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of debts duc, or that may become due, to said corporation; and also, may purchase on sales made by virtue of any judgment at law, or any decrce of a court of equity in favor of said corporation, to take and receive real estate in payment, or towards the satisfaction of any debt previously contracted or due said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money or personal property, and to sell and convey said real estate or any part thereof; Provided, all real estate purchased under judgment of any court of law, or decree of any court of equity, or taken in payment of debts as aforesaid, shall be sold within five years from the date of purchase as aforesaid, otherwise the same shall be forfeited to the State of Illinois.
SEC. 7. This act is hereby declared a public act, and shall take effect from and after its passage, and remain in full force for twenty-five years. : AFPROVED, March 4th, 1843.
AN ACT to incorporate the Coltonville Steam and Hydraulic Manufactur- In force, ing Company.
Mar. 1, 1843.
Sec. 1. Be it enacted by the People of the State of Ilinois, represented in the General Assembly, That Abiel Richardson, Coltonville Erastus Hamblin, Rufus Colton, Curtis Smith, Levi C. Bar- Steam and ber, Calvin S. Colton, Henry B. Barber, George Hartshorn, ManufacturRussel Huntley, Phineas Stephens, Solomon Hollister, Wil-ing company liam Thompson, Luman Huntley, and James Paisley, and incorporated their associates and successors, shall be and they are hereby declared a body corporate and politic, by the name and style of the Coltonville Steam and Hydraulic Manufacturing Com. pany, and by this name they and their successors shall have succession, and shall, in law, be capable of suing and being sued, plead and being impleaded, in all courts and places whatsoever; may have a cominon seal and alter the same at pleasure; and they and their successors inay also, by that name and style, be capable, in law, of purchasing, holding, and conveying real and personal property for the use and purposes of said incorporation; which real estate shall not exceed one hundred and sixty acres of land whereon to erect the neces. Eary enclosures, and for other purposes connected with the bu- . siness of said company.
Sec. 2. Be it further enacted, That said company hereby created shall have power to erect mills and manufactories, to be propelled by the power of steam, wind, or water, at the village of Coltonville, in the county of De Kalb, and they are hereby authorized to construct a dam on the branch of the Kishwaukee, running near the said village; and the company hereby created shall have power to carry ou the manufacturing of the various kinds of grain, wool, cotton, hemp, lumber,
and other manufactures, to export the same, and other products of the country, and to use all such other powers and privileges as may be necessary to carry on the business of said
company. Capital stock
Sec. 3. The capital stock of said company shall consist of three thousand dollars, with the privilege of increasing the same to one hundred thousand dollars, to be divided into shares
of twenty dollars each. Com'rs to ob
Sec. 4. For the purpose of carrying into effect the objects tain capital of this corporation, Abiel Richardson, George Hartshorn,
Curtis Smith, Levi C. Barber, and Calvin S. Colton are hereby appointed commissioners to obtain subscriptions to the capital stock of said company, and said commissioners, or a majority of
them, after giving general notice thercof, may open books for books for sub- the subscription of said stock at such times and places as they scriptions
may direct, and keep them open until at least one hundred Three dollars
and fifty shares are subscribed. Every person, at the time of subper share to scribing, shall pay to said commissioners three dollars for each be paid at the share subscribed, and when such subscription is completed as time of sub- aforesaid, or within sixty days thereafter, said commissioners, scribing
or a majority of them, shall ca'l a meeting of the stockholders at Coltonville, by posting up notices in different public places in the county of De Kalb.
Sec. 5, At such meetings the stockholders of said company Meeting of stockholders shall proceed to elect, from their own body, five directors, who to elect direc-shall manage, direct, and govern the affairs of said company
one year from the period of said election, and until their sucTheir duties cessors are elected and qualified, and that at said election each
stockholder shall be entitled to one vote for each share he or
she may hold, and a majority of all the votes given shall be Elections &c. required to make an election. The period of election, of di
rectors as aforesaid, shall be annually on the first Monday of the month in which the first election shall be held; Provided, always, that in case of the absence of any stockholder, the
same may vote by proxy. Election and
Suc. 6. Immediately after the directors are chosen as afore. duty of offi- suid, they shall hold a meeting, at which, and at all subse
quent meetings of the board, a majority of the directors shall constitute a quorum, and they shall proceed to the election of a president from their own body, a secretary shall also be chosen from the body of the stockholders, who, before entering upon the discharge of his duties, shall take an oath before some justice of the peace, or other person legally authorized to administer the same, for the faithful discharge of his duty, and who shall record all votes and other proceedings of the corporation in a book to be kept for that purpose; a treasurer shall also be appointed in like manner, who shall take a similor oath and shall give bond to such amount, and in such manner, as the said president and directors shall direct, and the board shall appoint all such other officers, and agents as to them may, from time to time, appear necessary.
want of an
SEC. 7. Said president and directors shall have power to make and establish such by-laws, rules, and regulations as By-laws shall be necessary and not inconsistent with the laws of this State and the provisions of this act, and which may be necessary for the payment and collection of the subscriptions to its stock, and take transfer of the same, and of property, or that may in any other way concern the management and direction of the affairs of said company. Sec. 8. If it should happen that any election should not be
Corporation made the day on which, by the provisions of this act, it should not to be disbe made, the corporation shall not for that reason be dissolved, solved for but such election may be held on any other day within thirty
election days thereafter, public notice being given by the directors thereof.
Sec. 9. This act shall be deemed a public act, and shall Public act be construed favorably for the purposes therein expressed and declared in all courts and places whatsoever.
Sec. 10. The stockholders in said company shall be liable Stockholders individually for any deficit that might arise in the liquidation individually of tbe liabilities of said company in proportion to the amount debts of comof stock that each may hold after the assets of said company pany are exhausted.
