An act to Incorporate the Pekin Hotel Company

Sec.[Section] 1. Be it enacted by the people of the State of Illinois Represented in the General assembly That Spencer Field, John W. Casey, Harlan Hatch, David Bailey, David Mark, Enos Coldren, and Gideon Rupert, and their associates and successors, be, and they are hereby constituted a body, politic and Corporate, under the name of the “Pekin Hotel Company” to be located in the original Town of Pekin in the County of Tazewell, and by that name, shall have power to contract, and be contracted with, and may sue, and be sued, plead and be impleaded, answer and be answered unto, in all Courts having competent jurisdiction, to have a common seal, which they may alter at their pleasure, and shall be vested, with all the powers, and privileges necessary, to the object of their Incorporation, as herein after defined and limited.

Sec. 2. The said Company shall have power, and be capable of holding and purchasing in Fee simple any Estate Real or personal, for the use of said Corporation, and of improving, selling, and conveying the same, of erecting and improving buildings and the same, and of Renting, Leasing, and occupying, any or all such Lands or Houses belonging to said Corporation for a term not exceeding the limits of this Charter Provided that the real Estate owned, by said Corporated, shall not exceed one quarter Section of land, except such as may be held as collateral Security for

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for debts, due the said Company or may become the property thereof by virtue of such indebtedness.

Sec 3. The capital Stock of said company shall be Fifteen thousand Dollars, which may be increased at the pleasure of said Company to any Sum not exceeding Thirty thousand Dollars, which said Capital Stock, shall be divided into shares of Fifty dollars each, and subdivided subscribed for and held in the manner herein after provided.

Sec. 4. To enable said Corporation to transact and carry on the purposes of their said Incorporation, they are hereby authorised and empowered to make, endorse, issue, receive, and transfer promisory notes. Bills of exchange, conveyance of land, and pledges of the Stock of other Companies, or Incorporations, and other instruments in writing, necessary, to the transaction & safety of their business Provided, that this act shall not be construed so as to authorise the said Company or Corporation to make or emit Bills of Credit, Promisory notes, Bank notes, or other instruments, to be used as a circulating medium.

Sec. 5. All contracts, Promisory notes, Bills of credit, or other evidences, of indebtedness, which may be made or entered into by said Corporation, shall be signed, by the President and attested by the Secretary, and being so signed, and attested, shall, be binding upon said Corporation, and all conveyances, made and entered into by the said Corporation

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conveying Real Estate belonging to said corporation, when so signed, and attested as aforesaid, and sealed with the common seal, shall in like manner be binding on said Corporation, according to the tenor and effect, and true meaning of the same.

Sec. 6. The concerns of said Corporation shall be managed, and conducted by a Board of Directors, to consist of five persons, who shall be Stockholders, in said company, and who shall be chosen, by ballot annually by the Stockholders, and their lawful Proxies; and the five persons receiving the greatest number of votes, shall receive the certificates, of the inspectors, declaring them duly elected. The Directors so chosen or a majority of them, shall at all times, constitute a Board and be competent, to the transaction of business, and shall and may from time to time, make and prescribe such by-laws[,] Rules, and Regulations, relative to the concerns of said Corporation, the duties of the President and Secretary, their Clerks, Treasury agents[,] and other persons employed by them. The said Board shall at their first meeting after their election, which meeting any two of the numbers of said Board may call, Elect a President and Secretary, and Treasurer, who shall continue in office for one yearThe Treasurer shall give Bond in such manner and in such amount as the said Directors shall prescribe. And the said Directors shall have power to appoint such other Officers, agents, and

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Clerks as may be deemed by them necessary in carrying on the business of said Corporation Provided that such By-Laws and regulations shall not be repugnant to the Constitution and Laws of the United States or of this State

Sec: 7. That Spencer Field, Harlan Hatch, and David Marks, shall be Commissioners, the duties of whom, shall be to open Books of subscription to the Capital Stock of said Corporation within six months from and after the passage of this act in such places and at such time as in their opinion will be thought proper. Twenty days notice shall be given, by said Commissioners of the time and place of receiving subscriptions and of the number of days the Books will be kept open, in a newspaper in the places where they intend to open said Books for subscriptions of Capital Stock of said CompanyThe Commissioners shall receive no subscriptions, unless at least two Dollars on each share subscribed, be paid, at the time of subscription and when the whole amount of the Capital Stock shall be subscribed, the said commissioners shall give a like notice of Twenty days, for the meeting of the Stockholders, for the purpose of choosing five Directors, designating, the time and place, of holding such election. At which election persons holding Stock in said Company shall be permitted to vote either in person or by lawful proxy. The said Commissioners shall be inspectors

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of the first election for Directors, and shall certify under their hands the names of those duly elected, and deliver over the subscription Books, and the amount of money received on subscriptions, to said Directors so elected.

Sec. 8. The Stock of said Corporation shall be considered personal property, and assignable and transferable on the Books of the Corporation; But no transfer or assignment of any share, of any stockholder, who shall be at the time of making said transfer or assignment, indebted to Corporation, shall be valid untill such debt be paid or secured, to be paid to the satisfaction of the Directors.

Sec. 9. The said Company shall at all times keep proper Books of account, in which, shall be registered all the transactions of the Corporation, and the same shall at all times be subject to the inspection of the Stockholders, and it shall be the duty of the Directors to make annual dividends, or at such other times as a majority of the Directors shall direct, of so much of the profits of the said Company as to them, or a majority of them shall appear advisable; and the said Directors shall whenever required by a majority of the Stockholders, exhibit at a general meeting, a full and perfect statement of the debts, and credits, and all such other matters, as may be, deemed essential, relative to the business of said corporation.

Sec. 10. The stock not disposed of by the Commissioners in the manner hereinbefore mentioned shall, and may be issued by the Directors, for the time being, according to the By Laws and regulations of said Company

Sec 11. As soon as Twenty pr. cent of the Capital Stock aforesaid, of said Company, shall be subscribed, and paid in, the said Corporation, shall be authorised to proceed to business, and not before

Sec 12. This act is hereby declared Public and shall take effect from and after its passage, and be, and remain in force, for and and during the term of Twenty Years

Sec 13. That nothing in this act, shall be so construed as to exempt the said Corporation from the operation of the laws of this State, regulating Inns and Taverns. The Legislature hereby reserves the right to alter, change[,] amend[,] or repeal this act, whenever the public good may require the same.