and holders, respectively, of not less than ten shares of the Time of elec § 5. After the first election, as above, all elections for directors for said company shall be held on the first Mon- tions. day in December of each and every year, at such time of the day, and in such place in the city of Alton, as a majority of the directors for the time being shall appoint; of which election public notice shall be given by publication, for at least ten days, in a newspaper printed in said city. And said election shall be made as in section four above, but under the inspection of the secretary of the company; and in case of failure to elect on that day, it shall be lawful to choose them on any other day, in manner herein provided; and it shall be the duty of the secretary of said company, at any time, upon application in writing of the proprietors of twenty per centum of the capital stock, to call a meeting of the stockholders, to be holden at such time and place, in the city of Alton, as they shall direct, for the purpose mentioned in such application, by giving notice thereof as is herein required for the election of directors. § 6. The directors, when chosen, shall meet as soon as Officers. may be after every election, and shall choose out of their own body a president, who shall be sworn or affirmed faithfully to discharge the duties of said office, and shall preside for one year; and in case of the death, resignation or inability to serve of the president or any director, such vacancy may be filled for the remainder of the year in which they happen by a special election for that purpose, to be held in the same manner as hereinbefore directed respecting annual elections of directors. § 7. The president and four directors, or five directors Quorum. in the absence of the president, shall form a quorum to transact businees, and all questions shall be decided by a majority of votes. They shall have power to appoint a secretary, and as many other officers and servants as may to the said board seem meet, and to fix the salaries for all. scriptions. Payment of sub- § 8. It shall be lawful for the president and directors to require payment of the sum subscribed to the capital stock, at such time, on such condition, and in such proportions, as they shall deem fit, under such forfeiture as they shall prescribe; and they shall give notice of the payment thus required, and of the time and place when and where the same are to be made, at least sixty days previous to the time specified for such payment, in some newspaper in each of the places where the books of the company may have been opened for subscription of the capital stock. § 9. The said corporation shall have power and authoriAuthority of corporation. ty to make all kinds of insurance against fire, flood, or other destructive elements, on vessels, freight, money, goods and effects, upon the ocean, rivers, lakes and canals, in the United States and territories; also, all kinds of insurance upon the inland transportation of goods or property, of any description, by land or water, and on any dwellings, houses or other buildings, merchandise or other property, within the United States; and generally to do and perform all matters and things relative to such objects, and to fix the premium and terms of payment. And all policies of insurance by them made shall be subscribed by the president, or, in his absence, by two directors, and countersigned and sealed by the secretary of said company, and shall be binding and obligatory upon said company. And any losses thereby, duly arising under any policy so subscribed and sealed, may be adjusted and settled by the president and board of directors, and the same shall be binding on said company. Restriction. Proviso. Dividends. § 10. It shall not be lawful for said company to deal, directly or indirectly, in any kind of goods, wares, or merchandise, whatsoever; but it shall be lawful for the said corporation, for the purpose of investing any part of their capital stock, funds or money therein, to purchase and hold any stock or funded debt whatsoever, created or to be created by or under any act of the United States or any particular state, 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 said 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, on any personal security, at the discretion of the directors, and the same to call in and reloan on like security, as occasion may require; and to receive money on deposit, allow interest, and give certificates therefor: Provided, however, that nothing in this act contained shall be construed to confer on said corporation any banking power or privilege whatever. § 11. It shall be the duty of the directors of said company, at such time as the by-laws thereof prescribe, to make dividends of so much of the interest arising from the capital stock and the profits of said company as to them shall appear advisable; but the money received and notes taken for premium of risk, which shall be undetermined and and outstanding at the time of making such dividend, shall not be considered as a part of the profit of said company; and all dividend, at the option of the directors, shall be applied, respectively, on the stock notes, until they are extinguished and fully paid. § 12. It shall be the duty of the president and secre- Statement. tary, at least thirty days previous to the annual election 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 said corporation, showing the amount on real estate in bonds and mortgages, 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 opened to the inspection of any stockholder of said corporation, during the usual hours of business, in the office thereof, until the day of election. § 13. It shall not be lawful for the said corporation to Restriction. commence business under this act until the president and secretary of said