In force Jan.[January] 18, 1836.
AN ACT to amend an act entitled, “An act to incorporate the Jacksonville and Meredosia Rail Road Company.
1Capital Stock increased.
Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That the capital stock of the Jacksonville and Meredosia Rail Road Company, shall be and the same is hereby increased to three hundred and fifty thousand dollars.2
To negotiate a loan, pledge its property.
Sec. 2. For the purpose of facilitating the construction of the rail road, as contemplated
and authorised by the act to which this is an amendment, the said company is authorised to negotiate a loan, or loans of money, to the amount of its capital stock, and to
pledge all of its property, real and personal, and all of its rights, credits, and
franchises for the payment thereof.
Authorised to make loans.
Sec. 3. The said company shall be authorised to loan any part of its funds, at any rate of interest allowed to be taken by the
general laws of the state in relation to interest upon money, and to take such security for the payment thereof,
as may be deemed sufficient: Provided, that the legislature shall not, within twenty-five years after the completion of said rail road, restrict
said company to a less rate of interest than eight per cent per annum.
Stockholders not to pay more than interest.
Proviso
Sec. 4. In case the company shall negotiate the loan herein authorised, the holders of stock shall never be required to pay a larger amount upon the stock
subscribed, than will be sufficient to pay the interest on the amount borrowed, and
the principal as the same may become due and payable: Provided, that five dollars shall be paid on each share subscribed as required by the act to
which this is an amendment.
To pay percent on stock.
Sec. 5. The said corporation shall pay into the treasury of the county of Morgan, on the first Monday of January annually, after the election of directors, as provided
by the act to which this is an amendment, one half per cent. upon the amount of stock, actually employed by said company, as a tax, which shall be in lieu of all taxes or assessments upon the stock and
property of said company for state or county purposes. The stock employed by said company shall be considered the amount of money expended by the company for the uses and purposes herein authorised, which tax shall
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be paid over to the county school fund of said county, and shall be applied to the support of schools and for no other purpose, in the
same manner and upon the same terms and conditions, as the county school fund of said
county, is, or may be required to be applied.
When to commence and complete said road.
Sec. 6. If the said company shall not within twelve months from the passage of this act, commence the construction
of said road, and within two years expend fifty thousand dollars, in the construction
thereof, and within four years complete the same; the powers and privileges conferred
by this act, shall cease, and become null and void.
Notice and books to be re-opened.
Sec. 7. As a condition upon which the powers and privileges conferred by this amended
act are granted, it is hereby declared, that the commissioners appointed to receive
the subscriptions of stock to said company, shall, after giving thirty days notice in all of the newspapers printed in Morgan county, re-open the books for the subscription to the stock of said company, at some convenient place in Jacksonville, and continue the same open for ten days, and receive subscriptions of stock from
the inhabitants of said county of Morgan, not permitting any person, either directly or indirectly to subscribe for more than
ten shares, during the said period of ten days, and in order more effectually to secure
to the inhabitants of said county, the right to subscribe for the stock as herein provided, no person shall be permitted
to subscribe for stock within said period, except upon making oath, that he, or she,
is an inhabitant of said county, and that the subscription of stock desired to be made is, bona fide, for his or her own use, and not in trust, or for the use of any other person, which
oath may be taken before a justice of the peace of said county, or either of said
commissioners.
What real estate may be held.
Sec. 8. The said company shall not be authorised to purchase or hold any real estate, except such as may be required for the construction
of the road, and the convenient use of the same, and such as may be necessary to obtain
timber, and materials for the construction and maintenance of said road: and except
also, such as may be taken for the payment of debts due, or purchased at sales under
decrees or executions in favor of said company, and all real estate taken in payment of debts, or purchased under any execution
or decree, as aforesaid, shall be sold within three years from the time of purchase,
otherwise the same shall be forfeited to the state of Illinois.
President and treasurer to make affidavit of the capital employed.
Sec. 9. The president or treasurer of said company shall, on the first day of January annually, make an affidavit before the clerk of
the county commissioners’ court, or some justice of the peace of said county, to the amount of capital em-
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ployed by said company, at the time of making such affidavit and the tax herein authorised, shall be assessed upon the amount stated in the affidavit.
Approved, Jan. 18, 1836.
1William Thomas introduced this bill in the Senate on December 10, 1835. On December 11, the Senate referred the bill to a select committee.
On January 2, 1836, the select committee reported back a substitute for the bill,
which the Senate approved. The Senate then amended the substitute bill by striking
out the third section, by a vote of 11 yeas to 10 nays. The Senate then passed the
bill as amended. On January 5, the House of Representatives referred the bill to a select committee. On January 9, the select committee reported
back the bill with an amendment, which the House rejected by a vote of 6 yeas to 34
nays, Abraham Lincoln voting in the yea. On January 11, the House again referred the bill to a select committee.
On January 12, the select committee reported back the bill with an amendment, which
the House approved. On January 14, the House again referred the bill to a select committee,
which reported back the bill with an amendment on the same day. The House approved
the amendment and then passed the bill on January 14. On January 16, the Senate approved
the amendments of the House. On January 18, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1835. 9th G. A., 2nd sess., 216, 219, 228, 267, 276, 294, 324, 328, 351, 363, 372;
Illinois Senate Journal. 1835. 9th G. A., 2nd sess., 19, 23, 152, 247, 268, 283, 288.
Printed Document, 3 page(s), Laws of the State of Illinois, Passed by the Ninth General Assembly, at their Second Session (Vandalia, IL:
J. Y. Sawyer, 1836), 95-97, GA Session: 9-2,