Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Hall Neilson and his associates, successors and assigns, be, and they are hereby constituted a body politic and corporate, by the name and style of “The Mount Carbon Coal Company,” for the more convenient ownership and mining of coal and metals and minerals contiguous thereto, in the county of Jackson, and the transaction of the usual business of companies engaged in the mining, transporting and selling of coal and the other products of coal mines; and the said corporation, by the said name, is declared and hereby 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 said corporation, consistent with the laws of this State, and generally to do and execute whatever, by law, shall appertain to such bodies politic: Provided, That nothing herein contained shall be considered as conferring on the said corporation any banking privileges; but they shall be exclusively confined to the operations directly necessary for carrying on the mining, coking, and transportation of coal, and the construction of the necessary buildings, wharfs, and boats; and each and every stockholder shall be, in his individual capacity, liable for the debts and performance of all contracts entered into by said corporation, to the amount of the balance unpaid on the stock of such stockholders.

Sec. 2. The said corporation shall have the right to hold, possess and enjoy, not exceeding two thousand acres of land; and the whole amount of the capital stock shall not exceed, in value, the sum of two hundred thousand dollars, and shall be divided into four thousand shares, which capital shall be employed in purchasing and holding the lands aforesaid, and in constructing or employing buildings, vessels, boats, arks, and such other improvements and machinery, necessary or useful for the mining, coking and transporting of coal. Every member of the said company

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shall have a certificate, under the seal of the corporation, and made and attested in such manner and form, as the by-laws shall direct, certifying his property in the share or shares owned by him, and the stock of said company shall, in the nature of personal property, be assignable and transferable 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.

Sec. 3. For the managing of the affairs of the said corporation, there shall be chosen, from the stockholders, five directors, who shall hold their offices for one year, or until superseded by others. Thirty days previous notice, by publication, once a week for one month, in the newspaper in or nearest to the town of Brownsville, shall be given of the first election of directors, and there shall be annually thereafter a like election at the town of Brownsville. In all such elections for directors, each proprietor of shares shall be entitled to one vote for every five shares held by him, which vote may be given by himself, or proxy duly authorized under seal, and a majority of the shares shall be necessary to a choice of directors, or 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 Brownsville, and choose, by ballot, one of their number for president, who shall serve for one year, or until superseded by a new election; and there shall be annually after the said election, a like election in Brownsville, by the directors for the time being, of a president for said corporation. The said directors shall also have power to choose and appoint such other officers and agents, to conduct and prosecute the business of the said corporation, as they shall deem necessary and proper; and they shall have the power, for good cause, to be spread at large, together with the proof in support thereof upon their minutes, to remove the president of said company from office. The said directors shall cause to be kept, duly recorded in books to be provided and kept for the purpose, minutes of all proceedings, and regular accounts of their transactions, as also minutes of the proceedings of the stockholders at each of their meetings; which books may, at any time, be inspected by any of the stockholders. The said directors shall have power to supply any vacancy which may occur in the office of president, or in their own body; and the pre-

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sident or director thus appointed, shall hold his office until the next succeeding annual election for such officers.

Sec. 5. The directors may, from time to time, at any meeting, assess and require payment of such sum of money, not exceeding twenty per cent. upon each share of stock, as shall be judged necessary for the purposes of the corporation, to be paid at Brownsville, to such person as the said directors may designate and authorize to receive the same; and if, after publication of notice, once a week, for two months, in the newspaper at or nearest to Brownsville, of the time of payment, and of the person appointed to receive the same, of any proportion or instalment of said capital stock, any stockholder shall fail to pay his instalment at the time specified in said notice, the amount paid by such delinquent stockholder previously, shall be forfeited to the company, and his stock may be sold to any person, for such price as may be agreed upon between the said company and the purchaser.

Sec. 6. Dividends of the nett profits of the said company, shall be made at such times as shall be determined by the stockholders, in general meeting, which dividends shall be paid to the persons entitled to the same, on demand made ten days after making and declaring the said dividends. The declaring of said dividends, and their amount, shall be published for three successive weeks, in the same manner as other notices are herein before directed to be published. Whenever said dividends shall exceed twelve and a half per cent. per annum, the said company shall pay a tax into the county treasury of Jackson county, to be assessed by the county commissioners’ court of that county.

Sec. 7. The stock of said company shall be deemed personal estate, and pass as such to the representatives of each stockholder: Provided, That the real estate which may be held by said corporation, shall be sold and conveyed whenever they may deem proper so to dispose of it, according to the forms and in the manner prescribed by law, the president of said company making the acknowledgment required by law for and on behalf of the company.

Sec. 8. Service of process on the president of said company, shall be deemed and taken as sufficient service on the corporation, in any suit which may be instituted against it; and for any violation of the provisions of this act, the said corporation shall be held to answer, by scire facias, in the Jackson county circuit court; and if, upon the trial thereof, it shall appear that such violations have been committed, and it shall be so found, the said court may and shall give judgment, revoking this charter. Any such proceedings, by scire facias, for such violations, shall be insti-

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tuted and prosecuted in the name of the people of the State of Illinois against the said corporation.

Sec. 9. This act to take effect from its passage, and to continue in force thirty days thereafter: Provided, the said Hall Neilson and Thomas Neilson, their assigns, successors and associates, under “An act to Incorporate the Illinois Manufacturing, Mining and Exporting Company,” approved, January 28, 1833, file in the office of the Secretary of State a written relinquishment, under seal, of their privileges granted by said act; a certificate whereof shall be issued by said Secretary to the corporation hereby created, without which, this act shall not take effect. The said relinquishment shall be so filed, on or before the first day of August next.2

Approved, Jan. 24, 1835.