board may not exceed the number of ten, three of whom may transact bus ness, provided one be of the faculty. § 9. Should the corporation at any time act contrary Violation of to the provisions of this charter, or fail to comply with the charter. same, upon complaint being made to the circuit court of Cook county, a scire facias shall issue, and the circuit attorney shall prosecute, in behalf of the people of this state, for forfeiture of this charter. This act shall be a public act, and shall be construed liberally in all courts, for the purposes herein expressed.

APPROVED Jan. 28, 1851.

AN ACT to incorporate the Baline Coal and Manufacturing Company.

Whereas the objects herein cannot be provided for under a general law of this state.

In force Janua

ry 28, 1851.

SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Albert G. Caldwell and Joseph Bowles, and their associates, suc- Corporators. cessors and assigns, be and they are hereby created a body politic and corporate, under the name and style of the Saline Coal and Manufacturing Company," and under style. and by that name they and their successors shall have succession, contract and be contracted with, sue and be sued in all courts and places; they shall have power to organize such company, by the appointment of a president and such other officers as they may deem necessary, at such time and place as they may designate, by notice previously given by them. And when thus organized they and their Powers. successors may have a common seal, and alter the same; and shall have power to make such by-laws, rules and regulations as they may deem necessary, from time to time, for the government and the management and prosecution of the business of said company, not inconsistent with the constitution and laws of this state and the United States.

§ 2. The said company may appoint and employ such May employ agents as may be required by them, and define the powers agents. and prescribe the duties of such agents.

§3. The said company may receive, buy and hold such Further powers real estate, mining rights and rights of way, as may be of company. deemed necessary by them to the successful prosecution of their business and the execution of the powers herein granted; and shall have power to lay out and construct such waggon ways, railroads and appurtenances thereto, on and from the lands of said company, to such points on the Saline and Ohio rivers as they may deem expedient and pro

Lands of any

non compos mentis.

per; to erect dams and construct locks on the Saline river, on the lands of said company, for the improvement of the navigation of said river, and which shall not impair such navigation; and to engage generally in the business of welling for salt water, and for the mining of coal, iron, clays and other minerals, and for the manufacture, sale, and transportation of the products of their wells, mines and such other commodities as the company may think promotive of its welfare, with all powers necessary and adequate to carry into effect the successful prosecution of their business and the execution of the powers herein granted.

§ 4. When the lands or estate of any feme covert, infant or person non compos mentis, shall be required by said feme covert, in- company for the use of said company, the guardian of such fant, or person infant or [person] non compos mentis, or husband of such feme covert, may release all damages for and in said lands or estate, as fully as might be done by the party when free from such disability; and the right of way and occupancy may be acquired and damages adjusted under the provisions of the law now in force in relation to the right of way; and when such damages are assessed and paid or tendered, according to the provisions of said act, the lands so acquired shall vest in said company, for the use and purposes thereof; and when such right of way shall have been awarded under said law, a copy of the report shall be filed and recorded in the county where such lands are situate, and a due certified copy of such record shall be taken and received as evidence in all trials relating to the same.

navigation of river.

§ 5. The said company, in the erection of any dam and Not to impair locks on said Saline river, shall not impair the navigation. of said stream, but shall keep sufficient assistance, at all reasonable times, to permit and assist all boats and other vessels to pass up and down said stream through such locks, and upon such reasonable compensation and rates of toll as may be assessed by said company, and reported to the county court of the county or counties where such improvements shall be made: Provided, that such rates of toll shall not exceed the rates fixed at similar improvements in this state.

Acts repealed.

§ 6. All acts or parts of acts relating to the improvement of the navigation of the Saline river which are in conflict with the provisions of this act, be and the same are hereby repealed, and this act shall be in force from and after its passage.

APPROVED January 28, 1851.

AN ACT to incorporate the Chicago Marine Insurance company, of Chicago.

In force Janua

ry 28, 1851.

ated.

SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, as follows: John C. Dodge, Horatio G. Loomis, Walter S. Gurnee, Corporation ereEdward R. Rogers, their associates and successors, are hereby declared a body corporate, by the name of the "Chicago Marine Insurance Company," to be established in the city of Chicago, county of Cook, and state of Illinois, for the purpose of making maritime loans and insuring against maritime losses, with power to sue and be sued, plead and be impleaded, to have and to use a common seal, and to make and alter from time to time such by-laws, not inconsistent with law or the provisions of this act, as they may deem necessary for the government of the said corpo

ration.

§ 2. The capital stock of said corporation shall be two Stock. hundred thousand dollars, to be divided into shares of one hundred dollars each. The said corporation, as soon as the capital stock is subscribed and twelve and a half per centum paid in, and the remainder secured by notes based upon bond and mortgage of improved real estate, not exceeding two thirds its value, or by deeds of trust of real estate in the city of Chicago, which said real estate or any part thereof shall be sold on thirty days' notice being given on default of the payment of the said notes, or any portion thereof, that may from time to time be called in, may commence and carry on their business.

ings.

§ 3. All the corporate powers of the company shall be Directors. vested in eleven directors, who shall be citizens of this state and members of the company, one of whom shall be president thereof, who shall hold their offices for one year and until others are appointed in their stead. Annual meetings shall be held by the members of the corporation for the Annual meetchoice of directors, and any other business that may come before them, on the in each year, at such time and place in the city of Chicago as a majority of the directors may appoint, and notice thereof shall be given in two of the papers printed in Chicago, at least ten days previous to said meeting, and the first meeting shall be on the first Monday in May, 1851. And the elections shall be holden under the inspection of five stockholders, who shall not be directors, to be appointed by the directors, and shall be made by ballot, by a plurality of the stockholders present, allowing one vote for every share. Stockholders not present may vote by proxy, and the voting powers of the members shall be determined five days previous to said election.

§ 4. The directors so to be chosen shall meet as soon President. as may be after such election, and shall choose one of their body to be president, who shall preside for one year; and in

ings.

case of the death, resignation or inability to serve of the president, or any director, such vacancy or vacancies may be filled for the remainder of the year by the directors.

§ 5. A special meeting of the corporation shall be calSpecial meet- led by the president and directors, upon the application in writing of twenty members; notice of which shall be given. ten days, successively, in two of the papers printed in Chicago. And special meetings of the corporation may be called whenever the president and directors may deem it expedient.

Insurance.

Restrictions.

reotors.

6. The president and directors shall have power and authority, in the name and on behalf of the said corporation, to make all kinds of insurance upon vessels, goods, wares and merchandise, upon the rivers, lakes and canals in the state of Illinois, and on the waters of Lakes Michigan, Huron, Erie and Ontario, and in the adjoining states and territories, but shall not take on any one risk a larger amount than fifteen thousand dollars. Also, all kinds of insurance upon the inland transportation of goods or property, of any description, by land or water, and generally to do and perform all matters and things relating to such objects; and all policies of insurance shall be subscribed by the president, or in his absence by two of the directors, and countersigned by the secretary, and shall be binding and obligatory upon the said corporation in like manner and with like force as if under the seal of said corporation.

7. It shall not be lawful for the said corporation to deal, directly or indirectly, in any kind of goods, wares or merchandise whatsoever, or in buying or selling any stock or funded debt whatsoever, created or to be created by or under any act of the United States or any particular state, but it shall be lawful for the said corporation to purchase and hold any stock or funded debt last aforesaid, for the purpose of investing any part of their capital stock, funds or moneys therein, and also to sell and transfer the same and again invest the same, or any part thereof, in such stock or funds, whenever and as often as the exigencies of the corporation or a due regard to the safety of its funds shall require; and also to make loans on bond and mortgage, bottomry and respondentia, and the same to call in and reloan on like security, as occasion may require: Provided, however, that nothing in this act contained shall be construed to confer on said corporation any banking power whatsoever.

§ 8. The first election of directors shall be holden as Election of di- soon as may be after the capital stock shall have been subscribed, under the inspection of five of the stockholders, whose duty it shall be to give due notice of the time and place of holding such election, and immediately after said election to give to the stockholders present a certificate of

the names of the persons elected, and to hand over to the directors the subscription books of the said corporation, and all papers relating to the same.

mittee.

§ 9. There shall be annually chosen a committee of finance, consisting of five directors, of whom three shall Financial comform a quorum, who shall investigate the best mode of investing the funds of the corporation, and a majority shall have power to loan or invest the same. They shall also, at the end of the fiscal year, examine the statement of the affairs of the company made out by the secretary, and compare the same with the books.

funds, &c.

§ 10. It shall be the duty of the president and secretary, at least thirty days previous to the annual election of Statement of directors, to prepare and insert in a book to be provided for that purpose, a full and true statement of the funds, property and securities of the said corporation, showing the amount on real estate, in bond and mortgage, in bottomry and respondentia, in notes and other securities, in public debt, in other stock, and the amount of debts due to and from the said corporation; which statement shall be certified by the president and secretary, and shall be open to the inspection of any stockholder of the said corporation, during the usual hours of business in the office thereof, until the day of election; and in case the president and secretary shall refuse or neglect to prepare such statement, or submit the same when required, they and each of them shall forfeit and pay to every stockholder so requiring the inspection of such statement the sum of five hundred dollars, to be sued for and recovered by such stockholder to his own use, in any court having jurisdiction to that amount, but such suit shall be commenced within thirty days after the annual election of directors of said company.

§ 11. It shall not be lawful for the said corporation to commence business under this act, until the president and Commencement secretary of the said corporation shall have made a depo- of operations. sition in writing, and filed the same in the office of the clerk

of the county court of Cook county, that the capital stock

of the said corporation has been paid in, or secured according to the provisions of this act.

ing

§ 12. It shall be the duty of the president and directors Annual report. of said company, on the first Monday in January in each year, to make a report of the state and situation of said company, showing the amount of capital stock paid in, and the manner in which the same is invested or secured; how much thereof has been consumed and expended in the payment of losses sustained by the said company; the amount of its expenses, and how much is safe, and the amount of liability incurred by said company, and of debts owing by them; the amount of premiums received, earned and unearned, of dividends made and losses sustained, during the