Creditors may SEC. 22. Creditors who file bills or petitions under this contest the act, may contest the validity of incumbrances, as well in revalidity of incumbrances gard to amount as to their justice; and any incumbrance, whether by mortgage, judgment or otherwise, charged and shown to be fraudulent in respect to such creditor, or in respect to creditors generally, may be set aside by the court, and the premises made subject to the claim of the creditor freed and discharged from such fraudulent incumbrance.

Powers of courts

insufficient

SEC. 23. In proceedings under this act, the courts are vested with all the powers of courts of chancery, and shall be governed by the rules of proceeding and decision in these courts, so far as that power may be necessary to carry into full and complete effect the provisions hereof, and so far as those rules of proceeding and decision are applicable to cases and questions presented for adjudication and decision.

SEC. 24. No creditor shall be allowed to enforce the lien created under the provisions of this [act,] as against or to the prejudice of any other creditor or any incumbrance, unless suit be instituted to enforce such lien, within six months after the last payment, for labor or materials, shall have become due and payable.

SEC, 25. Nothing contained in this act shall be construed to prevent any creditor from maintaining an action at law upon his contract, in like manner as if he had no lien for the security of his debt.

Where sale is SEC. 26. If upon making sale of any premises under this to pay claims act, the proceeds of such shall not be sufficient to pay the claims of all parties according to their rights, the judgment shall be credited by the amount of such sale, and execution may issue in favor of any creditor whose claim is not satisfied for the balance due, as upon a judgment in actions of debt or assumpsit; and in case of excess of sales over the amount of judgment, such excess shall be paid to the owner of the land, or to the person who may be entitled to the same, under the direction of the court.

Costs how paid

SEC. 27. The costs of proceeding under this act, as between creditors claiming liens and the person against whom the lien is intended to be enforced, shall abide the event of the suit; and the costs, as between creditors aforesaid, in contest relative to each others' claims, shall be subject to the order of the court, and the same rule shall prevail in respect to costs growing out of proceed [proceedings] against and between incumbrances.

SEC. 28. The act entitled "An act for the benefit of meAct repealed chanics, approved 22d February, 1833," is hereby repealed; but rights acquired and liabilities incurred, under that act, shall not be affected by the repeal thereof. This act shall take effect on the first day of May next.

Certificate of
Sec. of State

This bill having been laid before the Council of Revision, and ten days not having intervened before the adjournment of the General Assembly,

and the said bill not having been returned with the objections of the Council on the first day of the present session of the General Assembly, it has become a law.

Given under my hand this 10th day of December, 1839.

A. P. FIELD, Secretary of State.

AN ACT to incorporate the Montibello Manufacturing company.

In force,

Dec. 10, 1839.

rate

SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That all such persons as shall become subscribers to the stock hereinafter described, are hereby constituted and declared a body corporate and politic, Body corpoby the name of the "Montibello Manufacturing Company," to Name end be located upon the lower rapids of the Mississippi river, in style the county of Hancock, at some point between the north line Location of the south-east quarter of fractional section twelve, and the north of the creek commonly known by the name of Chancy's Creek; and by that name they, their successors, and as- Powers signs, shall have succession, for and during the term of twenty Term of years, and be capable, in law, to sue and be sued to final judgment and execution, plead and be impleaded, defend and be defended, in all courts and places whatsoever; to make, have and use a common seal, and the same to break, renew or alter at pleasure.

charter

SEC. 2. The said company shall be authorized and empow- Further powered to erect, build, put in operation, employ, work or use all ers kinds of mills and machinery for the manufacturing of flour, lumber and other useful articles, and for these purposes they are hereby authorized to take any quantity of water from the Mississippi river that they may deem necessary, and to build, erect, construct and support in the said Mississipp river, any wing dam, barrier, or other means to use that may be necessato increase the fall, or to conduct and control so much of the water of the said river as may be required for the purposes of the said company: Provided, That no such dam, barrier, or ob- Proviso struction shall be so built, constructed or placed in said river,

ry

as in any way to obstruct or injure the navigation thereof.

