Papers Of Abraham Lincoln

In force 21st July, 1837.

AN ACT to incorporate the Centreville Steam Mill Company.
1

Body corporate and politic.

Powers.

May hold and sell estate.

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 hereafter become subscribers to the stock hereinafter described, shall be, and they are hereby constituted and declared a body corporate and politic, by the name and style of the Centreville Steam Mill 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 sueing and being sued, plead and being impleaded in all courts and places whatsoever, may have a common seal, and alter the same at pleasure; and they and their successors may also by that name and style be capable in law of purchasing, holding and conveying away real and personal estate for the uses and purposes of said incorporation; which real estate shall not exceed one hundred and sixty

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acres of land, whereon to erect the necessary enclosures for carrying on the business of the company.

Further powers

Sec. 2. The said company hereby incorporated shall have power to erect a steam mill in the county of Fulton, and are hereby authorized to carry on the manufacturing of the various kinds of grain, wool, hemp, and other manufactures; to export the same and other products of the country, and to use all such powers and privileges as may be necessary to carry on the said manufactory according to the objects of this act as herein expressed.

Capital stock may be increased.

Sec. 3. The capital stock of said company shall consist of five thousand dollars, with the privilege of increasing the same to twenty thousand dollars, to be divided into shares of fifty dollars each.

Corporation to obtain subscriptions to stock.

To open books.

Amount to be paid on subscribing.

Notice to be given of meeting.

Sec. 4. For the purposes of carrying into effect the object of this corporation, N. C. Thompson, Joel Solomon, D. W. Vittum, Harvey Crosthwait, and David Markley, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company; and said commissioners or a majority of them after giving general notice thereof in some newspaper printed in this state, may open books for the subscription of said stock, at such times and places as they may direct, and keep the same open till at least one hundred shares have been subscribed. Every subscriber, at the time of subscribing, shall pay to said commissioners one dollar for each share subscribed; and when such subscription is complete, as aforesaid, or within sixty days thereafter, said commissioners, or a majority of them, shall call a meeting of the stock holders at Centreville, by a printed notice in some newspaper of general circulation in this state.

Election of directors.

Who may vote.

Sec. 5. 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 are elected and qualified; and that at said election, each stockholder shall be entitled to one vote for each share he may hold; and a majority of all the votes given shall be required to make an election.

Annual election.

The period of election of directors as aforesaid, shall be annually on the first Monday of the month in which the first election shall be held.

Meeting of directors.

President how made.

Treasurer to give bond.

Sec. 6. Immediately after the directors are chosen as aforesaid, they shall hold a meeting, at which and at all subsequent meetings of said board, a majority of the directors shall constitute a quorum. That they shall proceed to the election of a president from their own body, a secretary who shall be sworn by a justice of the peace to the faithful discharge of his duty, and who shall record all votes of

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the corporation in a book by him kept 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 the board shall appoint all other officers and agents as to them shall seem necessary.

Power to rule by-laws and regulations.

Sec. 7. Said president and directors shall have power to make and establish all such by-laws, rules, and regulations as shall be necessary, and not inconsistent with the laws of this state and the provisions of this act, which may be necessary for the payment or collection of the subscriptions to its stock, and the transfer of the same, and of property, or that in any other way may concern the management and direction of the affairs of said company.

Election, if not held when it should be.

Sec. 8. If it should happen that any election should not be made the day when by the provisions of this act it should be made, the corporation shall not for that reason be dissolved, but such election may be held on any other day within thirty days thereafter, public notice being given by the directors thereof.

Public act.

Sec. 9. This act shall be deemed a public act and shall be construed favorably for the purposes therein expressed, and declared in all courts and places whatever.

Approved, 21st July, 1837.

1Jonas Rawalt introduced HB 27 in the House of Representatives on July 14, 1837. The House passed the bill on July 20. The Senate concurred on July 21. On July 21, the Council of Revision approved the bill and the act became law.
Journal of the House of Representatives of the Tenth General Assembly of the State of Illinois, at a Special Session of the General Assembly, Begun and Held in the Town of Vandalia, July 10, 1837 (Vandalia, IL: William Walters, 1837), 21, 56, 109, 138-39, 153, 156, 181;Journal of the Senate of the Tenth General Assembly of the State of Illinois, at a Special Session, Begun and Held in Vandalia, July 10, 1837 (Vandalia, IL: William Walters, 1837), 118, 122-23, 136.