Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Benjamin F. Edwards, Andrew R. Skidmore, J. A. Townsend and Enoch Weathers, of Madison county, and their successors in office, duly elected as hereinafter directed, be, and they are hereby appointed a body politic and corporate, by the name and style of the “Chippewa Dry Dock Company,” and shall be able and capable in law and equity, to sue and be sued, plead and be impleaded, in any and all courts of justice whatever, and shall be able to make and enforce contracts; to have an use a common seal; and by the name and style aforesaid, the said corporation shall have power, at the mouth of Wood river in Madison county, opposite the mouth of Missouri river, to construct and use one or more dry and wet docks, or other artificial works, in such form and manner as they may deem expedient for the purpose of building, receiving, and repairing, steam boats, sloops, vessels, and other craft, and shall be capable in law of holding as much lands and waters as may be necessary for the accommodation and furtherance of their business, connected with the said dry or wet docks.

Sec. 2. The capital stock of said company shall be twenty thousand dollars, divided into shares of one hundred dollars each; but it shall be lawful for the said corporation to commence their said business so soon as six thousand dollars shall have been subscribed for, and with that capital, to conduct and carry on the same until they shall find it expedient to extend their capital to the amount hereinbefore mentioned.

Sec. 3. The subscription of stock to the said corporation shall be opened under the direction of the persons named in the first section of this act, or any two of them, who are hereby appointed commissioners for that purpose, and au-

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thorized to receive subscriptions to the said capital stock, on such days, and at such places, after the passage of this act, as they shall appoint; which subscriptions shall be paid at such time and in such manner, as the board of directors shall order and direct.

Sec. 4. The stock, property, and concerns, of the said corporation shall be managed and conducted by five directors, who shall be stockholders, one of whom shall be president, who may respectively hold their offices for one year, and until their successors are chosen and qualified.

Sec. 5. So soon as the sum of six thousand dollars shall be subscribed, the commissioners appointed by the first section of this act shall give notice by written advertisement, or in a newspaper, for an election of directors, at such place, and on such day, in the town of Edwardsville, as a majority of them shall direct; which notice shall be at least ten days previous to such election; at which time and place there shall be five directors chosen from among the stockholders, who shall hold their office for one year from the time of their election, and until their successors shall be elected; and they shall be elected by a majority of the votes given by the stockholders present, or by written proxy from those absent; and each stockholder shall be entitled to as many votes as he holds shares, and the said directors shall elect one of their own number to act as president of the said board of directors; and the said board shall have power to fill its own vacancies.

Sec. 6. A majority of said directors shall form a quorum to transact the business of said company, and may enact such by-laws, rules and regulations, as they may deem expedient for the government of said corporation; and the said directors shall have full power and authority to put into operation all the designs contemplated in this charter; Provided, They be compatible with the laws and constitution of the United States, and of this State.

Sec. 7. After the term of service of the directors first chosen shall have expired, the directors thereafter shall be chosen annually, on the first Monday in May, at such place as a majority for the time being, shall direct; of which election prior notice shall be given at least ten days, by publication in some newspaper; and in case it shall happen at any time, that an election for directors shall not be made on any day, when, in pursuance of this act it ought to have been made, it shall be lawful to hold such election on any other day, in such manner as may be regulated by the by-laws of such corporation.

Sec. 8. The stock of said corporation shall be personal property, and assignable on the books of the corporation only, and every transfer of stock shall be made

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subject to the payment of any debt owing to said comporation by the stockholder at the time of making such transfer, although not payable until afterwards; and it shall and may be lawful for the directors, or a majority of them, to receive payment of the sums subscribed, at such time, and in such proportions, and on such conditions, as they, or a majority of them, shall deem fit, under the penalty of the forfeiture of all previous payments thereon, and previous notice of the instalments required shall be given.

Sec. 9. That it shall be the duty of the directors to make dividends of so much of the profits of the said corporation, arising from tolls, and other sources of revenue of said company, at such time as they, or a majority of them, shall deem advisable; and if any person or persons shall wilfully or knowingly do any act whatsoever, whereby the said dry or wet docks, or basins, or any of the works connected therewith, shall be injured, he, she, or they, so offending, shall forfeit and pay to the corporation, double the damages so sustained, together with costs of suit, in that behalf expended, to be recovered by action of debt, in any court having jurisdiction thereof.

Sec. 10. The corporation hereby created shall not engage in any banking business whatever.

Sec. 11. This charter is limited to the term of fifty years2 from and after the first day of August, 1837. This act to be in force from and after its passage.

Approved 2d March, 1837.