corporation shall have made a deposition in writing, and filed the same in the office of the clerk of the county court of Madison county, that the capital stock of said company has been paid in or secured according to the provisions of this act. §14. The president and directors of said company Publication.; shall, previous to the subscribing to any policy, and once in every year, publish in one newspaper printed in Alton, the amount of their capital stock, against what risks they mean to insure, and the largest sum they mean to take in any risk. $ 15. The president and directors of said company Report to legisshall, when and as often as requested by the legislature of lature. the state, lay before them a statement of the affairs of said company, and submit to an examination concerning the same, under oath. act. § 16. This act is hereby declared a public act, and shall Construction of take effect from and after its passage, and shall be liberally construed for every purpose herein contained. APPROVED Feb. 17, 1851. In force February 17, 1851. Corporation. Style. Objeots. Proviso. Powers. AN ACT to incorporate the Wood River Coal Mining Company. SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Charles B. Sawyer, Walter Bryent, Stephen M. Allen, James Tolman, and Thomas Page, and such other persons as may associate with them for the purposes specified in this act, be and they are hereby constituted a body corporate, by the name of the "Wood River Coal Mining company," for the purpose of mining and transporting stone coal, in the county of Madison, in this state, to the Mississippi river; and by that name they and their successors shall have succession, and shall in law be capable of suing and being sued, plead and be impleaded, in all courts and places whatsoever; may have a common seal, and alter the same at pleasure; may purchase and hold real estate, for the uses and purposes of said incorporation, and sell and convey the same at pleasure: Provided, that said corporation shall not hold at any time more than twelve hundred acres of land. § 2. The said company shall have power to lay out and construct, upon the most suitable route, from their coal mines, in Madison county, in this state, a plank or railroad at a point not more than one mile from the mouth of Wood river to the Mississippi river, and for that purpose may take and cause to be condemned, for the use of such plank or railroad, a strip of land, not exceeding one hundred feet in width, the whole length of the said plank or railroad: Provided, that the said company shall make compensation for the land taken or required for said plank or railroad, to the owners of such land, in the manner now provided by law for the opening or widening roads in this state; and the said corporation shall have power to erect one or more foundries for manufacturing purposes. § 3. The capital stock of said company shall be fifty Capital stock. thousand dollars ($50,000,) in shares of one hundred dollars ($100) each, to be subscribed for in the manner provided by this act; which capital may be increased to two hundred thousand dollars ($200,000,) at the pleasure of said company; and as soon as one half of the capital stock of said company is subscribed, the stockholders of said company may choose directors and transact and conduct the business for which this incorporation is granted. Commissioners. § 4. Three commissioners, to wit: Charles B. Sawyer, George T. Brown, and Lansing S. Wells, or a majority of them, are hereby authorized to open books of subscription to the stock of said company; and before the books are opened they shall give thirty days' notice, in some newspaper printed in Madison county, of the time and place that said subscriptions will be opened, and they shall be kept open one day. § 5. As soon as one half of the capital stock of said Directors. company is subscribed, the stockholders may elect five (5) directors, to manage and transact the business and affairs. of said company; and at such election each stockholder shall be entitled to one vote for each share of stock held by him or her: Provided, that the commissioners, or a ma- Proviso. jority of them, named in this act, shall first give thirty days' notice, in some newspaper printed in Madison county, of the time and place of holding such election. § 6. The directors of said company, elected in pursu- Power of direeance of this act, shall have power and authority to make tors. all needful rules, regulations and by-laws for the management and control of the business contemplated by this act, and also for the purpose of carrying into effect all the powers and privileges granted to said company by this act : Provided, such rules, regulations and by-laws are not in- Proviso. consistent with the constitution or laws of this state. § 7. Nothing herein contained shall authorize said com- Restriction. pany to require of any railroad company now incorporated any compensation for damages done by crossing the track of the road to be constructed under provisions of this act. § 8. This act to take effect from and after its passage. PROVED February 17, 1851. AN ACT to vacate certain town lots in the town of Princeton, Bureau county. In force Februa ry 17, 1851. SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That lots numbered one, twenty-three, twenty-four, twenty-five and Lote vacated. twenty-six, and the east half of lots ninety-three, ninetyfour, ninety-five and ninety-six; also the north-east quarter and the south-west quarter of lot ninety-seven, in the original plat of the town of Princeton; also lots number two, three, four and six, in Mercer's addition to the town of Princeton, all of said lots and parts of lots lying and being in said town of Princeton, in Bureau county, be and the same are hereby vacated. This act to take effect from and after its passage. |