Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Joshua Atwater, Isaac Prickett, Samuel H. Thompson, Edward M. West, Owen Meeker, A. R. Skidmore, John T. Lusk, John Adams, A. J. Lusk, Joseph Gillespie, J. L. Barnsback, and Cassius Haskett, and all such other persons as shall hereafter become subscribers to the stock hereinafter described, shall be, and they are hereby, constituted and declared a body corporate, by name and style of “The Edwardsville 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 suing and being sued, pleading and being impleaded, in all courts and places whatsoever; and may have a common seal, and may alter the same at pleasure; and they, and their successors also may, 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 corporation, which real estate shall not exceed one hundred and sixty acres of land, whereon to erect the necessary enclosures for carrying on the business of said company, or for the use and purposes of said corporation.

Sec. 2. Said company hereby incorporated shall have power to erect a steam-mill in Madison county, Illinois, and hereby are authorized to carry on the manufactory of flour, corn-meal, and lumber; 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 said manufactory according to the object of this act as herein expressed.

Sec. 3. The capital stock of said company shall consist of fifteen thousand dollars, or any sum under that amount, to be divided into shares of one hundred dollars each; which shares shall be payable in money, personal or real estate, or in labor, to be performed on said mill, or for the purpose of said corporation: Provided, That the trustees of said corporation shall be willing and agree to take the personal or real estate, the labor performed on said mill, or for the purposes of said corporation, at the time of paying or performing the same, at the prices required for such property or labor.

Sec. 4. For the purposes of carrying into effect the objects of this corporation, Isaac Prickett, Samuel H. Thompson, Joshua Atwater, Joseph Gillespie, E. M. West, and A. J. Lusk, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company; and said commissioners, or a majority of them, after giving twenty days’ notice thereof, either in a newspaper or by putting up written advertisements in three public places in the county, shall open books for the subscription of said stock, at such time and place as they may direct, and keep the same open till at least fifty shares are subscribed. If the requisite number of

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shares are not taken within twenty days, the commissioners, or a majority of them, shall take such measures as they may see proper for the completion of such subscriptions; and when such subscription is completed as aforesaid, or within thirty days thereafter, said commissioners, or a majority of them, shall call a meeting of the stockholders at Edwardsville, giving twenty days’ notice thereof, either in a newspaper, or by putting up written advertisements in three public places in the county.

Sec. 5. At said meeting the stockholders of said company shall proceed to elect five trustees, or directors, who shall manage, direct, and govern the affairs of said company one year from the period of election, and until their successors shall have been elected and qualified; and that no one shall be eligible to the office of director or trustee unless he or she shall own at least three shares. At said election, each stockholder shall have one vote for every share he or she shall own, and a majority of the votes given shall be required to make an election. The period of the subsequent election of directors shall be annually on the first Monday of the month in which the first election shall be held.

Sec. 6. Immediately after the trustees or directors are chosen, they shall hold a meeting; at which, and at all subsequent meetings, of said board, a majority of the directors shall constitute a quorum. 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 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 president and directors or trustees shall direct; and the said board shall appoint all other officers and agents as to them shall seem proper and necessary.

Sec. 7. Said president and trustees or directors shall have the 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 provisions of this act, which may be necessary to the payment or collection of the subscription to its stock, and the transfer of the same, and of property, or that in any way concerns the management and direction of the affairs of said company.

Sec. 8. If it should happen that any election should not be made on 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 twenty days thereafter, public notice being given by the directors thereof.

Sec. 9. The stock of said company shall be deemed personal property, and assignable and transferable; but no stockholder, indebted to the corporation, shall be permitted to make

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a transfer until such debt be paid to the satisfaction of said directors.

Sec. 10. The corporation shall continue for the space of twenty-five years from and after the passage of this act.

Approved, February 12, 1839.