Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That John Evans and 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 “Carrollton Steam Mill Manufacturing Company,” from and after the passage of this act, and by that name they and their successors shall have succession, and shall in law be capable of suing and being sued, pleading and being impleaded, in all courts and places whatsoever; may have a common seal, alter and change the same at their pleasure. And they and their successors may also by that name and style be capable in law of contracting and being contracted with, of purchasing, holding, and conveying away real and personal estate for the purpose and use of the said corporation as hereinafter limited.

Sec. 2. The president and directors of said company hereinafter provided for shall have power and are hereby authorised to carry on the manufacture of the agricultural products of the country, and other useful branches of business, to erect mills, machines, works, and such other buildings as may be necessary to carry on their business, and enter into all contracts which may concern the use and management of the property, affairs, and interests of the said company.

Sec. 3. The capital stock of the said company shall consist of one hundred thousand dollars, divided into shares of one hundred dollars each.

Sec. 4. That for the purpose of carrying into effect the objects of this corporation, the person named in the first section of this act is hereby appointed a commissioner to obtain subscriptions to the capital stock of said company, and may open books for said subscription at such times and places as he may deem expedient, and when at least five hundred of said shares shall have been subscribed, and one dollar on each share paid thereon, said commissioner shall, within thirty days thereafter, call a meeting of the stockholders at Carrollton, in Greene county, by a printed notice in some newspaper of general circulation in this state.

Sec. 5. That at said meeting the stockholders of said company shall proceed to elect five directors, who shall manage, direct, and 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. And, that at said elections each stockholder shall be entitled to give one vote for each share of stock he may hold, and a majority of all votes given shall be required to make an election.

Sec. 7. That the period of election shall be annually on the first Monday of the month in which the first election shall be held, and if it shall so happen that any election does not take place upon the day appointed, the same may be held on any day thereafter, the acting president giving the notice thereof, required in the first section.2

Sec. 8. That immediately after the directors are chosen as above, they shall hold a meeting, at which, and all subsequent meetings, a majority shall constitute a quorum; that they shall proceed to the election of a president from one of their number, a secretary, who shall be sworn by a justice of the peace to the faithful discharge of his duty, and who shall record all the proceedings of the said corporation under the direction of the said president and directors, in a book to be kept by him for that purpose; a treasurer, who shall give bond to such amount and in such manner as the said president and directors shall direct, and appoint such other officers and agents as to them may seem necessary.

Sec. 9. That the said president and directors shall have power from time to time to make all such by-laws, rules, and regulations, not inconsistent with the constitution and laws of this state or of the United States, which may be necessary for the payment or collection of subscriptions to its stock and the transfer of the same, the conveyance of property, the pryment of collection of dues to or from said company, or that in any other way concern the interests, management, or direction of the affairs of said company.

Sec. 10. The corporation hereby created shall continue for the term of fifty years.3

Sec. 11. This act to be in (force) from and after its passage, and shall be taken and considered a public act in all courts of record, and also, in all courts of justices of the peace, and shall be beneficially construed.

Sec. 12. The powers, provisions, rights, and immunities hereby granted by this act to the Carrollton steam mill manufacturing company, be and the same are hereby fully to all intents and purposes conferred upon Jesse C. Smith, his associates, successors and assigns, under the style and name of the “Mississippi River Company;” and the said company may erect mills, works, and buildings for manufacturing purposes at or below the town of Grafton, on the Mississippi river, and may export their products and manufactures. And said Smith is hereby appointed com-

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missioner to obtain subscriptions for said stock, in manner provided in the fourth section of this act. And the first meeting of said stockholders shall be held at Grafton aforesaid, in Greene county.4

Approved March 4th, 1837.