Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That David Hailman, Peter Hailman, Lemuel B. Lisenbee and Thomas Howard, and their associates and successors, be, and they are hereby constituted a body politic and corporate, and under the name of the “Unity Manufacturing Company,” to be located at or near the town of Unity, in the county of Alexander, 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 powers and privileges necessary to the objects of their corporation.

Sec. 2. The said company shall have power to give and receive promissory notes; to enter into and carry on all kinds of mechanical and manufacturing business; to erect mills, furnaces and machine shops, for the manufactory of flour, lumber, woolen and cotton goods, castings, machinery and farming utensils.

Sec. 3. The real estate owned by the company, over and above the lots of land on which their buildings are erected, shall not exceed six hundred and forty acres, except such as shall be held as collateral security for debts bona fide owed to the said corporation, or may become the property thereof by virtue of such indebtedness; and further, no real estate acquired by such indebtedness, shall shall remain the property of said corporation for a longer period than five years, under a penalty of a forfeiture to the people of said county.

Sec. 4. 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 sum not exceeding three hundred thousand dollars, which capital stock shall be divided into shares of fifty dollars each; Provided, That the total amount of debt said company shall owe, shall never exceed the amount of their capital stock; and in case of such excess, those 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. 5. Subscriptions to the capital stock of said corporation shall be opened under the direction of the directors hereafter named; and if more than one hundred thousand dollars be subscribed, they shall distribute the stock among the several subscribers, in such manner as they may think will best promote the interest of the company; 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 time, and in such proportions, as they shall see fit, under the penalty of the forfeiture of their shares and previous payment made thereon, to the said corporation, always giving thirty days notice in some newspaper in the State, printed in or nearest said town.

Sec. 6. The stock, property and concerns, of the said corporation, shall be managed and conducted by five directors, who shall, at the time of their election, be holders respectively, of not less than fifreen shares of the capital stocks of said company; said directors shall be chosen annually, on the first Mondays in June, by the stockholders or their proxies, which shall be by ballot; each share of

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the capital stock shall be entitled to one vote, and the five persons receiving the greatest number of votes shall be deemed duly elected, to hold their office one year and until others are elected to fill their places; the directors so chosen, or a majority 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 agents, (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 also shall appoint a treasurer, who shall give bond to the president and directors, in such amount, and in such manner, as the said directors shall prescribe; and the said directors shall have power to appoint such other officers, agents and clerks, as may be necessary to carry on the business of said corporation.

Sec. 7. David Hailman, Peter Hailman, Lemuel B. Lisenbee and Thomas Howard, shall be directors from the time this act takes effect, and until others are elected in their stead. Four weeks previous notice of an election, after the first shall be given, of the time and place of holding such election, by publishing such notice, once in each week, for four weeks immediately preceding such election, in a newspaper printed in or nearest said town, and said election shall be holden under the inspection of said directors.

Sec. 8. The corporation hereby created shall continue twenty years, and no longer.

Sec. 9. The company shall at all times keep proper books of accounts, in which shall be registered all the transactions of the corporation, and the same shall at all times be subject to the inspection of the stockholders; and it shall be the duty of the directors to make annual dividends, or at such other times as a majority of the directors may 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 the debts and credits, and all such other matters as shall be deemed essential, relating to the affairs of the company.

Sec. 10. A majority of the stockholders whenever they deem it necessary, may call a special meeting of the company; and provided the regular elections shall not take place at the time herein provided for, it shall be lawful for any two of the stockholders to call a special election, giving notice of the time and place as herein provided.

Sec. 11. The stock not disposed of by the directors in

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the manner hereinbefore 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. 12. The stock of said company 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. 13. That nothing in this act shall be so construed as to invest said company with any banking privileges, or to authorize them to make, emit, or alter, any bills of credit, bank notes, promissory notes, or other things to be used as a circulating medium, as, and in lieu of money.

Sec. 14. This act is hereby declared to be a public act, and shall be so taken and liberally construed, and shall take effect and be in force from and after its passage.

Approved 2d March, 1837.