Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That George W. Allen, R. M. Brooker, William H. Holladay, Doctor Cooper, Edwin Henderson, and James B. Carrington, and their associates and successors, be, and they are hereby, constituted a body corporate and politic, under the name of “The New Greenfield Hotel Company,” to be located in New Greenfield, Greene county, and, by that name, shall have power to contract and be contracted with; may have and use a common seal, alter or revoke the same at pleasure; and may sue and be sued, plead and be impleaded, answer and be answered unto, in all courts having competent jurisdiction; and shall be vested with all the powers and privileges necessary to the

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object, of their corporation, as are hereinafter defined and limited.

Sec. 2. The saidcompany shall have power and be capable of holding, purchasing, improving, selling, and conveying any estate, real or personal, for the use of said corporation; second, to improve or erect buildings on the same; third, to rent, lease or occupy any or all such lands belonging to said cumpany for a term not exceeding the limits of this charter: Provided, That the real estate owned by saidcompany shall not exceed one quarter section of land except such as may be held as collateral security for debts due said company, or may become the property thereof by virtue of such indebtedness.

Sec. 3. The capital stock of said company shall be ten thousand dollars, with power to increase the same, at the pleasure of said company, to any sum not exceeding twenty-five thousand dollars; which capital stock shall be divided into shares of one hundred dollars each, and subscribed for and held in manner hereinafter provided.

Sec. 4. All contracts or other evidences of indebtedness which may be made or entered into by the said corporation shall be subscribed by the president and secretary, and, being so signed, shall be binding on said corporation; and conveyances, entered intered into by said corporation, conveying real estate belonging to said company, when signed as aforesaid, shall in like manner be binding on said corporation, according to the tenor, effect, and true intent and meaning of the same.

Sec. 5. The concerns of said corporation shall be managed and conducted by directors, consisting of not more than five, who shall be chosen annually by the stockholders or their proxies, which shall be by ballot; and the directors receiving the greatest number of votes shall receive the certificates of the inspectors declaring them duly elected. The directors so chosen, or the major part of them, shall constitute a board, and be competent to the transaction of all business; and shall and may from time to time make and prescribe such by-laws, rules, and regulations, relative to the concerns of said corporation, the duties of the president and secretary, each of whom shall be elected by a majority of the directors so chosen; and shall also regulate the duties of their agents, clerks, and all others by them employed; and the said directors shall have power to appoint such other officers, agents, and clerks as may be necessary to carry on the business of said corporation, with such salaries and allowances as to the said directors may seem proper: Provided, That such by-laws and regulations shall not be repugnant to the constitution and laws of the United States or of this State.

Sec. 6. George W. Allen, R. M. Brooker, and Doctor Cooper, shall be commissioners, the duties of whom, or a majority of them, shall be to open books of subscription to the capital stock of said corporation, within twelve months from the passage of this act, in such place or places and at such

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times as in their opinion would best promote the interest of said company. Twenty days’ notice shall be given by the commissioners of the time and place, and the number of days the subscription books will remain open, in a public newspaper published nearest the place where the books will be opened. The commissioners shall require every subscriber to pay, at the time of subscribing, one dollar on every share subscribed by him; and if one-half of the capital stock shall be subscribed, it shall be the duty of said commissioners to give at least twenty days’ notice for the meeting of the stockholders, for the purpose of choosing the directors of said corporation, designating the time and place of election; at which election, persons holding stock in said company shall be permitted to vote, either in person or by proxy. The said commissioners shall be inspectors of the first election of directors, and shall certify under their hands the names of those persons duly elected, and deliver to them the subscription books and the amount of money received on subscriptions.

Sec. 7. The stock of said corporation shall be deemed personal property, and assignable and transferable on the books of the corporation; but no stockholder indebted to the corporation shall be permitted to make a transfer until such debt be paid, or secured to be paid, to the satisfaction of the directors.

Sec. 8. The company shall at all times keep proper books of accounts, in which shall be registered all the transactions of thecorporation , and the same shall at all times be subject to the investigation of the stockholders; and it shall be the duty of the directors of make annual dividends, or at such other times as a majority of the directors may direct, of so much of the profits of said company as to them may seem proper.

Sec. 9. The stock, not disposed of by the commissioners in the manner heretofore named, shall and may be issued, by the directors for the time being, according to the by-laws and regulations that may be adopted by the said company.

Sec. 10. As soon as twenty per cent. of the capital stock of said company shall be subscribed, and ten per cent. of the same paid in, the said corporation shall be authorized to proceed to business, and not before.

Sec. 11. In all elections for directors, each share of the capital stock shall entitle the holder to one vote.

Sec. 12. The directors shall have power to require the stockholders, respectively, to make payment of all sums of money by them subscribed, and remaining unpaid, at such time and in such proportion as such directors shall see fit, under the pain of forfeiture of the share or shares upon which payments are required, and all previous payments thereon, to the saidcorporation.

Sec. 13. The directors shall give at least twenty days’ personal notice, in the manner that the by-laws of said corporation may direct, or thirty days public notice published in the nearest newspaper, one in such week, of such call; which notice shall be sufficient call on such stockholders to authorize, in case of default to comply therewith, the forfeiture above provided.

Sec. 14. This act is hereby declared a public act, and shall be favorably construed in all courts of justice, and shall take effect from and after its passage, and be and remain in force for the term of twenty-five years.

Approved, March 1, 1839.