Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Jeremiah A. Townsend and William Lane,2 their associates, successors and assigns, be and they are hereby constituted a body politic and corporate, by the name and style of the “Calhoun Coal and Mining Company,” for the more convenient ownership and mining of coal, metals and minerals, in the counties of Calhoun and Madison,3 state of Illinois, and the transaction of the usual business of companies engaged in the mining, smelting, transporting and selling the products of coal, metal, mineral and other mines. And the said corporation, by the said name, is declared and hereby made capable in law to sue and be sued, to plead and be impleaded, to have a common seal, and the same to alter or destroy at pleasure; to make rules and by-laws, for the management of said corporation, consistent with the laws of this state, and generally to do and execute whatever by law, shall appertain to such bodies politic.

Sec. 2. The capital stock of said corporation shall consist of twenty-five thousand dollars, to be divided into five hundred shares of fifty dollars each, which capital shall be employed in purchasing and holding lands, not to exceed two thousand acres; in constructing and employing build-

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ings, machinery, vessels, boats, arks, and such other improvements as shall be necessary or useful for the transacting of the business of mining, coaling, smelting, transporting and selling the products of coal, metal, mineral and other mines; provided nevertheless, That the stockholders of said corporation, at a general meeting, and by a vote, the majority of which shall represent a majority of the whole stock of the corporation, may and are hereby empowered to increase the capital stock of said corporation to fifty thousand dollars, divided into shares of fifty dollars each, and to be employed in the manner aforesaid, which increase shall be sold or distributed, as the votes aforesaid, representing a majority of all the stock of said corporation, shall direct.

Sec. 3. That for the purpose of carrying into effect the object of this act of incorporation, Nathaniel Buckmaster, Jeremiah A. Townsend, John Webster Chickering, Jacob C. Bruner, E. A. Harrison, and William Lane, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company; and the commissioners or a majority of them, shall cause books of subscription to be opened at Alton, in Madison county, under their own supervision, and at St. Louis, in the state of Missouri, under the supervision of Enoch C. March, or any other person appointed by them the said commissioners; and they shall cause twenty days notice to be given thereof, in some one or more papers printed in Alton and St. Louis. They may further take such measures for completing the subscription of the stock of said corporation, as they may deem expedient and proper. Every subscriber, shall at the time of making his subscription, pay the sum of one dollar on each share subscribed, and should more than the whole amount of the capital stock of said corporation be subscribed for, a majority of the subscribers shall have power to apportion, to each subscriber, the amount of stock to which each individual shall be entitled; provided, That the rule of apportionment shall be general, and shall apply to each subscriber.

Sec. 4. The capital stock, property, and all concerns of the corporation, shall be managed by five directors, chosen from the stockholders, who shall have power to appoint from their number a president, secretary, treasurer, and such other officers, as they may deem expedient and proper, for the management of the business of the corporation. The first election for which directors shall be, after public notice given by said commissioners, or a majority of them, for twenty days, in some one or more papers published in Alton and Saint Louis, who shall hold their offices for one year, or until their successors are ap-

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pointed; and the meeting for the choice of all directors, after the first, shall be holden at such time and place, as the stockholders, representing a majority of all the stock of the corporation shall appoint; of which meeting notice shall be given to each stockholder by the secretary of the corporation. In all elections for directors, or in transacting any other business of the corporation, that may come before the stockholders, each stockholder shall be entitled to one vote for every share held by him or her, which may be given by self or by proxy, duly authorized in writing, and a majority of the votes thus given, shall be necessary for the election of directors, or the affirmative decision of any other business acted upon.

Sec. 5. The directors, or a majority of them, may require the payment of the stock subscribed, in such sums, at such time and place, and under such conditions, as they shall deem proper, a notice of which shall be given in writing to each subscriber; and if any stockholder shall fail to pay his proportion or instalment, as specified in said notice, the amount previously paid by such delinquent stockholder shall be forfeited to the corporation, and his stock may be sold to any person, and for such price as may be agreed upon between the directors of said corporation and the purchaser.

Sec. 6. Dividends of the profits accruing upon the business of said corporation, shall be made from time to time, payable at such time and place as the directors shall appoint.

Sec. 7. The stock of said corporation shall be deemed personal property, and shall be assignable and transferrable upon the books of the corporation, according to such rules and regulations as the directors shall from time to time make and establish; and no stockholder, indebted to said corporation, shall be permitted to make a transfer or receive a dividend until such debt be paid or secured to the satisfaction of the directors.

Sec. 8. The directors shall keep, or cause to be kept, proper books of record and account, in which shall be regularly entered, all the transactions of the corporation; which books shall, at all times, be subject to the inspection of the stockholders.

Sec. 9. The corporation created by this act, shall continue for twenty years and no longer.4

Approved 2nd March, 1837.