Sect.[Section] 1. Be it enacted by the People of the State of Illinois represented in Generall Assembly, that O. M. Long, B. W. Schneider[,] Henry Kimball, E. Tull and T. Hoffmann and theire associates and successors, be and they are hereby constituted a Body politic and corporate under the name of the “Beardstown improvement Company” 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 answred unto in all courts having competend Jurisdiction, and shall be vested with all powers and previledges necessary to the object of theire incorporation as hereinafter defined.

Sect. 2. The Capital stock of said Company shall be five thousand Dollars with power to increase the same to any Sum not exceeding ten thousand Dollars at the pleasure of said Company, which stock shall be divided into Shares of twenty five Dollars each and which shall be transferrable in such manner as said corporation may direct, and the same be deemed personal property.

Sect. 3. The said corporation shall have the right to hold possess and enjoy not exceeding at any one time two thousand acres of land, which may be obtained by purchass, voluntary grants and donations; and allso the right to sell or lease any or all such lands obtained, to convey and execute Deeds for the same and for the purpose of improving any lands of said corporation by dams[,] drains or ditches, they shall have a right to enter upon any lands and cary said dams[,] drains or Ditches across provided that they shall ^pay^ all Damages that may be sustained to the owner or owners of such lands entered upon.

Sect. 4. The Concerns of said corporation shall be mannaged and controlled by five Directors who shall be chosen annually by the Stockholders or theire proxis by Ballot. each Share of Stock shall entitle to one vote and the five persons receiving the greatest number of votes shall receive from the inspectors of the election a certificate, declaring them duly elected. The Directors so chosen shall proceed to elect from among their own number a President, and appoint a Secretary and Treasurer, the Directors or a majority shall form a quorum to do Business, and have power to make By laws and regulations, employ such agents and persons as may be necessary for improving the lands owned by the Company and for all other improvements that may be deemed usefull and advantageous by said Directors provided, theire Bylaws and regulations shall not be repugnant to the Constitution and laws of this State

Sect 5. That O. M. Long, B. W. Schneider, Henry Kimbal, Edward Tull and T. Hoffmann shall be Commissioners, the duty of whom or a majority of them shall be to open Books of subscription to the Capital stock of said Company within one month after the passage of this act, giving ten days public Notice in the town of Beardstown, and wherever the whole of the Stock or one Thousand Dollars thereof shall have been subscribed, the Commissioners shall give a like Notice to the Stockholders, for the purpose of chosing five Directors designating the time and place of such election the commissioners shall act as inspectors at the first Election. no person shall be eligible as a Director unless he is a Stockholder previous to the Election. no subscription of Stock shall be received

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unless five Dollars be paid at the time of subscription. the subscription books and the amount received by the Commissioners shall be delivred within six Days to the Board after the Directors have been chosen.

Sect. 6. The Board of Directors shall keep proper books of accounts in which all the transactions of the Company shall be registered, and the same shall be open for the inspection of Stockholders. The Directors shall have the power to Demand from time to time the payment for stock subscribed and in case of failure of payment may dispose of such stock either by sale or have the same forfeited to the Company. It shall be the Duty of Directors, as soon there have been funds received from Sales made rents or leases, to make annualls divedents, and they shall whenever required by a majority of the Stockholders exibit at a generall meeting a full and true statement of the affairs relating to said Company.

Sect. 7. all Deeds for real Estate or otherwise shall be made to the President and Directors of the “Beardstown improvement Company” and all conveyances or contracts made by the Corporation shall be signed by the President, and countersigned by the Secretary and shall be considered valid in law.

Sect. 8. The stock not disposed of at the first opening of the Books by the Commissioners may at any time after be subscribed for under the Direction of the board of Directors in such manner as a majority of them shall direct.

Sect. 10. This act is hereby declared public and shall take effect from and after the its passage and be and remaine in force for the term of ten years.