Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Edward Kilbourn, William Coleman jr., Alfred Buell, David W. Kilbourn and Enos H. Buell, and their associates and successors, be, and they are hereby constituted a body politic and corporate, under the name of the Illinois Beet Sugar Manufacturing Company, and by that name shall have power to contract and be contracted with, sue and be sued, plead and be impleaded, answer and be answered unto, in all courts having competent jurisdiction, and shall be vested with all the power and privileges necessary to the object of their incorporation.

Sec. 2. The said company shall have power to enter into and carry on the business of cultivating and purchasing the Sugar Beet, and manufacturing sugar from the same,2 to export their products and manufactures, to erect mills, works, machines, and such other buildings as may be necessary to carry on their business, and to enter into all contracts which may concern the use and management of said property.

Sec. 3. The capital stock of said company shall be one hundred thousand dollars, with power to increase the same at the pleasure of said company to any amount not exceeding two hundred and fifty thousand dollars, which capital stock shall be divided into shares of one hundred dollars each, Provided, That the total amount of debt which said corporation shall at any time owe shall not exceed one half the amount of their capital stock,3 and in case of such excess the directors under whose administration it shall happen shall be holden for the same in their natural and private capacity, but this shall not be construed to exempt the corporate property of the company from being also liable and chargable for such excess.

Sec. 4. Subscription to the capital stock of said company shall be opened under the direction of the directors hereinafter named, and they shall distribute the stock among the several subscribers in such manner as they shall deem most conducive to the interest of said corporation; and it shall be the duty of the directors for the time being, to call for and demand of the stockholders, respectively, all sums of money by them subscribed, at such times and in such proportions as they shall see fit, under the penalty of the forfeiture of their shares and previous payments made thereon to the said corporation, always giving thirty days notice in the nearest newspaper.

Sec. 5. The stock, property, and concerns of said cor-

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poration, shall be managed and conducted by five directors, who shall at the time of their election be holders, respectively, of not less than ten shares of the capital stock of said company. Said directors shall be chosen annually, on the first Monday in June, by the stockholders or their proxies, which shall be by ballot; each share of the capital stock shall be entitled to one vote, and the persons receiving the highest number of votes shall be deemed duly elected, to hold their offices for one year, and until others are elected to fill their places. The directors so chosen, or the major part of them, shall constitute a board and be competent to the transaction of business, and may from time to time make and prescribe such by-laws, rules and regulations, relative to the concerns of said corporation, the duties of the president and agent (each of whom shall be elected by a majority of the directors so chosen) and shall also regulate the duties of their agents, clerks, and all others by them employed; and the said directors shall have power to appoint such other officers, agents and clerks, as may be necessary for carrying on the business of said corporation.

Sec. 6. Edward Kilbourn, William Coleman jr., Alfred Buell, David W. Kilbourn and Enos H. Buell, shall be directors from the time this act takes effect, and until others are elected. Four weeks previous notice of an election, after the first, shall be given, of the time and place of holding said election by publishing such notice once in each week for four weeks immediately preceding such election, in the nearest newspaper; and such election shall be holden under the inspection of the directors.

Sec. 7. The company shall at all times keep proper books of account, in which shall be registered all the transactions of the corporation, and it shall be the duty of the directors to make annual dividends, or at such other times as a majority of the directors shall direct, of so much of the profits of said company as to them, or a majority of them, shall appear advisable; and the said directors, whenever required by a majority of the stockholders, shall exhibit at a general meeting a full and perfect statement of debts and credits, and all other such matters as may be deemed essential, relating to the affairs of the company.

Sec. 8. Any three of the stockholders, whenever they deem it necessary, may call a special meeting of the company.4 If it should at any time happen that an election of directors should not be made on the day when it ought to have been made, the corporation, for that cause, shall not be deemed dissolved, but it shall be lawful on any other day to meet and hold an election of directors in such

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manner as shall have been prescribed by the by-laws of said corporation.

Sec. 9. The stock not disposed of by the directors in the manner herein before named, shall and may be issued by the directors, for the time being, according to the by-laws and regulations that may be adopted by the said company.

Sec. 10. The corporation created by this act shall be capable and are authorized to purchase, hold and convey, any estate, real or personal, that may be necessary to enable the same to carry on efficiently its business, Provided, That said company shall not hold at any one time more than one thousand acres of land, as defined in this act,5 and for no other purposes whatever.

Sec. 11. The stock of said corporation shall be deemed personal property and assignable and transferrable on the books of the corporation; but no stockholder indebted to the corporation shall be permitted to make a transfer until such debt be paid, or secured to be paid, to the satisfaction of the directors.

Sec. 12. That nothing in this act shall be so construed as to invest said company with any banking powers. The Legislature hereby reserves the right to alter amend or repeal this act whenever the public good requires the same.6

Approved 18th February, 1837.