A Bill to incorporate the Kankakee Manufacturing Co.

Sec. [Section]1. Be it enacted by the People of the state of Illinois represented in the ^General Assembly^ That Jacob B. Merrick[,] Richard J. Wells[,] Jeremiah Price John C. Morrison, Henry Green, Allen H. Howland[,] Artemas Doane[,] John G. Castu & Butterfield, their associates & successors, be, & they hereby are constituted a body corporate & politic by the name and title of the “Kankakee Manufacturing company” to be located in the town of Kankakee, Lasalle county, & by that name & title shall have power to sue & be sued, contract & be contracted with, plead & be impleaded, defend & be defended, answer & be answered unto in all courts of Law & equity having competent jurisdiction.

Sec. 2 The said company shall be vested with full power to erect a dam across the Kankakee River in said town of Kankakee of such height and on such a plan as shall not obstruct the ordinary navigation of said stream, or interfere either with private or public rights; to erect mills, Furnaces, machine shops & all other machinery for the purpose of transacting all kinds of manufacturing business which they shall deem proper; to give & receive promisory notes; to purchase, take & hold such property, either real[,] personal or mixed as may be necessary to carry into effect the object of said company, & the same to sell, exchange or otherwise dispose of; to ordain, establish & put in execution such bye-laws ordinances and regulations, as may be necessary for the ^good^ government of said incorporation; to have a common seal, make, alter, break or renew the same at pleasure, & to do all other acts & things which they may deem best for the interests of the company not contrary to law or the constitution.

Sec. 3. The capital Stock of said company shall be

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one hundred thousand dollars, with power to increase the same to three hundred five hundred thousand ^dollars,^ at the pleasure of the company; which capital stock shall be divided into shares of one hundred dollars each. The total amount of debt which the company shall at any time owe, shall not exceed the amount of their capital stock; But in case an excess of debt shall be created or permitted, the private property of the board of Directors, under whose administration it shall happen shall be holden for the same; but this shall not exempt the corporate property of the company from being also liable for such excess.

Sec. 4 The Charter of incorporation hereby granted shall continue in force twenty five years from & after the passage of this act.

Sec. 5 Subscriptions to the capital stock of said company shall be opened under the direction of Jeremiah Price [...?] ButterfieldRichard J Wells ^Wells^ [...?], Henry Green, A. H. Howland & J. B. Merrick, who shall be directors from the time this act takes effect & untill others are elected; and it shall be the duty of the stockho directors, for the time being, to call for & to demand of the stockholders, respectively, all sums of money by them subscribed at such times & in such proportions as they shall see fit, under giving always sixty days notice in a paper public journal printed in or nearest to said Town; and in case of failure on the part of any of the Stockholders or their legal representatives to pay in said stock as required, or within thirty days thereafter, all the interest they may have in said company shall be forfeited to the members thereof. So soon as the capital stock shall have been subscribed, it shall be the further duty of the directors above named to proceed to distribute the stock among the subscribers in such manner as they shall deem best for the interests & future prosperity of the company.

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Sec. 6 The officers of said company shall consist of a board of five directors, one of whom shall be elected president of the board; They shall be chosen annually from among the stockholders, at the time such elections may be held, and in such manner as a majority of the stockholders shall ordain & determine; each share of the stock shall be entitled to one vote, & the members may vote either in person or by proxy. ^A majority of the Directors shall constitute a quorum to do business^

Sec. 7 The board of Directors, or a majority of them, shall have power, to call special meetings of the company, & to fix the time of holding the annual annual meetings, for the election of officers, by giving sixty days previous notice in the nearest public journal; to fill vacancies that may occur in their own body either by death or resignation; to hold their offices untill their successors are elected; to appoint, employ, & dismiss, at their pleasure a Treasurer, secretary, & all other officers, agents, clerks, mechanics, Laborers & servants, and to fix their compensation, in order to execute & transact all the necessary & proper business of the company; and to make & prescribe such rules, regulations and bye Laws, relative to the concerns of said incorporation as the interests of thecompany may require.

Sec. 8 It shall be the duty of said board of directors at all times to keep proper books of accounts, in which they shall register all the transactions of the company; which books shall at all times be subject to the inspection & examination of the stock holders; to make annual or semi annual dividends, of so much of the proffits of said company as they shall deem advisable for the interests of the company; and, whenever required by a majority of the stockholders, to exhibit, at a general meeting, as complete & perfect a statement of all the debts, credits & of all other matters in relation to the affairs of the company as may be deemed essential

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Sec. 9 The stock of said corporation shall be deemed personal property, and assignable & transferable on the books of thecompany . But no stock holder, indebted to the company shall be permitted to make a transfer or ^an^ assignment, untill such debt be paid or seemed to be paid to the satisfaction of the Directors.

Sec. 10 A majority of the stockholders may call a special meeting of the company whenever they deem it necessary.

Sec. 11 This act is hereby declared a public act & shall take effect from & after its passage.