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paying to the stockholders of said company the cost of the same, 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 State made a stockholder 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 a 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
this State not less than afteen 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. 11. 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 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 manner provided by the laws of the State for the recovery of
damages arising by laying out of highways. Rates of toll
SEC. 13. It shall be lawful for the Rock river navigation 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 po' boats or water craft 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,
Sec. 14. It is hereby further provided, that the stockhold- Stockholdere ers of said company shall have the right to purchase the in-may purchase terest of the State as a stockholder in said company, by pay-State ing the subscription price thereof, and whenever the stockholders 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.
An ACT to incorporate the Cairo City Mills.
in force, Feb.
27, 1841. Sec. l. 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, pleading and being impleaded, in all courts and places whatsoever; may have a coirmon seal alter and change the same at their
Corporate pleasure; and they and their successors may also, by that powers name and style, be capable in law of contracting and being contracted with, of purchasing, holding and conveying awa; real and personal estate, for the uses and purposes of the said corporation as hereinafter limited,
Sec. 2. The president and direetors of said company, hereinafter provided for, shall have power and are hereby ers. 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.
to one vote.
Com'rs to ob- Sec. 4. That for the purpose of carrying into effect the rain subscrip. 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 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
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.
SEC. 6. And that at said election each stockholder shall entitled
be entitled to give one vote for each share of stock he may 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
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. SEO. 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.
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
public. 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, hereby granted by this act to the Cairo city mills, be, and
works. 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 ded in the fourth section of this act, and the first and all subse- scription. quent meetings of said stockholders shall be held at Cairo, in Alexander county.
Sec. 13. Nothing contained in this act shall confer on said corporation, banking powers, or authorize it to issue conterred.
Powers 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 Manufacturing Company.
In force, Feb. Sec. l. Be it enacted by the People of the State of Illinois,
27, 1841. 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. Laod 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 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, Jumber, &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 matrials 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 Certificates of
have a certificate under the seal of the corporation, which 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 given for the same
to the satisfaction of the directors. Election of di- Sec. 3. For the managing of the affairs of the said corpo
ration, there shall be chosen from the stockholders seven di
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 aloresaid, under this act, and there shall be annualiy thereafter a like election for directors, each proprietor of a share in the capital stock shall be cntitled 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 neces. sary to a choice of directors for the transaction of any business which may concern the company, and come before the
stockholders. Quorum. 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 Election of choose by ballot one of their number for president, who shall 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,