APPROVED, March 1st, 1843.
AN ACT to incorporate the Galena Manufacturing Company. In force,
Mar. 6, 1843. Sec. 1. Be it enacted by the People of the State of Illinois,
Galena Manrepresented in the General Assembly, That all such persons ufacturing as shall become subscribers to the stock hereinafter described, company shall be and they are hereby constituted and declared a body politic and corporate, by the name and style of the Galena Manufacturing Company, from and after the passing [of this act,) and by that name they and their successors shall
have succession for the period of twenty-five years, and shall, in law, be capable of suing and being sued, pleading and being impleaded, in all courts and places whatsoever, and they shall have power to hold real estate to any amount not exceeding eighty acres.
SEC. 2. The president and directors of said corporation General pow. hereinafter provided for, shall have power, and are hereby ers authorised to carry on the manufacture of flour, lumber, lead, woollen and cotton goods, and to carry on all kinds of mechanical and manufacturing business, and to erect all necessary buildings and machinery for the prosecution of the same, and to give and receive promissory notes, and to do and perform all necessary acts as natural persons; Provided, that said cor. poration shall not issue any promissory notes or other evidence of indebtedness intended as a circulating medium.
Capital stock Sec. 3. The capital stock of said company shall be fisty
thousand dollars, with power to increase the same to one hundred thousand dollars; which said capital stock shall be divided into shares of fifty dollars cach, payable in such instalments, and at such times, and subject to such forfeitures, as shall be prescribed by the said board of directors.
SEC. 4. That for the purpose of carrying into effect the obopen books ject of this incorporation, Charles S. Hempstead, Reuben W.
Brush, Daniel Wann, T. B. Farnsworth, William Hempstead, E. W. Turner, and Edward H. Snow, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company, and said commissioners, or a majority of them, shall take such measures for opening books for the subscription to the capital stock of said company, in such manner, at such times and places, and on such terms, as they shall deemex pe
dient and proper. Directors to Sec. 5. The said commissioners, at an early day, shall call
the stockholders together for the purpose of electing the directory of said company; at which meeting there shall be elected by ballot five directors, each five shares giving one vote; and there shall annually thereafter be elected five directors of said company, and the said directors so chosen, or a majority of them, shall constitute a board, and be competent to the transaction of business, and may, after electing one of their number to preside over the board, from time to time make and prescribe such by-laws, rules, and regulations relative to the concerns of said corporation, and appoint and create such officers as they may deem necessary in carrying on the business
of said corporation. Judebtedness Sec. 6. The total amount of debts which the said corporanot to exceed tion shall at any time owe, shall not exceed the amount of their capital stock
capital stock, and in case of such excess, those under whose administration it shall happen shall be holden for the same in their private and individual capacity, but this shall not be construed to exempt the corporate property of the company from being also liable and chargeable for such excess, and the stock of said corporation shall be deemed personal property, and assignable and transferable on the books of the corporation; but no stockholder indebted to the corporation shall be permitted to make a transfer until such debts be paid or se
cured to be paid to the satisfaction of the directors. Not to have SEC. 7. That nothing in this act shall be construed to invest banking pow. said company with any banking powers, or to authorise them to
make, emit, or utter any bills of credit, bank notes, or other things, to be used as a circulating medium, as and in lieu of money.
APPROVED, March 6th, 1843.
AN ACT to incorporate the Mechanics' Institute in the city of Chicago.
Jap. 2, 1843. Sec. 1. Be it enacted by the People of the State of Ilinois, represented in the General Assembly, That Charles M. Grey, Alson Sherman, Elijah Smith, Ira Mittemore, and such other persons as are or may become members of the Chicago Mechanics’ Institute, are hereby constituted a body politic and Name of corcorporate, located in the city of Chicago, and by the name of poration the Chicago Mechanics' Institute.
SEC, 2. The objects of the said association are to diffuse Objects of inknowledge and information throughout the mechanical classes, corporation to found lectures on natural, mechanical, and chemical phi. losophy, and other scientific subjects, to create a library and museum for the benefit of mechanics and others, and to establish schools for the benefit of their youth, and to establish annual fairs.
SEC. 3. The said corporation shall have power to contract Corporate and be contracted with, sue and be sued, implead and be im- powers pleaded with, answer and be answered unto, in all courts of this. State, and shall be vested with all the powers and privileges necessary to carry out and fulfil the objects of their corporation.
SEC. 4. Said corporation shall have further power to establish for its government a constitution and by-laws, to By-laws have a common seal, to alter and change the same, to erect a building in the city of Chicago for its accommodation, and to that end to obtain and hold, and convey a lot or lots of land May hold rein said city, not exceeding ten thousand dollars in value, and al estate such amount of personal property as the said institute may obtain by purchase, donation, or otherwise.
Sec. 5. The property, real and personal, of said corpora- Power to retion shall be devoted solely to the purposes and objects of peal said institute, as set forth in the second section of this act, and the Legislature shall have power to repeal this charter whenever the public good shall in their opinion require it.
APPROVED, January 2d, 1843.
AN ACT entitled "an act to incorporate the Morgan Institute." In force,
Mar. 6, 1843. Sec. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That James A. McDou- Morgan Instigall, George M. Chambers, Thomas Monroe, C. Scott, B. F. fute incorpo
rated Stevenson, H. B. McClure, N. English, O. M. Long, J. C. King, J. Bancroft, and their successors in office, be and they are hereby created a body corporate, under the name and style of the Morgan Institute, by which name and style they shall have perpetual succession, and shall have and exercise all such corporate powers as shall or may be requisite or necessary in promoting the object of this incorporation, to wit: