Sec[Section] 1 Be it enacted by the people of the State of Illinois represented in the General assembly, That J M Peck[,] Stephen Griggs[,] William Manning, Elias Hibbard, George Haskell, B F Edwards, A Smith, Mark Pierson, John Adams, and such other persons as may be associated with them, are hereby declared and constituted a body corporate, by the name of “the Illinois Book and Publication Company,” and by that name, they and their successors shall have succession, and shall in law and equity, be capable, of suing and being sued, pleading and being impleaded in all courts and places whatsoever and may have a common seal, and alter and change the same at pleasure

Sec 2 The President and Directors of said company hereinafter provided for, shall have power, and hereby are authorized to Publish and vend books, maps, and any other publications pertaining to Literature, science, and the arts, and to manufacture paper, and all other materials used in such branches of business

Sec 3 The Capital Stock of said company shall not exceed fifty thousand dollars and shall be divided into shares of fifty dollars each, and it shall be lawful

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for said corporation to commence business upon such ^an^ amount of the Capital Stock subscribed and paid in as the Directors hereinafter named shall deem expedient, and shall have power to increase their subscriptions of shares from time to time to the number of one thousand shares as the business of the company may require

Sec 4 Subscriptions to the capital stock of said Company, shall be opened under the direction of the Directors hereinafter named, 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 pain of forfeiting their shares, & of all previous payments made thereon to said Company, always giving thirty days previous notice by their clerk, to each stockholder, of such call or demand

Sec 5 The stock[,] property[,] and business of this corporation shall be managed by five directors and the first directors shall be J M Peck, Stephen Griggs, Elias Hibbard A Smith and William Manning, who shall hold their offices for one year thereafter, and until an election of directors shall take place, which election shall be made annually on the first monday in March, in the town of upper Alton,

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and of each election a previous notice shall be given at least four weeks in some newspaper printed in this State, and each election shall be holden under the inspection of the directors for the time being, and shall be by ballot or otherwise, by a majority of votes of the stockholders present, allowing one vote for every share paid in, and the Stockholders not present may vote by proxy

Sec 6 If it shall happen at any time 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 manner as shall have been prescribed by the bye-laws of said corporation

Sec 7 At the first meeting of the directors herein named they shall choose one of their ^own^ body as President, and also choose a president upon every election of a new Board of Directors

Sec 8 The Stock of said company shall be deemed personal property, and shall be assignable and transferable according to such rules as the directors for the time being, shall make and establish; and no Stockholder indebted to said company shall be permitted to make a transfer or receive a dividend until such debts be

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paid to the satisfaction of the Directors

Sec 9 The directors shall at all times keep or cause to be kept proper books of accounts in which shall be regularly entered all the transactions of the company which books shall be subject to the inspection of the Stockholders at all times

Sec 10 The corporation created by this act shall be capable, and authorized to purchase[,] hold[,] and convey any estate real or personal that may be absolutely necessary to enable the same to carry on efficiently its business as defined in this act, and for no other purposes whatsoever

Sec 11 The powers herein granted shall not be exclusive, nor operate to prohibit any other person or persons from doing and performing all that may be done and performed by the Company hereby incorporated, and no person or persons for the cause of exercising similar privileges shall be stopped by injunction.