Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That the capital stock of the State Bank of Illinois shall be and the same is hereby increased in the sum of two million dollars, exclusive of the one hundred thousand dollars reserved to the State, by the first section of an act entitled “an act to incorporate the subscribers to the Bank of the State of Illinois,” the whole to be subscribed for by the State as hereafter directed.2 The capital stock of the Bank of Illinois at Shawneetown shall be and the same is hereby increased in the sum of one million four hundred thousand dollars, to be subscribed as hereafter directed;3 Provided the consent of said banks shall have been thereunto first given, by an entry on their books, under the direction of the board of directors, which shall be certified under the seal of the corporation to the board of fund commissioners, to be elected under the provisions of an act entitled “an act to establish and maintain a general system of internal improvement,”4 and to the Secretary of State, the same to be by him filed in his office.

Sec. 2. Said board of fund commissioners be, and they are hereby authorised and empowered to negotiate a loan on the credit and faith of this State, as, and for the

---

exclusive and sole purpose hereinafter provided, for a sum or sums not exceeding three millions of dollars, as the same may be needed and wanted for the purposes hereinafter set forth, which shall be required to be paid at such times and such instalments as the same may be needed to carry into effect the object of this act.

Sec. 3. Said board of fund commissioners shall constitute certificates of stock for the said loan or loans, to be called “the Illinois Bank and Internal Improvement stock,” which shall be signed by the Governor, and countersigned by the Auditor and Treasurer, with the great seal of State affixed thereto; bearing interest not exceeding six per centum per annum, payable semi-annually at either of the banks hereinafter named, or either of their branches, or at some bank in the city of New York, Philadelphia, Boston or Baltimore, or either, as may be agreed upon, and reimbursable at the pleasure of the State at any time after the year one thousand eight hundred and sixty, and the faith of the State is hereby irrevocably pledged for the payment and redemption of the stock hereby created, and the interest accruing thereon. Said board of fund commissioners shall take and use all proper means and measures for the transferring of said stock.

Sec. 4. It shall be deemed a good and valid execution of the power to borrow herein conferred, for the said fund commissioners to cause the said certificates of stock, when created, to be sold; Provided that the said stock shall not, in any case, be sold for less than its par value.

Sec. 5. It shall be the duty of the said board of fund commissioners, to subscribe on behalf of the State the two millions of dollars stock, as provided in the first section of this act, to the State Bank of Illinois and pay such per centum on every one hundred dollars so subscribed at the time of subscribing, as shall have been paid by each stockholder on each and every share owned by him, and thereafter pay such instalments as may be due on each one hundred dollars, at the same times and in the same proportions, and under such regulations as now are or hereafter may be required of and adopted in relation to the individual stockholders on each share respectively held by them; Provided nothing herein contained shall authorise a forfeiture of any interest of the State in said Bank in any wise whatever to the said Bank.

Sec. 6. Said board of fund commissioners shall, so soon as notified by the Bank of Illinois at Shawneetown, of their acceptance and consent to the provisions of this act, as provided for in the first section of this act, subscribe on behalf of the State for one million of stock authorised to be subscribed by the first section of this act, and shall in

---

all respects observe and conform to the provisions of the fifth section of this act, which are hereby expressly made applicable to their proceedings under this section, the proviso inclusive; the remaining four hundred thousand dollars may be divided into shares, and subscribed for, governed, and regulated in all respects as provided for in the original and supplemental acts incorporating and extending the charter of said Bank of Illinois at Shawneetown.5

Sec. 7. For the purpose of carrying into effect the provisions of the last two sections, said board of Fund commissioners may, from time to time, sell and dispose of the certificates of stock authorised to be issued by the second and third sections of this act, as the money may be needed from time to time.

Sec. 8. In addition to the nine directors authorised to be elected by an act entitled “an act to incorporate the subscribers to the Bank of the State of Illinois” there shall be elected bienially by joint vote of both branches of the Legislature, five other directors, who shall be citizens of this State, and whose rights, powers and duties shall be in all respects the same as those of the directors chosen by the stockholders.6

