Sec.[Section] 1. Be it enacted by the people of the State of Illinois represented in the General Assembly, That all such persons as shall become subscribers to the stock hereinafter described, shall be, and they are hereby constituted and declared a body politic and corporate, by the name and style of the “Lacon Manufacturing Company,” from and after the passage of this act, and by that name they and their successors shall have succession, and shall in law be capable of suing and being sued, pleading and being impleaded, in all courts and places whatsoever; may have a common seal, alter and change the same at pleasure. And they and their successors may also, by that name and style, be capable in law, of contracting and being contracted with, and of purchasing, holding, conveying, any real and personal estate, for the purposes and use of said corporation, as hereinafter limited.

Sec. 2. The president and directors of said company, hereinafter provided for, shall have power, and are hereby authorized to carry on the manufacturing of flour, wool, hemp, beet sugar, and other useful branches of business; to erect mill works, machines, and such other buildings as may be necessary to carry on their business; to export their manufactures and products; to purchase in the name of the corporation land sufficient for the purposes and object of the company; and to enter into all contracts which may concern the use and management of said property, or may be necessary and proper to carry into effect the object of this act, and exercising all the power herein granted to the company.

Sec. 3. The capital stock of said company shall consist of one hundred and fifty thousand dollars, divided into shares of one hundred dollars each.

Sec. 4. That for the purpose of carrying into effect the object of this act, Jesse C. Smith, Ira J. Fenn and Joseph H. Johnson, are hereby appointed commissioners to obtain subscriptions to the capital stock; and said commissioners,

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or a majority of them, after giving general notice thereof in some paper printed in this State, may open books for the subscription of said stock, at such time and places as they may direct, and keep the same open till[until] at least one thousand shares of said capital stock is subscribed; if the requisite number of shares shall not be subscribed within thirty days after the books are opened, said commissioners, or a majority of them, shall take such measures for completing such subscriptions, as they may deem expedient and proper. Every subscriber shall at the time of subscribing, pay to said commissioners the sum of one dollar for each share subscribed. When such subscription is completed, or within sixty days thereof, said commissioners, or a majority of them, shall call a meeting of the stockhelders at Lacon, by a printed notice in some newspaper of general circulation within this State.

Sec. 5. That at said meeting the stockholders of said company shall immediately proceed to elect five directors, who shall manage, direct and govern, the affairs of said company, one year from the period of said election, and until their successors, who shall be vested with the same authority, are elected.

Sec. 6. And that at said election, each stockholder shall be entitled to give one vote for each share of stock he may hold, and a majority of all the votes given shall be required to make an election.

Sec. 7. That the period of election shall be annually the first Monday in the month in which the first election was held, and at such time and place as the president and directors may appoint.

Sec. 8. That immediately after the directors are chosen as above, they shall hold a meeting, at which, and all subsequent meetings, a majority shall constitute a quorum; that they shall proceed to the election of a president from one of their number; a secretary, who shall be sworn by a justice of the peace to the faithful discharge of his duty, and who shall record all votes of the corporation in a book, to be by him kept for that purpose; a treasurer, who shall give bond to such amount, and in such manner, as the said president and directors shall direct; and such other officers and agents as to them may seem necessary.

Sec. 9. That said president and directors shall have power from time to time, to make all such by-laws, rules and regulations, not inconsistent with the constitution and laws of this State, which may be necessary for the payment or collection of subscriptions to its stock; the transfer and assignment of the same; the conveyance of property, or that in any other way may concern the manage-

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ment and direction of the affairs and interest of said company.

Sec. 10. This act shall continue in force for the term of thirty-five years from the passage thereof; Provided, however, That during that time, upon any departure from or violation of the provisions of this act, the Legislature may alter, amend or repeal, the same, as they may deem the public good shall require.

Approved 4th March, 1837.