Sec[Section] 1. Be it enacted by the People of the State of Illinois represented in the General Assembly; That William Craig, John B Hundley, Benjamin F Edwards, John B Campden, & Joseph R Green, their associates and successors, be and they are hereby constituted a body politic and corporate by the name of “The Illinois Beet Sugar, Silk and vegetable oil 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, defend and be defended in all courts of law and equity in this state; and to make, have[,] and use a common seal, and the same to alter and renew at pleasure, and shall continue and exist as such from and after the passage of this act, for the term of twenty years.

Sec 2. The said company are hereby authorized to enter into, and carry on the cultivation of the Beet and other saccharine vegetables, and manufacturing Sugar therefrom; Also the cultivation of the different varieties of Mulberry, and the growing of silk, and manufacturing the same into the various articles of commerce; also oil from the Poppy, Sun-fower seed, and other vegetables: To export their products and manufares; to erect mills, works, machinery, and such other buildings as may be necessary to carry on efficiently 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

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fifty thousand dollars, with power to increase the same, at the pleasure of said company, to any amount not exceeding one hundred and fifty thousand dollars.

Sec 4. The stock, property, and concerns of said corporation shall be managed and conducted by five directors, who shall or a majority of them, constitute a Board, and be competent to the transaction of all business; and may from time to time make and prescribe such by laws, rules[,] and regulations relative to the concerns of said corporation, as may be deemed by them necessary and shall also regulate the duties of their agents and clerks and all others by them employed.

Sec 51 William Craig, John B Hundley, Benjamin F Edwards, John B Campden[,] and Joseph Green shall be directors from the time this act takes effect, and until succeeded by others, who shall be elected by the stockholders or their proxies on the second Monday in May next and annually thereafter, but in case said elections should not be so held, the charter shall not be forfeited, but an election many be held at any time within three monthes thereafter, on the call of any two stockholders, given in a newspaper printed in Alton.

Sec 6. Immediately after the directors are chosen as above, they shall hold a meeting at which and at all subsequent meetings a majority shall constitute a quorum; they shall proceed to the election of a President from their number, a secretary, who shall be sworn

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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 appoint such other officers and agents as to them may seem proper.

Sec 7. The capital stock of said company shall be divided into shares of one hundred dollars each, and each share shall be entitled to one vote.

Sec 8. The establishment of said corporation for the cultivation and manufacture of the articles aforesaid shall be located in Madison or Macoupin county, as the directors, or a majority of them may deem most advantageous.

Sec 9. That the general place of meeting for said company, shall be at Alton in this State, but the President and directors of said company, may select such other places of business as to them may seem fit for the general purposes of said company.

Sec 10. The corporation shall at all times keep proper books of account, in which shall be registered all the transactions of said corporation; and it shall be the duty of said directors to make annual dividends, or at such other times as a majority of them may direct, of the profits of said company. and the said directors shall at least every six months exhibit a full and complete statement of debts and credits, and such other

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matters as may be deemed essential, relating to the affairs of the company.

Sec 11. The corporation hereby created by this act shall be capable, and are hereby authorized to purchase, hold[,] and convey any estate real, personal[,] or mixed that may be necessary to enable the same to carry on efficiently its business as defined in this act and for no other purposes whatever.

Sec 12. The stock of said company shall be deemed personal property, and assignable and transferable 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 to the satisfaction of said directors.