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Com'TM to ob- Sec. 4. That for the purpose of carrying into effect the tion subsorip* objects of this corporation, the persons named in the first 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 subscri bed, and one dollar on each share paid thereon, said commissioners shall within thirty days thereafter, call a meeting of BTockholderef tne stockholders at Cairo, in Alexander county, by a printed '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

e!ltitll^ t0 be entitled to give one vote for each share of stock he mav one vote. . q . . .

hold, and a majority of all votes given shall be required t» make an election.

Annual elec- Sec. 7. That the period of election shall be annually on "0B• 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 president 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.

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

Term of char

ter.

Sec. 11. This act to be in force from and after its pas- Aoy.cdeeme'1 sage, and shall be taken and considered a public act in allpu courts of record, and also in all courts ot justices of the peace, and shall be beneficially construed.

Sec 12. The powers, provisions, rights and immunities, hereby granted by this act to the Cairo city mills, be, and ^k,. 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- oeiYe. sub" ded in the fourth section of this act, and the first and all subse-sonp,lon. quent meetings of said stockholders shall be held at Cairo, in Alexander county.

Sec 1*3. Nothing contained in this act shall confer on said corporation, banking powers, or authorize it to issue c°n^err'ed. 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.

An ACT to incorporate the Louisville Exporting, Importing and Manu"cturing Company. Xn force< Feb

Sec. 1. 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

148

Certificates of stock.

they shall be exclusively confined to the operations necessary 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 whole capital stock shall not exceed in value twenty thousand dollars, and shall be divided into Capitnl stock, two hundred shares of one hundred dollars each, which capital 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 ol the same, and for the purchase of pork, beef, corn, wheat, wares, and merchandize, and groceries, timber and other materials for the successful prosecution 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 have a certificate under the seal of the corporation, which 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 peisonal property be assignable and transferable, according to such rules as the board ol 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 given for the same to the satisfaction of the directors.

Sec. 3. For the managing of the affairs of the said corporation, there shall be chosen from the stockholders seven directors, who shall hold their office for one year or until superseded 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 written notices in three of the most public places in the county aforesaid, under this act, and there shall be annually thereafter a like election for directors, each proprietor of a share in the capital stock shall be entitled to one vote for each and every share held and owned by him, which vote shall be given either by himself in person or by his proxy, duly authorized under seal, and a majority of the shares shall be necessary to a choice of directors for the transaction of any business which may concern the company, and come before the stockholders.

Sec 4. A majority of the directors shall form a quorum to transact business, and they shall meet within thirty days from the time they shall have been chosen, at Louisville, and of choose by ballot one of their number for president, who shall serve lor 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,

Election of directors.

Notice.

Quorum.

Election president,

of president for the said corporation; the said directors shall also have power to choose and appoint a secretary and trea- georetary nn(j surer, and such other officers and agents to conduct and other officer*, promote the business of said corporation as they shall deem necessary and proper, and prescribe their duties from time to lime, in any way said directors may think best. The said directors shall cause to bo kept duly recorded in books to be Record of proprovided and kept for the purpose, minutes of all their pro- ceedings. ceedings and regular accounts of all their transactions, as also minutes of the proceedings of the stockholders, at each of their meetings, which book may at any time be inspected by any of the stockholders. The said directors shall have President power, for good cause, to be spread at large, together with °e remo" the proof in support thereof, upon the minutes aforesaid, to remove the president from office. They shall have power also to supply any vacancy which may occur in the office of presi- ^""gjj^" dent or in their own body, and the president and directors thus chosen shall hold his [theirj office until the next succeeding annual election for such officers.

Sec. 5. The directors may from time to time at any Instalments, meeting assess and require payment of such sum of money not exceeding twenty per cent, upon each share of the capital stock, as shall be deemed by them necessary for the purposes of the corporation, to be paid into the hands of the treasurer, and if after the publication of notice in a newspaper once a week for two months after the time of payment of any proportion or instalment of said capital stock, if any stockholder shall fail to pay his instalment of said capital stock at the time specified in such notice, the amount paid by ^^lture of such delinquent stockholder previously sh Jl be forfeited to the company, a;id his stock may be sold to any person at such price as may be agreed upon between said company and the purchasers.

Sue. 6. The dividends of the nett profits of said company Dividends shall be made at such time as shall be determined by the stockholders in general meeting, which dividend shall be paid to the person entitled to the same on demand made ten days after making and declaring such dividend. Such declaration and amount of said dividends shall be published once or more by written notices posted up at three of the most public places, or in the nearest public newspaper in said county.

Sec. 7. The treasurer of said company within thirty days T.^a^"J1ej '° after the appointment, shall enter into bonds for the faithful8"6 on discharge of his duty, in such manner as shall be designated by the board of directors, and with such securities as said board may approve, and all money accruing to the company and falling into the hands of said treasurer, shall be by him kept mid placed to the credit of said company. Said money Monies how shall only be drawn by order of the clerk, countersigned bydrawnthe president of the corporation.

Stock deemed SEC# 8, The 8tock of said company shall be deemed pertate°na eS sonal estate, and pass as such to the legal representatives of Proviso each stockholder: Provided, That the real estate which may

be held by said corporation when they may think proper, so to dispose according to the forms and in the manner prescribed by the law conveying real estate. The president of the company, the acknowledgment in behalf of the corporaFurther pro-tion: And provided further, That the said corporation during the period of its existence which shall terminate at the expiration of twenty years from the passage of this act, shall not purchase and hold any greater quantity of land than one Rights reserv-tnousand acreS, and the Legislature hereby reserves the right to alter, amend and modify said charter when the public good requires it.

Approved, February 27, 1841.

TISO.

ed.

An ACT to amend the act entitled "An act to incorporate the Jo Daviess In force Feb. Marine and Fire Insurance Company.

17, 1841.

Sec. 1. Be it enacted by the People of the State of Illinois, Commission- reP~esented in the General Asserubly, That John Atchison. em. Henry J. Morrison, R. J. Taylor, 11. W. Brush and T. B.

Farnsworth, be, and they are hereby appointed commissioners for superintending subscriptions to the capital stock of said company, and the said commissioners shall open one or more subscription books for said stock at such time and place in the town of Galena as they shall direct, within twelve months from and after the passage of this act.

v .•„„ Sec. 2. That notice shall be given in one of the papers

iNotice. ii. ii- ../-11sr - r r

published in the town of Galena, setting forth the time and

place, and at least thirty days previous to the opening of the said books of subscription. Vnnnal elec- ^EC# "^ '^'ne election of directors of said company shall tion. be conducted as heretofore provided, and shall hold their of

fices until the first Monday in June, one thousand eight hundred and forty-two, and until others are elected in their stead, and the directors for every subsequent year shall be elected on the first Monday in June. Forfeiture of Sec. 4. The charter of the said company hereby amended, . shall be void and of no effect unless the stock shall be sub

scribed and the company commence operations within two years from and after the passage of this act; and the twentysecond section of the act to which this is amendatory, as well as every other part of said act conflicting herewith, and the amendatory act passed February nineteenth, one thousand eight hundred and thirty-nine, is hereby repealed. The corporate powers and existence of said company shall expire at the termination of twenty years from the passage of this act. Approved, February 17, 1841.

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