Proviso

SEC. 3. The capital stock of said company shall be ten Capital stock thousand dollars, divided into one hundred shares of one hun- $10,000 dred dollars each, which the stockholders, at a general meeting, and by a vote representing in its majority at least twothirds of the stock subscribed, may increase to any sum not May be exceeding one hundred thousand dollars in any form or manner $100,000 that they may deem proper: Provided, That the amount of debts which the said company shall at any time owe, shall not exceed the amount of their capital stock, and in case of such excess, those under whose administration it shall happen, shall be holden for the same, in their natural and private capacity; but this shall not be construed to exempt the corporate prop- Property lierty of the company from being also liable and chargeable for such excess.

able

SEC. 4. For the purpose of carrying into effect the objects of this corporation, Abram Smith, Cyrus Felt, Enoch D.

Brown, Alpheus Kemball, Philemon Frances, Matthew Gray Commission- and M. D. Billings, are hereby appointed commissioners to ers to obtain receive subscriptions to the capital stock of said company, and subscriptions it shall be the duty of said commissioners, or a majority of

them, as soon after the passage of this act as may be, to take or adopt such measures, pursue such course for the obtaining of said subscriptions, and for completing the same, as they $1 to be paid may deem most expedient and proper; but every subscriber, at the time of subscribing, shall pay to said commissioners the sum of one dollar for each share subscribed.

on subscription

Directors to

be elected annually

Term of service

SEC. 5. The stock, property and concerns of the said corporation, shall be managed and conducted by five directors, who, at the time of their election, shall be stockholders, and shall be chosen annually by ballot, on the day and at the place of holding the annual meetings of said corporation. Said directors shall hold their office for the term of one year from the time of their election, and until their successors are elected; there shall also at the same time and place, for the same term and in the same manner, be chosen a treasurer, who shall be sworn and possess the same qualifications as a director, shall be sworn to give bond the faithful dischargeof his duty, and shall give bond in such amount and in such manner as the president and directors shall prescribe.

Treasurer to

Shares to each vote

When fifty

be taken

Election of

Treasurer

SEC. 6. At all elections and in all other matters wherein a vote of a corporation shall be taken, every stockholder shall be entitled to one vote for each share to the number of ten, and one vote for every five additional shares, which votes may be given in person or by lawful proxy.

SEC. 7. As soon as fifty shares shall be taken, the commisshares shall sioners shall give at least thirty days notice thereof in one or more newspapers in this State, and appoint in such notice the time and place for such subscribers to meet, for the purpose of Directors and choosing directors and treasurer; at the election to be held as aforesaid, the said commissioners, or such of them as may attend, shall be inspectors, and their certificate of the names of the persons elected, shall be conclusive evidence of such election; at the first election held for directors and treasurer, the ballots shall contain the name of the person voted for, the name of the stockholder claiming to vote, and the number of votes he claims to be entitled to; and it shall require a majority of all the votes given to constitute a choice; but all subsequent elections shall, in these respects, be held and conducted as the corporation in their by-laws shall direct.

First election

Majority required to elect

Choice of president

Quorum

SEC. 8. The directors when elected as aforesaid, shall immediately proceed to the choice of one of their number for president, who shall be elected for one year, and shall be president of the company for the time being. A majority of the board of directors shall constitute a quorum for doing

business, and, in the absence of the president, may choose a president pro tempore; and so soon as the said directors shall be elected and enter upon the duties of their office, the com'missioners shall deliver over to the said directors all the books containing subscriptions to the capital stock, and account for money received on such subscriptions.

