Sidebilder
PDF
ePub

vernor.

paying to the stockholders of said company the cost of the samc, with interest at six per cent. per annum from the completion of the said improvements, and the said company is hereby required to keep a true and accurate account of all expenditures made on said improvements, and on or before the first day of January of each year, to file in the Auditor's office of this State, a true and correct copy of all expenditures so made, attested by the oath of the president of said company.

Sec. 10. The State of Illinois, for and in consideration of stockholder

a moneys expended by the State on said river heretofore, for

the improvement of the navigation thereof, and for the pur. chase of land whereon to make the same, is hereby made à stockholder to the just and full amount of four hundred shares, which shall form a part of the twelve hundred and fifty shares heretofore mentioned, and all the use and benefit of said improvements and expenditures, as well as all rights and privileges heretofore acquired by the State, are hereby transferred to said company whenever the said company shall organize as aforesaid; and it shall be the duty of the

aforesaid commissioners or directors, to give the Governor of Notice to Go

*0* this State not less than asteen days' notice of the time and

place of holding all elections, and it shall be his duty forthwith to appoint some suitable person as a director, whose duty it shall be to represent the stock owned by the State in said company, and he shall be eligible to any office or privilege

at said board. To commence Sec. ll. The company hereby created shall be required in 12 months to commence the improvements on Rock river within twelve

months after their organization as aforesaid, and shall expend thereon not less than the sum of five thousand dollars within

two years therefrom. Lands may be Sec. 12. And whenever it shall become necessary for said taken

company to enter upon and take possession of any land necessary to the creation and maintenance of the slack water navigation of said river, said land shall be paid for by said company, at such prices as may be agreed upon by said company, and the owner or owners thereof; and in case of disagreement the price thereof shall be recovered in the man. ner provided by the laws of the State for the recovery of

damages arising by laying out of highways. Races of toll SEC. 13. It shall be lawful for the Rock river favigation

company hereby created, from time to time, to fix and regulate uniform rates of tolls on all boats or water craft that may pass the improvements made by said company, and the

amount to be charged as tolls at each lock on the different · 'boats or water crast aforesaid, to be as follows, to wit: For

steam boats, barges or keel boats, foriy cents per ton, United States' measurement; for each flat boat less than forty-five feet in length, three dollars; for each flat boat more than forty-five feet in length, and less than ninety feet in length, five dollars; for each raft of timber, plank or other lumber, measuring sixty feet in length and twenty in width, four dollars; Provided, That said dam or dams, lock or locks, be kept in good repair, and that the same be suitably tended so as not to detain unnecessarily any boat or craft in passing through the same: And Provided, further, That the tolls shall Provisa. be so graduated as not to enable the stockholders to realize more than fifteen per cent. per annum, on the amount expended in improving said river, and in permanent fixtures for the benefit of the navigation thereof.

Sec. 14. It is hereby further provided, that the stockhold. Stockholders ers of said company shall have the right to purchase the in- in terest of the State as a stockholder in said company, by pay-State ing the subscription price thereof, and whenever the stock. holders shall desire so to do, the Governor of this State is hereby authorized to sell and transfer the same to said stock. holders, if he shall deem such sale for the best interests of this State and not otherwise.

Approved, February 27, 1841.

nase terest of

rate

An ACT to incorporate the Cuiro City Mills.

în force, Feb.

27, 1841. Sec. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Henry Eckford, Oliver Clark and Henry W. Bissings, and all such persons as shall become subscribers to the stock hereinafter described, shall be, and they are hereby constituted and declared a body corporate and politic, by the name and style of the “Cairo Name & style City Mills," from and after the passage of this act; and by that name, they and their successors shall have succession, and shall in law, be capable of suing and being sued, plead. ing and being impleaded, in all courts and places whatsoever; may have a coirmon seal alter and change the same at their Corpora pleasure; and they and their successors may also, by that powers. name and style, he capable in law of contracting and being contractcd with, of purchasing, holding and conveying away real and personal estate, for the uses and purposes of the said corporation as hereinafter limited,

SEC. 2. The president and directors of said company, hereinafter provided for, shall have power and are hereby ere authorized to carry on the manufacture of the agricultural products of the country, to erect mills, machines, works, and such other buildings, as may be necessary to carry on their business, and enter into all contracts which may concern the use and management of the property, affairs, and interests of the said company.

Sec. 3. The capital stock of said company shall consist Capital stock of one hundred thousand dollars divided into shares of one hundred dollars each.

[ocr errors]

tain

1

Com’rs to ob- SEC. 4. That for the purpose of carrying into effect the

subscrip. objects of this corporation, the persons named in the first tion.

section of this act, or either of them, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company, and may open books for said subscription at such time and places, as they or he may deem expedient; and when at least five hundred of said shares shall have been subscribed, and one dollar on each share paid thereon, said commis

sioners shall within thirty days thereafter, call a meeting of Meeting of the stockholders at Cairo, in Alexander county, by a printed stockholders.

*** notice in some newspaper, of general circulation in this

State. Election of di- Sec. 5. That at said meeting the stockholders of said rectors.

company shall proceed to elect five directors, who shall manage, direct and govern the affairs of said company, one year from the period of said election, and until their successors, who shall be vested with the same authority, are

elected. Each share SEC. 6. And that at said election each stockholder shall entitled

to be entitled to give one vote for each share of stock he may one vote.

hold, and a majority of all votes given shall be required to

make an election. Annual elec. SEC. 7. That the period of election shall be annually on tion.

the first Monday of the month in which the first election shall be held, and if it shall so happen that any election does not take place upon the day appointed, the same may be held on any day thereafter, the acting president giving the notice thereof required in the first section.

SEC. 8. That immediately after the directors are chosen

as above, they shall hold a meeting, at which, and all subseQuorum. quent meetings, a majority shall constitute a quorum; that

they shall proceed to the election of a president from one of President and their number, a secretary who shall be sworn by a justice of other officers. the peace to the faithful discharge of his duty, and who shall

record all the proceedings of the said corporation, under the direction of the said president and directors, in a book to be

kept by him for that purpose; a treasurer who shall give To give bond. bond to such amount and in such manner as the said presi

dent and directors shall direct, and may appoint such other

officers and agents as to them may seem necessary. By-laws. Sec. 9. That the said president and directors shall have

power, from time to time to make all such by-laws, rules and regulations, not inconsistent with the Constitution and laws of this State, or of the United States, which may be necessary for the payment or collection of subscriptions to its stock, and the transfer of the same, the conveyance of property, the payment and collection of dues, to or from said company, or that in any other way concerns the interest,

management, or direction of the affairs of said company. Term of char."

Sec. 10. The corporacion hereby created shall continue for the term of twenty years.

ter.

[ocr errors]

Sec. 11. This act to be in force from and after its pas. Act deemed sage, and shall be taken and considered a public act in all publi courts of record, and also in all courts of justices of the peace, and shall be beneficially construed. Sec. 12. The powers, provisions, rights and immunities,

S; Cairo foundry hereby granted by this act to the Cairo city mills, be, and the same are hereby fully, to all intents and purposes, conferred upon William Bellows, William Hathaway, and Miles A. Gilbert, their associates, successors and assigns, under the style and name of the “Cairo Foundry works,” and the said Corporate company may carry on the manufacture of iron and other powers. metals; may erect mills, works and buildings for manufacturing purposes, and may export their manufactures; and the said William Bellows, William Hathaway and Miles A. Gilbert, or either of them, are hereby appointed commissioners Com’rs to reto obtain subscriptions for said stock in the manner provi.ceive subded in the fourth section of this act, and the first and all subse-script quent meetings of said stockholders shall be held at Cairo, in Alexander county. Sec. 13. Nothing contained in this act shall confer on,

Powers not said corporation, banking powers, or authorize it to issue conferred. notes in the similitude of bank notes, to be used as a circulating medium, as, or in lieu of money: Provided, That the Proviso General Assembly of this State may alter, amend or repeal this act, if the public good may require the same.

