Papers Of Abraham Lincoln

In force March 1, 1837.

AN ACT to incorporate the Vulcan Foundry, in Alexander county.
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Constituted a body politic & orporate

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 “Vulcan Foundry,” 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 their pleasure; and they and their successors may also, by that name and style, be capable in law of contracting and being contracted with, of purchasing, holding, and conveying away real and personal estate for the purposes and uses of said corporation as hereinafter limited.

Their powers

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 iron and other metals, in all its various branches; the building of machinery of iron and wood work of all descriptions, and other useful branches of business in Alexander county, in this State; and to erect mills, works and buildings as they may deem necessary to carry on their operations; and to enter into all contracts which may concern the use and management of said property and the affairs of the company.

Capital stock

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.

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Commissioners

Their duties

Amount paid on subscribing

Sec. 4. That for the purpose of carrying into effect the objects of this corporation, James Berry, Thomas Howard, and Wilson Able are hereby appointed commissioners to obtain subscriptions to the capital stock of said company; and said commissioners, 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 times and places as they may direct, and keep the same open till at least five hundred shares of 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 complete, or within thirty days thereafter, said commissioners, or a majority of them shall call a meeting of the stockholders at Trinity by a printed notice in some newspaper of general circulation within this State.

Directors to be elected

Sec. 5. That at said meeting the stockholders of said company shall 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.

How votes are given

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.

When election to be held

Sec. 7. That the period of election shall be annually the first Monday in the month in which the first election was held.

Directors’ duty

President and Secretary to be sworn

To appoint a treasurer and other officers & agents

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 president and directors shall direct and appoint: also such other officers and agents as to them may seem necessary.

Directors’ powers

Sec. 9. That the said president and directors shall have power, from time to time, to make all such by-laws and rules not inconsistent with the constitution and laws of

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this State, which may be necessary for the payment or collection of subscription to its stock, and the transfer of the same, the conveyance of property, or that in any other way may concern the interest, management, and direction of the affairs of said company.

Duration

Sec. 10. This act shall continue in force for the term of thirty years: Provided, however, That during that time, upon any departure from or violation of the provisions of this act, the legislature may alter, modify, or repeal the same, if the public good shall require it.

Approved 1st March, 1837.

1John Dougherty introduced HB 282, originally titled “A Bill for the Benefit of Certain Persons Therein Named,” in the House of Representatives on February 13, 1837. The House referred the bill to a select committee. The select committee reported back the bill on February 20 with an amendment, in which the House concurred. On February 21, the House passed the bill as amended, changing the title so as to read, “A Bill to Incorporate the Vulcan Foundry in Alexander County.” On February 27, the Senate passed the bill. On March 1, the Council of Revision approved the bill, and the act became law.
Illinois House Journal. 1836. 10th G. A., 1st sess., 580, 648, 656, 737, 768, 794; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 483, 534, 572.