Sec:[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly; That an Insurance Company to be called the “Insurance and Trust Company, of Illinois” is hereby created with a capital stock of One hundred Thousand dollars, which may be increased at the will of the Stockholders to any amount, not exceeding Five hundred thousand dollars divided into shares of one hundred Dollars each, to be subscribed and paid for by individuals, companies, or Corporations in the manner herein after specified.

Sec. 2. Pierre Menard, Nathaniel Pope, David J Baker, R. B. Servants, Seth Allen,Ferdinand Maxwell, Gabriel Jones, Joseph B. Holmes, William Brewster, Edmond Menard, Isaac Stone, Miles A Gilbert, Francis Swanwick, James M Wheeler, J. P. M^cGinnis, and David Hailman, or any three of them be and they are hereby authorised to open books of subscription in Kaskaskia for the Capital stock of said Company on the first Monday in May next and keep them open every day, from ten o[']clock A.M. till four o[']clock P.M. for the space of six days when the same shall be closed. If within the said six days five hundred shares shall have been subscribed for, it shall be lawful for the subscribers to meet after ten days['] notice in the public prints, of the time and place of meeting shall have been given, and chose their directors who may at any time after ten days['] public notice given, cause the subscription

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books to be reopened and continue open until the whole amount of said stock shall have been taken.

Sec 3 The subscribers for the stock of the company aforesaid thier associates, successors, and assigns shall be and they are hereby ordained constituted and declared a body corporate and politic by the name and style of the “Insurance and Trust Company of Illinois,” and by that name they and their successors shall have continued succession, and shall be capable in law of contracting and being contracted with, of sueing and being sued[,] of pleading and being impleaded[,] of answering and being answered unto, of defending and being defended against, in all courts and places whatever, in all maner of actions, suits, complaints[,] and causes, and they and their successors may have and use a common seal the same to alter and renew at pleasure.

Sec 4 The payment of the stock subscribed shall be made and completed by the subscribers respectively, at the time and in the manner following. That is to say. at the time of subscribing there shall be paid on each share one dollar after the election of directors, and before the company shall go into operation there shall be paid on each share ten dollars and the ballance due upon each share shall be subject to the call of the directors, and the said company shall not be authorised to make any policy or contract of insurance until the whole amount of shares subscribed shall be actually paid or satisfactorily secured

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to be paid on demand by approved notes, by hypothecated stock, or by mortgage on real estate.

Sec: 5 The corporation hereby created shall have full power and authority to make all kinds of Insurances against losses on goods or merchandise in the course of transportation whether happening on the land or on the water to make all kinds of Insurances upon lives, and to make such other insurances as they may deem expedient, to grant and purchase annuities[,] to receive money in trust, and to accumulate

10	the same at such rate of interest as may be
11	agreed upon, or to allow such interest ^thereon^ as may
12	be agreed on to accept and execute all

such trusts of every description as may be committed to them by any person or persons corporation or corporations whatsoever, or may be transfered to them by any order of Court of record whatever to recive and hold lands under grants, with general or special covenants so far as the same may be necessary for the transaction of thier business to lend money upon respondentia and bottomry and to lend thier surplus or unemployed money or capital to companies, corporations[,] and individuals upon personal or real security, at such rates of Interest as may now be done by the existing laws of this State and generally to do and perform all necessary matters and things relating to or connected with these objects, or with either of them they may also cause themselves to be insured against risks upon their interest

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which they may have in any vessel, goods[,] or merchandise in virtue of any such loans on bottomry or respondentiary

Sec 6 The stock and affairs of the Company aforesaid, or Corporation shall be managed and Conducted by not less than five directors, who shall hold thier offices for one year and until others shall be chosen to supply thier places as directors and the said directors a majority of whom shall form a quorum for the transaction of business, shall elect one of their number to be a president of the board who shall be the President of the company and shall preside until the next annual election and in the case of the death or resignation of the President or any director the vacancy may be filled by the board of directors.

sec 7 The annual meeting of the members of said Company shall be holden in each year at the Court House in Kaskaskia or such other places as the directors for the time being, may appoint at which meeting the directors shall be chosen by ballot, each proprietor being entitled to as many votes as he holds shares, and at least ten days notice shall be given in some newspaper of general circulation published in this State of the time[,] place, and purpose of such meetings.

Sec 8. The directors may appoint from thier own body or elsewhere one or more persons, to act or assist in the performance of the business of the Company and also to appoint a secretary and such other officers and servants as they may deem expedient and they shall also

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have power to declare and make dividends of the profits arising from the business of the Company and make and prescribe all such bye laws, rules, regulations[,] and ordinances as to them shall seem proper, touching the business and management of the affairs of the said Company Provided the same be not repugnant to the Constitution and laws of this State or of the United States.

Sec. 9 It shall be lawful for said Company to purchase and hold such real estate as may be convenient and necessary for the transaction of its business to an amount not exceeding fifteen Thousand dollars and also to take and hold any real estate as a security, or in mortgage or in trust or pledge or to secure the payment of debts due in good faith to said Company and also to purchase real estate at any sales, made in virtue of any judgment at law, or done in equity made in favour of said Company, and to hold all such real estate so long only as may be necessary to enable said company to make sale of the same for money or other personal property

Sec: 10 The stock of said Company shall be concidered personal property and shall be assignable and transferable according to the bye laws of the Company

Sec 11: This act shall be and is hereby declared to be a public act and that the same shall be construed liberally for the benificial purposes herein intended and the Corporation hereby created

Sec 12. Nothing contained in this act shall be construed as to invest said Company with banking powers as to authorise them to make, emit, or alter any bank note or other thing to be used as a circulating medium, as or in lieu of money This act shall continue in force for the term of Twenty years from and after the date of its passage.