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An act to incorporate the “Pike Manufacturing Company.”
Sec[Section] 1. Be it Enacted by the People of the State of Illinois represented in General Assembly, That all Such persons as shall become Subscribers to the Stock hereinafter described
shall be and they are hereby constituted and declared a body politic and corporate
by the name and Style of the “Pike ^County^ Manufacturing Company.” from and after the passage of this act. And by that name they and their Successors Shall have perpetual Succession,
and shall in law be capable of Suing and being Sued, plead and be impleaded, answer
and be answered unto in all Courts and places whatsoever. They may have a common
Seal and alter and change the same at pleasure, and they may be capable, in law of
purchasing, holding[,] and conveying Such real and personal property as Shall or may be necessary for the
purposes and objects of this act, as herein after limited & set forth, Provided That
the real Estate owned by the
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Company, at any one time, over and above the lots of land on which their buildings may be
erected shall not exceed One thousand acres Except Such as may be held by them as
collatteral Security for Debts. bonafida, owed to the Said Company or may become the property thereof by virtue of Such indebtedness Shall remain the property of the Said Company for a longer And further no real Estate acquired by virtue of Such indebtedness, Shall remain
the property of the Said Company for a longer period than five years, under the penalty of a forfeiture thereof to
the people of this State.
Sec 2d The President and directors of Said Company herein after provided for shall have power to enter into and carry on all kinds of
Mechanical and manufacturing business, to purchase or, erect Mills, furnaces, and
Machine Shops for the manufacture of Flour, lumber, Woollen, and cotton goods Boats,
castings, machinery, and farming utensils. and may make all contracts which may be
necessary and proper to carry into effect the objects of this incorporation.
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Sec 3d. The Capital Stock of said company Shall consist of Fifty Thousand Dollars divided into one Thousand Shares of Fifty
Dollars each with power to encrease the same, at the discretion of the Company to any Sum not exceeding One Hundred ^& fifty^ Thousand Dollars to be divided into Shares of Fifty Dollars, as af0resaid, and all
Such Shares to be owned & held as personal property ^Subject to the [...?] Bye Laws of said Corporation^
Sec 4 That for the purposes of carrying into effect the objects of this Incorporation Jonathan Piper[,] Robert W. Taylor[,] Daniel B. Bush, Wm R Peters, Robert Davis, Jamesell Seeley, Judson Clement, Henry Caswell, William Watson & A H Argyle are hereby appointed Commissioners to obtain Subscriptions to the Capital Stock of
said Company, and said Commissioners or any two of them after giveing general notice thereof in some paper printed in this state may open Books for the subscription of said Stock, at such time and places as they
may direct, and keep the same open until at least Two Hundred and fifty Shares of
Said Capital Stock is subscribed. If the requisite number of Shares shall not be
subscribed within sixty days after the Books are opened, said Commissioners or a majority
of them shall take such measures for Compleating such subscription as they may deem expedient and proper. Every subscriber
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shall at the time of subscribing pay to said Commissioners the sum of one Dollar for
each and every share so Subscribed, and when such subscription is completed, or within
Sixty days thereafter”, Said Commissioners, or a majority of them shall call a meeting
of the Stockholders at Pittsfield in Pike County, by a printed notice in Some Newspaper of general circulation nearest to said place.
Sec 5. That at said meeting the Stockholders of said Company Shall immediately proceed to Elect Five Directors, who shall manage direct & govern
the affairs of said Company one year from the period of said Election and until their Successors who shall be
vested with the same authority are Elected.
Sec 6. At said Election each Stockholder Shall be entitled to one vote for each Share
of Stock he may hold and a majority of all the votes given Shall be required to make
an Election.
Sec 7. The period of Election shall be the annually on the first Monday in the month in which the first Election was held.
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sec 8 That immediately after the Directors are chosen as aforesaid, 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 one of their number, a secretary
shall be elected who shall be duly sworn to a faithful discharge of his duties, and
who shall record all votes of the corporation, in a book to be by him kept for that purpose, They shall also elect a Treasurer
who shall give Bond in such amount, and in such manner as the said President and Directors
may direct, and such other officers and agents as may by them seem necessary for the
management of said corporation, The said Secretary, Treasurer, and other agents to hold their offices during the
pleasure of said President and Directors
Sec 9 The said President and Directors shall have power from time to time, to make all
such bye laws, and rules, not inconsistent with the constitution and Laws of this State, which may be necessary for the payment, or collection of subscriptions to its Stock,
and the transfer of the same, the conveyance of property, or that in any other way,
may concern the managment and direction of the
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affairs of said Company in carrying into effect the provisions of this act.
Sec 10 In S 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
the its Capital Stock, and pledge all its property real and personal and all its rights[,] credits[,]and franchises for the payment thereof
Sec 11 This act is declared a public act to be and remain in force from and after its
passage, Provided however, That if said Company shall not be organized and business commenced within Two years from the month of
July next then this act shall be void and of no effect
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11
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No 387
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Senate
A Bill Entitled An act to incorporate the “Pike County Manufacturing Company.”
A Bill Entitled An act to incorporate the “Pike County Manufacturing Company.”
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[02]/[13]/[1837]
[02]/[13]/[1837]
2
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[02]/[14]/[1837]
[02]/[14]/[1837]
Engd
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[03]/[03]/[1837]
[03]/[03]/[1837]
Refuse to read 3rd time
1George W. P. Maxwell introduced SB 187 in the Senate on February 13, 1837, and the Senate referred the bill to a select committee. The
select committee reported back the bill with an amendment on February 14. The Senate
approved the amendment and on February 15, they passed the bill as amended. On March
3, the House of Representatives declined to read the bill a third time.
Illinois House Journal. 1836. 10th G. A., 1st sess., 602, 722-23, 823; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 402, 412, 431-32, 623.
Handwritten Document, 8 page(s), Folder 440, SB 187, GA Session 10-1, Illinois State Archives (Springfield, IL)