Papers Of Abraham Lincoln

In force Jan.[January] 16, 1835.

AN ACT to incorporate the Alton Shot and Lead Manufacturing Company.
1

Company incorporated

Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That J. A. Townsend, Benjamin J. Gilman, Isaac Prickett, Caleb Stone, Isaac Negus, and Sherman W. Robbins, and such other persons as may be associated with them, are hereby declared and constituted a body corporate, by the name of the “Alton Shot

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and Lead Manufacturing Company,” for the purpose of manufacturing shot and lead, in or near the town of Alton, in the county of Madison.

Capital stock

Sec. 2. The capital stock of said company shall be fifty thousand dollars, and shall be divided into shares of fifty dollars each; and it shall be lawful for the said corporation, when, and so soon as the capital stock of said company shall have been subscribed for, and ten thousand dollars thereof paid in, to commence their said business, and with that capital to conduct and carry on the same, until they shall find it expedient to call in the remainder of the capital stock.

Duty of directors.

Sec. 3. Subscription to the capital stock of said company shall be opened under the direction of the directors hereinafter mentioned, and it shall be the duty of the directors for the time being, to call for and demand of the stockholders, respectively, all sums of money by them subscribed at such times, and in such proportions as they shall see fit, under pain of forfeiting their shares, of all previous payments made thereon to said company; always giving sixty days previous notice in writing by their clerk to each stockholder, of such call or demand.

Stock and concerns, by whom conducted.

Sec. 4. The capital stock, property, and concerns of said corporation, shall be managed by five directors, and the first directors shall be, J. A. Townsend, B. J. Gillman, Isaac Prickett, Isaac Negus, and S. W. Robbins, who shall hold their offices for one year thereafter, or until an election of directors shall take place, which election shall be made annually, on the first day of May, in the town of Alton, and of each election a previous notice shall be given, at least four weeks, by inserting the same in the Alton Spectator, or some other paper printed in this state, and each election shall be holden under the inspection of the directors for the time being, and shall be by ballot, or otherwise, by plurality of votes of the stockholders present, allowing one vote for every share, and the stockholders not present may vote by proxy.

Election.

Sec. 5. If it should at any time happen that an election of directors should not be made on the day when it ought to have been made, the corporation for that cause shall not be deemed dissolved, but it shall be lawful on any other day to meet, and hold an election of directors, in such manner as shall have been prescribed by the bye-laws of said corporation.

Stock deemed personal property.

Sec. 6. The stock of said company shall be deemed personal property, and shall be assignable and transferable according to such rules as the directors for the time being shall make and establish; and no stockholder indebted to said company, shall be permitted to make a transfer or receive

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a dividend until such debts be paid to the satisfaction of the directors.

Directors to keep books.

Sec. 7. The directors shall at all times keep, or cause to be kept, proper books of accounts, in which shall be regularly entered all the transactions of the company; which books shall be subject to the inspection of the stockholders at all times.

In force 21 yr’s[years]

Sec. 8. The corporation erected by this act, shall continue for twenty-one years and no longer.

May purchase and hold real estate.

Sec. 9. The corporation enacted by this act shall be capable, and are authorised to purchase, hold, and convey any estate, real or personal, that may be absolutely necessary to enable the same to carry on efficiently its business, as defined in this act, and for no other purposes whatever.

Approved, Jan. 16, 1836.

1Nathaniel Buckmaster introduced HB 87 in the House of Representatives on December 29, 1835. On December 31, the House referred the bill to the Committee on the Judiciary, which reported back the bill with amendments on January 2, 1836. The House approved the amendments and on January 4, passed the bill as amended. On January 15, the Senate referred the bill to a select committee, which reported back the bill with an amendment on the same day. The Senate approved the amendment and passed the bill. On January 16, the House approved the amendments made by the Senate. On January 16, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1835. 9th G. A., 2nd sess., 163, 193, 206, 221, 347, 359, 363, 371; Illinois Senate Journal. 1835. 9th G. A., 2nd sess., 172, 263-64, 264, 274, 277, 283, 288.