Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That all such persons as shall become subscribers to the stock hereinafter described, shall be, and they are, hereby constituted and declared a body politic and corporate, by the name and style of the “Illinois Exporting Company,” 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 common seal, alter and change the same at their pleasure, and they and their successors may also, by that name and style, be capable in law of purchasing, holding, and conveying away, real and personal estate, for the uses and purposes of said corporation; which real estate shall not exceed three acres of land,2 whereon to erect the necessary buildings for carrying on the business of the company, in any one county in this state.

Sec. 2. The president and directors of said company hereinafter provided for, shall have power, and are hereby authorised to carry on the manufacture of flour, wool, hemp, and other agricultural products3: to export their products and manufactures; to erect mills, works, machines, and such other buildings as may be necessary to carry on their business, and to enter into all contracts which may concern the use and management of said property.

Sec. 3. The capital stock of said company shall consist of one hundred and fifty thousand dollars, divided into fifteen hundred shares of one hundred dollars each: Provided nevertheless, that the stockholders of said company, at a general meeting, and by a vote representing in its majority at least two thirds of the stock subscribed to said company, may and are hereby empowered, to increase the capital stock of said company, to five hundred thousand dollars, divided in the same manner as before, into shares of one hundred dollars each: Provided, that the estates real and personal, of all and each of the stockholders of said corporation, shall, at all times, be liable for the debts of said company.

Sec. 4. That the general place of meeting for said company, shall be at Alton, in this state; but the president and directors of said company, may select such other places of business as to them may seem fit, for the general purposes of said company: Provided, That said company shall not be authorised to erect any mills or other buildings in any county in this state, other than at the place named in this act, unless the said company shall first obtain the consent of the county commissioners’ court in such other counties; which consent so obtained shall be entered upon the records of the court or courts granting the same.

Sec. 5. That for the purpose of carrying into effect the object of this incorporation, James S. Lane, Thomas G. Hawley, Anthony Olney, John M. Krum, and D. B. Holbrook,4 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 thereof, in some paper printed in this state, may open books for the subscription of said stock, at such times and places as they may direct and keep the same open till at least one thousand shares of said capital stock is subscribed. If the requisite number of shares shall not be subscribed within thirty days after the books are opened, said commissioners, or a majority of them, shall take such measures for completing such subscriptions, as they may deem expedient and proper. Every subscriber shall, at the time of subscribing, pay to said commissioners the sum of one dollar, for each share subscribed. When such subscription is complete, or within sixty days thereafter, said commissioners or a majority of them, shall call a meeting of the stockholders at Alton, by a printed notice in some newspaper of general circulation within this state.

Sec. 6. 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 succes-

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sors, who shall be vested with the same authority, are elected.

Sec. 7. And that at said election each stockholder, shall be entitled to one vote for each share of stock he may hold; and a majority of all the votes given shall be required to make an election.

Sec. 8. That the period of election shall be annually the first Monday in the month in which the first election was held.

Sec. 9. That immediately after the directors are chosen as above, they shall hold a meeting, at which, and at all subsequent meetings, a majority shall constitute a quorum; that they shall proceed to the election of a president from one of their number; a secretary, who shall be sworn by a justice of the peace to the faithful discharge of his duty, and who shall record all votes of the corporation in a book to be by him kept for that purpose; a treasurer, who shall give bond to such amount and in such manner as the said president and directors shall direct, and (appoint) such other officers and agents as to them may seem proper.

Sec. 10. That said president and directors shall have power, from time to time, to make all such bye-laws and rules, not inconsistent with the constitution and laws of this state, which may be necessary for the payment, or collection of subscriptions to its stock, and the transfer of the same, the conveyance of property, or that in any other way, may concern the management and direction of the affairs of said company.

Sec. 11. Provided the provisions of this act shall in no case extend to the counties of Edgar, Greene, and St. Clair.5 This act may be repealed, altered, or amended by any 6 General Assembly of this state, that may be in session after the expiration of twenty-five years, from and after the first day of May next.

Approved, Jan. 18, 1836.