Sec. 9. There shall be elected biennially, by joint vote of both branches of the General Assembly, nine directors of the Bank of Illinois at Shawneetown, whose rights, powers and duties shall be in all respects the same as those of the directors chosen by the stockholders of said Bank of Illinois at Shawneetown.7 There may be established by the said Bank of Illinois at Shawneetown, three offices of discount and deposite, within the State, whenever the interest of the community or Bank require it for the purpose of discount and deposite, and the transaction of such other business as may be legally confided to them by said bank, under the provisions of its charter and this act;8 and to commit the management of all the aforesaid offices of discount and deposite under such regulations as they shall from time to time think prudent to adopt, to such number of persons as they shall choose, one of which offices of discount and deposite shall be permanently established at Jacksonville, with such amount of capital as the mother bank can safely supply under the provisions of this act, and another of said offices of discount and deposite shall be established at Lawrenceville and one at Alton,9 and in addition to the offices of discount and deposite as aforesaid, the said bank may establish two other offices of discount and deposite at such time and places, as may be deemed for the public interest.10

Sec. 10. The dividends and profits declared and accruing upon, and from the stock, by the provisions of this act, a-

---

thorised to be subscribed on behalf of the State in said banks, shall first be applied to the payment of the interest upon the loan or loans authorized by the provisions of this act, as the same becomes due, and the balance together with the premiums that shall be realized by the sales of certificates of stock herein authorized to be made, shall constitute a fund for, and be applied to, the payment of the interest which may be or become due and owing upon the loans effected under the authority of an act entitled an act to establish and maintain a general system of Internal Improvement,11 and shall be held inviolably, and applied solely for that purpose and none other. And the said board of Fund Commissioners shall adopt such measures as may be most expedient and proper for the payment of the interest of the said loans when due, and whatever balance of said dividends and profits as may remain from time to time after the payment of the interest as aforesaid, may be deposited by said board of Fund Commissioners in any Bank or Banks of this State, at such rates of interest as may be agreed upon until the same may be wanted, said banks to facilitate the transaction of the purposes contemplated in this section, opening therefor a separate account to the credit of such deposites with said board of Fund Commissioners.

Sec. 11. Said board of Fund Commissioners may deposite with the said banks, with reference to a fair distribution of the benefits of said deposites to the different sections of the State, all the funds borrowed under an act entitled an act to establish a general system of Internal Improvement, and all other monies provided for the use of the fund created by the act the title of which is hereinbefore last recited, not otherwise disposed of by law, until the same may be wanted in the progress of the works, or for the objects contemplated by said act, the said board of Fund Commissioners obtaining such rates of interest from said banks for the use of the same, as may be agreed upon, and said deposites shall be subject to the drafts and checks of said board of Fund Commissioners, whenever the same may be needed in the progress of said works, or for the objects contemplated by said act, payable whenever they may direct. Said banks hall in all respects be, and they are hereby constituted, made and appointed the fiscal agents of the State in the collection, receipt, transfer, and disbursement of the Internal Improvement funds,12 subject to laws now in force, and hereafter to be made.

Sec. 12. Said bank shall furnish the said board of Fund Commissioners quarterly with statements of the amounts of capital Stock actually paid into their respective vaults, of all the debts due and owing to the said banks, of all

---

the monies remaining on deposite, public and private, of all the notes of said banks outstanding and in circulation, the specie on hand or account of the same, together with all such other matters and things as may pertain to, and are connected with, the condition and solvency of said bank; they shall also lay before each house of the General Assembly, at every regular and called session within ten days after the meeting thereof, a general statement embracing all the information and facts contained in the said quarterly reports.

Sec. 13. All notes issued by said bank or their branches, or offices of discount and deposite, payable on their face elsewhere than in this State, shall be nevertheless payable at the said banks or branches, or offices of discount and deposite, which may have issued the same, in the same manner and under the same responsibilities as now are or hereafter shall be the notes of said banks or branches, or offices of discount and deposite, issued by them and made payable at their counters.

Sec. 14. The General Assembly shall have the right to examine by committee into the condition of said banks and their several branches and offices of discount and deposite, and all the books and accounts of said banks necessary to the examination hereby authorized, shall be submitted to any committee which may be appointed by the General Assembly for that purpose, and the Fund Commissioners shall also have the right to make a like examination into the condition of each of said banks, and they are required to make biennial examinations thereof, and make reports to each session of the General Assembly, which may be held after the making of such examinations.

Sec. 15. That if the banks in this act mentioned should accept the provisions of this act in the manner prescribed herein, during the recess of the Legislature, it shall be the duty of the Governor to appoint the directors upon the part of the State, who shall continue in office until their successors shall be elected, as prescribed in this act, and the provisions of this act shall be considered as applicable, jointly and severally, to said banks, and either of them may accept the same.

Approved, March 4th, 1837.15