Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Caleb Bartlett, Joshua Tolford, Isaac J. Bicknell, John Higham, William Manning and Robert Smith, and their associates, successors and assigns, are hereby created a body politic and corporate, by the name and style of the “Madison Mining, Manufacturing and Exporting Company,” to be located in the county of Madison.

Sec. 2. Said company shall be competent to contract and be contracted with, and be capable in law and equity, to sue and be sued, to plead and be impleaded, to answer and be answered unto, to defend and be defended, in all courts and places, and in all matters whatsoever. Said company may have and use a common seal, which they may alter or change at pleasure; and may also make and establish, and put in execution, such by-laws, ordinances and regulations as may be necessary for the good government of said corporation, and the prudent and efficient management of its affairs.

Sec. 3. The capital stock of said company shall be five hundred thousand dollars, divided into shares of one hun-

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dred dollars each, as the directors may see proper; and the capital stock may hereafter be increased to one million, to be expended in the erection of mills, machinery, iron foundries, boats, and such buildings and improvements as may be necessary to carry on their business; also, to be expended in mining for coal and other materials.

Sec. 4. In order to facilitate the business operations of said grant, corporation or company, they shall be authorized to negotiate a loan or loans of money, to the amount of its capital stock, and to pledge all its property, real and personal, and all its rights, credits and franchises, for the payment thereof.

Sec. 5. The said corporation shall pay into the county treasury of Madison county, on the first Monday in January annually, one-half per cent. (after the election of directors) upon the amount of stock actually employed by said company, as a tax, which shall be in lieu of all other taxes or assessments upon the stock of said company, for county purposes. The stock employed by said company shall be considered the amount of money expended by said company, for the uses and purposes herein authorized.

Sec. 6. The president or treasurer of the company shall, on the first Monday in January annually, make an affidavit before the county commissioners’ court, or some justice of the peace of said county, to the amount of capital employed by the company at the time of making such affidavit; and the tax herein authorized shall be assessed upon the amount stated in the affidavit.

Sec. 7. That said corporation may purchase and hold such real estate, as may be deemed necessary for the transaction of its business, to an amount not exceeding two sections of land, and to take and hold any real estate as securities mortgaged to said corporation, to secure the payment of any debts due, or that may become due to it; and also, to purchase on sales made by virtue of any judgment at law, or any decree of a court of equity in favor of said corporation; to take and receive any real estate in payment, or towards satisfaction of any debt previously contracted, or due said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money, or other personal property; and to sell and convey said real estate, or any part thereof; Provided, All real estate purchased under judgments or decrees, or taken in payment of debts as aforesaid, shall be sold within three years from the date of purchase, otherwise the same shall be forfeited to the State of Illinois.

Sec. 8. This act is hereby declared a public act, and shall take effect from its passage, and remain in force for the period of twenty years.

Approved 1st March, 1837.