Approved, February 27, 1841.

[ocr errors]

body.isville Esportingonvenient own by water or of all the

An ACT to incorporate the Louisville Exporting, Importing and Manufacturing Company.

In force, Feb. Sec. l. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Isaac Martin, Samuel D. Moore, Abraham Martin, Bazell Davis, Jesse R Sorrells, J. W. Sulivan, and John Ditter, and their associates, successors and assigns, be and they are hereby constituted a body corporate and politic by the name and style of the Name & style “Louisville Exporting, Importing and Manufacturing Company,” for the more convenient owning and conducting of a saw and grist mill to be propelled by water or steam engines, in the county of Clay, and the transaction of all the usual business of companies engaged in the manufacture of flour, meal and lumber, and other goods, wares and merchandize, and the transportation of and vending of the same; Corporate and the said corporation, by the said name is declared and powers. made capable in law to sue and be sued, to plead and be impleaded, to have a common seal, and the same to alter and renew at pleasure, to make rules and by-laws for the regulation and management of the said corporation, consistent with the laws of this State, and generally to do and execute whatever by law shall appertain to such bodies politic; and

they shall be exclusively confined to the operations necessa

ry for carrying on the said business. Land may be Sec. 2. The said corporation shall have the right to hold held.

premises and enjoy any quantity of land not exceeding one thousand acres, and the whcle capital stock shall not exceed

in value twenty thousand dollars, and shall be divided inte Capitnl stock, two hundred shares of one hundred dollars each, which capi

tal shall be employed in purchasing the lands aforesaid, and in purchasing, constructing, employing and using buildings, machinery, teams, tools, utensils and all things necessary and proper for the manufacturing of meal, flour, lumber, &c. and transportation and sale of the same, and for the purchase of pork, beef, corn, wheat, wares, and merchandize, and groceries, timber and other matyrials for the successful prosecu. tion of the object intended by the company, and vending the goods, merchandize, and all other produce and commodities of the country, so as more fully to carry on the operations of

the said company. Every member of the company shall Certificates of

have a certificate under the seal of the corporation, which

uncertibilonté under stock.

shall be made and altered in such manner and form as the by-laws shall prescribe, certifying his property in the share or shares owned by him in the stock of said company, shall in the nature of personal property be assignable and transferablc, according to such rules as the board of directors shall establish; and no stockholder indebted to the company shall be permitted to make a transfer or receive a dividend until such debt is discharged or security givea for the same

to the satisfaction of the directors. Election of di- Sec. 3. For the managing of the affairs of the said corporectors. ration, there shall be chosen from the stockholders seven die

rectors, who shall hold their office for one year or until suNotice. perseded by others. Ten days' previous notice shall be

given in one or more newspapers published in the nearest town of the first election for directors, or shall put up writ: ten notices in three of the most public places in the county aforesaid, under this act, and there shall be arnualiy there after a like election for directors, each proprietor of a share in the capital stock shall be entitled to one vote for each and every shiire held and owned by him, which vote shall be given either by himself in person or by his proxy, duly av. thorized under seal, and a majority of the shares shall be neces. sary to a choice of directors for the transaction of any busi ness which may concern the company, and come before the

stockholders. Quorum. Sec.'4. A majority of the directors shall form a quorun

to transact business, and they shall meet within thirty days

from the time they shall have been chosen, at Louisville, and Election of choose by ballot one of their number for president, who shal president. serve for one year, or until superseded by a new election

and there shall be annually thereafter a like election in the town of Louisville by the said directors for the time being

« ForrigeFortsett »