Additional officers. Quorum. Notice. Collection of debts. Expenses how paid. ed by losses. number a president, who shall be sworn or affirmed by some officer having authority to administer oaths, faithfully to discharge the duties of the office, and shall preside for one year and until another person shall be chosen in his stead, and each director before entering upon the duties of director shall be sworn or affirmed, faithfully to perform the duties of director, which oath or affirmation shall be subscribed in writing and filed with the secretary, and any violation of said oath shall be declared perjury, and on conviction therefor shall subject the individual so offending to the pains and penalties now provided by law in cases of wilful and corrupt perjury. They shall have power to appoint a secretary and all subordinate officers of said corporation, fix their compensation, define their powers, and prescribe their duties, who shall give such bond, and in such penal sums, with such conditions, and with such securities as the directors shall prescribe, and shall hold their several offices during the pleasure of a majority of the said directors. SEC. 17. The president and four of the directors, or five of the directors in the absence of the president, shall be a board competent to the transaction of business, and all questions before them shall be decided by a majority of votes. SEC. 18. The president and directors of said company shall, previous to subscribing any policy, and once in every year after, publish in two of the newspapers printed in this State, the amount of capital stock paid in, and the largest sum they mean to take on any risk. SEC. 19. The Legislature of this State shall never pass any law retarding or obstructing or in any wise suspending the collection of any debt or debts due to said corporation. SEC. 20. The expenses incurred by the commissioners in executing any duties required by this act shall be paid out of the moneys received by them from the subscribers out of the Stock lessen-capital stock, and may be retained by them for such purpose. SEC. 21. It shall be the duty of the directors of said company, at such times as the by-laws thereof shall prescribe, to make dividends of so much of their interest from the capital stock, and the profits of said company as to them shall appear advisable; but the money received and the notes taken for premiums, or risks which shall be undetermined and outstanding at the time of making such dividends shall not be considered as part of the profits of said company; and in case of any loss or losses, whereby the capital stock of said company shall be lessened, before all the instalments are paid in, such proprietors, or stockholders' estate shall be held accountable for the instalments that may remain unpaid, on his share or shares at the time of such loss or losses taking place, and no subsequent dividend shall be made, until the sum arising from the profits of the business of said company, equal to such diminution, shall have been added to the capital stock; and once in every three years, or oftener if required by a majority of the votes of the stockholders, the directors shall lay before the stockholders, at a general meeting, an exact and particular statement of the profits, if any there be after deducting losses and dividends. SEC. 22. This act is hereby declared to be a public act, Act declared and shall take effect from and after its passage, and shall be public. liberally construed for every purpose herein contained. ter losses. are SEC. 23. That in case of any loss, or losses taking place, Policies which shall be equal to the amount of the capital stock of said subscribed afcompany, and the president and directors, after knowing of such loss or losses having taken place, shall subscribe to any policy of insurance, their estate jointly and severally shall be accountable for any and every loss which shall take place under policies so subscribed, and the estates of stockholders as Estates aforesaid, shall be liable for any losses equal to the amount of stockholders said capital stock subscribed, and not actually paid in, in all cases of losses exceeding the means of said company, whether this consists of stock paid in or profits not divided. liable. SEC. 24. That said incorporation, in making loans of any Interest part of their capital stock, as provided in this act, are hereby stock. authorized to receive such interest as may be agreed upon by the parties, in advance, or at the time of making said loans; Provided, The said rate of interest shall not exceed twelve per cent. per annum. to tax. of on SEC. 25. That the capital stock of said company, actually Stock subject paid in, shall be subject to the same rate of taxation as shall be imposed on other personal property in the State of Illinois. SEC. 26. This act shall not be so construed as to authorize Shall not issue the said company to issue paper as a circulating medium, or in circulating any way exercise banking powers, and any violation of this medium. section shall work a forfeiture of its charter. ed. SEC. 27. The legislature hereby reserves to itself the Rights reserv right to repeal, alter, or amend this charter, if the public good shall require it. Approved, February, 27, 1841. An ACT to provide for the payment of interest on the public debt. In force, Feb. 27, 1841. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That hereafter in addi- Additional tion to the revenue now raised by taxation, there shall be State revenue. levied and collected for State purposes, a tax at the rate of ten cents on each one hundred dollars worth of all property. SEC. 2. Said additional revenue so raised shall be set apart exclusively for the payment of interest on the State indebtedness, and shall be called the "interest fund." Interest fund. SEC. 3. That the minimum value of all lands for the pur- Valuation of pose of taxation shall be three dollars per acre, and each as- lands. sor. Oath of asses-sessor shall, in addition to the oath now required by law, be required to swear particularly that he will in no instance value any land at three dollars per acre, that he, in his conscience, believes to be worth more. Gov. to issue bonds. Bonds sold by Fund Com'r. Bonds, when payable. Interest. SEC. 4. The Governor shall from time to time issue such an amount of State bonds as may be absolutely necessary to raise funds for the payment of interest on the State debts, that there is no other means of paying, and also, sufficient to redeem all State bonds now hypothecated. SEC. 5. Said bonds shall be sold by the Fund Commissioner for the best price they will command, and the proceeds by him faithfully applied to the foregoing objects. SEC. 6. Said bonds shall be reimbursable after the year one thousand eight hundred and sixty-five, and bear interest at the rate of six per cent. per annum payable half yearly. SEC. 7. A sufficiency of the said fund is hereby irrevocably pledged for the payment of interest on the said bonds so sold, and the same shall be applied to that object in preference to all other objects. Approved, February 27, 1841. In force, Jan. 7, 1841. Distribution of interest on An ACT to amend the several laws to provide for the distribution of the interest on the school, college, and seminary fund. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the commissioners of the school fund, in making a distribution of the interest on school fund. the school, college, and seminary fund to the several counties in this State under the census of eighteen hundred and forty, be and they are hereby authorized and required to adopt, as a basis for such distribution, the census returns of the United States' Marshal from such counties as may have failed to take and make return of the census under the laws of this State previous to the passage of this act. Basis for distribution. Approved, January 7, 1841. In force, Dec. 14, 1840. An ACT to amend an act entitled "An act to provide for the settlement of debts and liabilities incurred on account of internal improvements in the State of Illinois," approved, February 1st. 1840. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That so much of "An Act repealed. act to provide for the settlement of debts and liabilities incurred on account of internal improvements in the State of Illinois," approved, February first, one thousand eight hundred and forty, as provides for the election of a board of public works, and the appointment of their clerks and secreta ries, be, and the same is hereby repealed after the fifteenth day of December, one thousand eight hundred and forty. SEC. 2. Be it further enacted, That the said commissioners shall by the said fifteenth day of December, deliver over Com'rs to deto the treasurer of the State of Illinois, all books, records, liver books. papers, maps, plats, profiles, accounts, or other papers in their possession, also, all property of every description in their possession pertaining to their respective offices connected with the system of internal improvements, and it shall be the duty of the treasurer to take charge of the same. SEC. 3. Be it further enacted, That it shall be the duty of Treasurer to the treasurer to audit, adjust and settle the accounts of the adjust acc'ts. said commissioners, and in case any member of said board shall be found in arrear to the State, it shall be his duty to cause suit forthwith to be instituted against such person. SEC. 4. Be it further enacted, That the compensation of Pay of officers all engineers, agents, and other persons in the employment to cease. of the board of public works shall cease and determine at and upon the passage of this act. SEC. 5. Be it further enacted, That no State scrip or Scrip shall not drafts shall be issued after the passage of this act. be issued. SEC. 6. Be it further enacted, That the treasurer of the Treasurer to State, for the faithful discharge of the duties imposed upon give bond. him by this act, shall give bond to the people of the State of Illinois, with one or more good securities, to be approved by the Governor, in the penalty of twenty thousand dollars. SEC. 7. Be it further enacted, That the treasurer is here- Agent to be by authorized to appoint an agent to take charge of such appointed. parts of rail roads as may be completed, and all the cars, engines and other things belonging to said roads until other wise provided for by law. Approved, December 14, 1840. An ACT to provide for paying the interest on the internal improvement debt. In force, Dec. 16, 1840. hypothecate SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Fund Commissioner is hereby authorized and empowered to hypothe- Fund com'r to cate any amount of State internal improvement bonds which bonds. may be necessary, not exceeding three hundred thousand dollars, to raise a sufficient sum of money to pay the interest which will legally fall due on the internal improvement debt on the first Monday of January, one thousand eight hundred and forty-one. SEC. 2. Said money so to be borrowed, shall bear an an- Time of renual interest at a rate not to exceed seven per centum per demption. annum. Said bonds, hereby hypothecated, shall be redeemable at any time before the year one thousand eight hundred Proviso. and forty-three: Provided, That interest shall not run on the In force Feb. 19, 1841. der collection An ACT to facilitate the collection of judgments by executors and administrators. SEC. 1. Be it enacted by the People of the State of Illinois, repDeath of pl'ff. resented in the General Assembly, That the collection of the shall not hin- judgments of courts of record shall not be delayed or hinderof judgments. ed by the death of the plaintiff or person in whose name the judgment shall exist; but the executor or administrator, as the case may be, may cause the letters testamentary or Letters testa- of administration to be recorded in the court in which the judgment exists; after which, execution may issue and proceedings be had thereon in the name of the executor or administrator, as such, in the same manner that could or might be done or had, if the judgment exists and remained in the name and in favor of the executors or administrators, in his, her or their capacity as such executor or administrator. mentary to be recorded. Lier not to abate. Executor may purchase. SEC. 2. The lien created by law on property shall not abate or cease by reason of the death of any plaintiff or plaintiffs; but the same shall survive in favor of the executor or administrator of the testator or intestate, whose duty it shall be to have the judgment enforced in manner aforesaid. SEC. 3. When it shall be necessary in order to secure the collection of any judgment in favor of any executor or administrator, it shall be the duty of such executor or administrator to bid for and become the purchaser of real estate at sheriff's sale; which real estate so purchased shall be assetts in his hands, and may be again sold by him upon the order of the court of probate, and the monies arising from such sale paid over and accounted for as other monies in his hands. Approved, February 19, 1841. In force June 1, 1841. redeemed. [[An ACT to amend] "An act concerning judgments and executions, approved, January 17th, 1825." SEC. 1. Be it enacted by the People of the State of Illinois, Time in which represented in the General Assembly, That after the expiralands may be tion of twelve months, and at any time before the expiration of fifteen months, from the sale of any lands or tenements under the provisions of the act to which this is an amendment, it shall be lawful for any judgment creditor to redeem the Manner of re- same in the manner following: Such judgment creditor shall demption. sue out an execution upon his judgment, and place the same in the hands of the proper officer to execute the same, and thereupon said officer shall endorse upon the back of said Endorsement. |