Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That all such persons as shall become stockholders to the stock hereinafter created, shall be constituted a body politic and corporate by the name and style of the “Peoria Manufacturing and Exporting Company,” and by that name and style they and their successors shall have power to contract and be contracted with, to sue and be sued, to plead and be impleaded, in all courts and places whatever, and to do all other acts as natural persons, for the term of twenty years from the passage of this act; may purchase, hold and convey any real or personal estate for the use of said company; may have a common seal and alter or change the same at pleasure; provided however, that the real estate owned by said company, at any one time, shall not exceed one quarter section.

Sec. 2. Said company shall have power, and they are hereby authorized, to erect mills and other buildings, to manufacture flour, lumber and machinery; to erect furnaces and machine shops; to manufacture and build steam engines and boats, and use the same in exporting their manufactured articles and products, and to deal in and purchase grain and other articles of produce.

Sec. 3. The capital stock of said company shall be fifty thousand dollars, and be divided into shares of fifty dollars each, and may be increased at any time to an amount not exceeding one hundred and fifty thousand dollars, when a majority of the stockholders shall deem it advisable; which shall be decided by a vote at any general meeting of said stockholders.

Sec. 4. For the purpose of carrying into effect the objects of this incorporation, Jacob D. Shewalter, Francis Voris, Thomas J. Hurd, Aquilla Wrenn, Andrew Gray, and John C. Caldwell, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company. Said commissioners or a majority of them, after having given ten days notice in a newspaper printed in Peoria, shall open books for the subscription of the stock herein created, at some place in the town of Peoria, and keep the same open for ten days, unless the said stock shall have been sooner subscribed for. If the whole of the said capital stock shall not be subscribed for during the ten days, in which the said books are kept open, the said commissioners shall make such other arrangement for the further disposition of said stock, as they shall think advisable for the sale of the same. One dollar on each share of said stock shall be paid at the time of subscrip-

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tion, the residue at such times and in such instalments, as the president and board of directors shall call for the same.

Sec. 5. As soon as one half of the said capital stock shall have been subscribed for, the said commissioners shall give public notice to the stockholders by publication in a newspaper printed in Peoria, that an election will be held at some place in said town of Peoria, for five directors, to be chosen by said stockholders; at which election the said commissioners shall be inspectors. Each share shall be entitled to one vote, which may be given in person or by proxy, and the five persons having the highest number of votes shall be declared duly elected, and shall be directors of said company until others are elected and qualified. They shall choose one of their number as president of the board, and appoint such other officers and agents as may be necessary for the management of their business.

Sec. 6. The said president and directors shall have the management of the concerns of said company; they shall have power to make such by-laws as they shall think necessary for the good government of their concerns; Provided, Such by-laws are not repugnant to the constitution and laws of the state.

Sec. 7. The election of directors shall be annually on the first Monday of the month in which the first set of directors are elected. The stock of said company shall be deemed personal property, and transferrable on the books of said company, but no person indebted to said company shall be permitted to transfer his stock, until such debt be discharged to the satisfaction of the directors of said company.

Approved 2d March, 1837.