Clerk, how

SEC. 9. The president and directors shall appoint a clerk, appointed whose duty it shall be to keep a fair record of the proceedings and transactions of said corporation. The directors may meet Meetings of at such time and places as they may think proper, may appoint corporation such superintendants and agents as they may deem necessary; employ such workmen and make such contracts as they may deem conducive to the interests of the said corporation. SEC. 10. It shall be lawful for the directors to require pay-subscriptions Payment of ment of the sums subscribed to the capital stock, at such times and in such proportions, and on such conditions, as they shall deem fit under the penalty of the forfeiture of all previous payments thereon, and shall give notice of the payments thus paymentt required, and of the place and time where and when the same are to be paid, at least sixty days previous to the payment of the same, in some public newspaper of this State.

Forfeiture of

SEC. 11. The said company shall have power to make, or- By-laws dain and establish all such by-laws, rules and regulations, and ordinances, as they may deem expedient and necessary to.accomplish the designs and purposes, and to carry into effect the provisions of this act, and the well-ordering, regulating and securing of the interests and affairs of the company: Provided, Proviso The same be not repugnant to the constitution and laws of this State or of the United States.

SEC. 12. The said company shall have power and be ca- Powers pable of holding, purchasing, improving, selling and conveying any estate. real or personal, for the use of said corporation: Provided, That the quantity of real estate held by the said Proviso. corporation, shall not at any one time exceed six hundred and forty acres.

SEC. 13. The stock shall be deemed personal property, and Stock deemed shall be transferrable by certificate signed by the president, and personal pro perty attested by the treasurer; and all conveyances of real estate, How transso executed, shall be valid and binding on said corporation; ferred but no such holder indebted to the corporation shall be permit- No transfer ted to make a transfer until such debt be paid or secured to the allowed till debts are paid satisfaction of the directors.

SEC. 14. The company shall at all times keep proper books of accounts, in which shall be registered all the transactions of the corporation, and the same shall at all times be subject to the inspection of the stockholders; and it shall be the duty of the directors to make annual dividends, or at such other Annual dividends times as a majority of the directors shall direct, of so much of the profits of said company as to them, or a majority of them, shall appear advisable; and the directors, whenever required by a majority of the stockholders, shall exhibit, at a

be made

Statements to general meeting, a full and perfect statement of the debts and credits, and all such other matters as may be deemed essential relating to the affairs of the company.

Special meetings

SEC. 15. A majority of the stockholders, whenever they deem it necessary, may call a special meeting of the company, and provided the regular elections from any cause shall not take place, it shall be lawful for any four of the stockholSpecial elec- cers to call a special election by giving notice of the time and place.

tions

Forfeiture of

charter

Certificate of

Sec. of State

SEC. 16. If the said corporation shall not organize and commence their said business within two years from the passage of this act, and expend five thousand dollars in the erection of mills or other machinery suitable to the prosecution of their business, according to the provisions of this act, then this act

shall be null and void.

This bill having been laid before the Council of Revision, and ten days not having intervened before the adjournment of the General Assembly, and said bill not having been returned with the objections of the Council on the first day of the present session of the General Assembly, the same has become a law.

Given under my hand this 10th day of December, 1839.

A. P. FIELD, Secretary of State.

In force, Dec. 10, 1839.

Blocks vaca

ted Proviso.

AN ACT vacating a part of the town of Illinois city, and changing the name of the residence [residue] to that of Uniontown.

SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the north division of the town of Illinois city, in the county of Whitesides, consisting of blocks three, four, nine and ten, is hereby declared vacated: Provided, however, That the vacating of the aforesaid blocks does not in any respect operate to the disadvantage of the residue of said town.

SEC. 2. All that part of the county of Whitesides, on which the town of Illinois city is situated, which is recorded in the recorder's office of Joe Daviess county, (except that part of the said town which by the first section of this act is declared Union Town vacated,) shall hereafter be known by the name of Uniontown, any plat or name to the contrary notwithstanding.

Certificate of
Sec. of State

SEC. 3. This act to be in force from and after the first day of June next.

This bill having been laid before the Council of Revision, and ten days not having intervened before the adjournment of the General Assembly, and the said bill not having been returned with the objections of the Council on the first day of the present session of the General Assembly, the same has become a law.

Given under my hand this 10th day of December, 1839.

A. P. FIELD, Secretary of State.