Papers Of Abraham Lincoln

In force Feb.[February] 27th, 1837

AN ACT to incorporate the Beardstown Improvement Company.
1

Company incorporated

Name

May sue & be sued

Other powers

Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That O. M. Long, B. W. Schneider, Henry Kimball, E. Tull and T. Hoffman, and their 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 answered unto, in all courts having competent jurisdiction; and shall be vested with all powers and privileges necessary to the object of their incorporation, as hereinafter defined.

Capital stock

May be increased

Shares

Deemed personal property

Sec. 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.

Corporation may hold land and sell

Powers of corporation

Shall pay damages

Proviso

Sec. 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 purchase, voluntary grants and donations; and also the

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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 carry 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; Provided, however, That said company shall not purchase or own any land more than six miles from Beardstown; nor shall said \ company purchase any tract of land unless some part of the same is subject to overflow, or is what is called swamp land.

Concerns managed by directors

Votes

President

Quorum

By-laws

Proviso

Sec. 4. The concerns of said corporation shall be managed and controlled by five directors, who shall be chosen annually by the stockholders or their proxies, by ballot; each share of stock shall entitle to one vote, and the five persons receiving the highest 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 useful and advantageous by said directors; Provided, Their by-laws and regulations shall not be repugnant to the constitution and laws of this state.

Books of subscription how, wheu, and by whom opened

$5 to be paid at time of subscription

Books delivered to board

Sec. 5. That O. M. Long, B. W. Schneider, Henry Kimball, Edward Tull and T. Hoffman, 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 whenever 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 choosing 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 unless five dollars be paid at the time of subscription. The subscription books, and the amount received by the commissioners, shall be delivered within six days to the board, after the directors have been chosen.

Duty of board

Directors may demand payment of stock subscribed

Upon failure to pay may be sold

Dividends.

Statements, how made

Sec. 6. The board of directors shall keep proper books of accounts, in which all the transactions of the company

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shall be registered, and the same shall be open for the inspection of the stockholders. The directors shall have the power to demand, from time to time, the payment for stock subscribed, and in case a 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 the directors, as there shall have been funds received from sales made, rents or leases, to make annual dividends; and they shall, whenever required by a majority of the stockholders, exhibit at a general meeting, a full and true statement of the affairs relating to said company.

Deeds for real estate to be made to President & directors

Contracts, how signed & countersigned

Sec. 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.

Stock not disposed of may be subsequently subscribed

Sec. 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.

Public act

Sec. 9. This act is hereby declared public, and shall take effect from and after its passage, and be and remain in force for the term of ten years.

Approved 72th Feb., 1837.

1On January 16, 1837, the House of Representatives referred a petition of citizens of Beardstown to a select committee. On January 20, Richard S. Walker, a member of the select committee, introduced HB 138 in the House. On January 26, the House referred the bill to the Committee on Corporations. On January 31, the committee reported the bill without amendment, and the House recommitted the bill to a select committee. On February 9, the select committee reported the bill with an amendment, and the House concurred in the amendment. On February 20, the House passed the bill. On February 25, the Senate passed the bill. On February 27, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1836. 10th G. A., 1st sess., 308, 402, 435, 535, 651, 718, 726, 739; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 71, 515, 520-521, 530-531.