male and female education. pro Objects. § 3. The corporate powers hereby bestowed are such Powers. only as are essential or useful in the attainment of said object, and such as are usually conferred on similar bodies corporate, to wit: to have perpetual succession, to make contracts, to sue and be sued, plead and be impleaded, to grant and receive by its corporate name, and to do all other acts as natural persons may; to accept, acquire, purchase or sell property, real, personal or mixed, in all lawful ways; to use, employ, manage and dispose of all such property, and all money belonging to said corporation, in such manner as shall seem to such trustees best adapted to promote the object before mentioned; to have a common seal, and to alter or change the same; to make such by-laws for its regulation as are not inconsistent with the constitution and laws of the United States or of this state. tees. § 4. The trustees of said corporation shall have au- Power of trusthority, from time to time, to proscribe and regulate the course of studies to be pursued in said institution, to fix the rates of tuition and other expenses, to appoint instructors and such other officers and agents as may be necessary in managing the concerns of the institution, to define their duties, to fix their compensation, and to displace or remove them, to erect necessary buildings, to purchase books, chemical and philosophical apparatus, and other suitable Patronage. Visitors. Vacancies. Treasurer. Funds. Proviso means of instruction, to make rules for the general gov- regu § 5. This institution shall be under the patronage of the Illinois Annual Conference of the Methodist Episcopal Church; and it shall be lawful for said conference to appoint annually a board of visitors, who shall have power to sit with the board of trustees at its annual meetings, as ex officio members. But the profession of any particular religious faith shall not be required of those who become students. § 6. In order that this corporation may have perpetual succession, the quarterly conference of the Paris circuit or station of the Illinois Annual Conference of the Methodist Episcopal Church, shall have power to nominate a suitable person or persons to fill any vacancy or vacancies that may occur by death, resignation or removal from office; and the board of trustees for the time being shall have power to accept or reject said nominees, and the said conference shall continue to nominate, and the board to accept or reject, until all such vacancies are filled. § 7. It shall be the duty of the trustees to appoint one of their number a treasurer, who shall be required to give bond, with sufficient security, in such penal sum as the board may prescribe, conditioned for the performance of such duties as the by-laws may require of him. § 8. The trustees shall faithfully apply all funds collected or hereafter to be collected for said seminary, according to their best judgment: Provided, that in case any donation, devise or bequest shall be made for particular purposes, accordant with the objects of said institution, and the trustees shall accept the same, every such donation, devise or bequest shall be expressly applied in conformity with the condition prescribed by the donor or devisor. APPROVED Feb. 15, 1851. In force Feb.15, AN ACT supplementary to an act entitled "An act to incorporate the Kankakee and Iroquois Navigation and Manufacturing company," approved February fifteenth, one thousand eight hundred and forty-seven. 1851. SECTION 1. Be it enacted by the people of the State of Extension of Illinois, represented in the General Assembly, That the time allowed to said Kankakee and Iroquois Navigation and Manufacturing company to complete their improvements of the Kankakee river, as far as the town of Wilmington, b time. |