Whereas Thomas G. Lofton, William Gillham, Moses Seeds, William Snyder, and John Wood, residents of Madison county, in this State, have represented to the General Assembly that they have, in good faith, contracted with Abel Rathburn Corbin, and Elizabeth Corbin, his wife, of the city of St. Louis, in the State of Missouri, for the ferry across the Mississippi river, between North St. Louis and a point in Illinois five rods north of the line between township two and three north, and also for the steam ferry boat Brooklyn, and can have a title therefor; and whereas it has been represented, that although the profits of said ferry have hitherto proved insufficient to induce any individuals to keep the same in operation for any considerable time, yet a company may be formed, under an act of incorporation, who will be able to maintain said ferry in such a manner as greatly to promote the public convenience: Therefore,

Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Thomas G. Lofton, William Gillham, William Snyder, Moses Seeds and John Wood, and such others as may associate themselves with them, their successors and assigns, are hereby constituted a body corporate by the name of the “Madison County Ferry Company,” for the purpose of conveying, in steam or other boats, persons and property from this State, at a point five rods north of the place where the line between townships two and three north strikes the bank of the Mississippi river to the opposite shore, at a place called North St. Louis; said company shall have succession for ten years, may sue and be sued, contract and be contracted with, may have a common seal and change the same at their pleasure during their corporate existence.

Sec. 2. The business of said company shall be under the entire control and management of five directors, to be chosen as hereinafter provided, which directors shall choose one of their number to preside over their deliberations. Said directors shall continue in office one year, and until their successors shall be elected and qualified.

Sec. 3. The capital stock of said company shall be twenty-five thousand dollars, to be divided into shares of one hundred dollars each; fifteen per cent. on each share to be paid at the time of subscribing, and ten per cent. to be paid every four months thereafter, if required by the directors.

Sec. 4. If any stockholder shall refuse or neglect to pay the balance of his stock for ten days after the same shall have become due and after the same shall have been required by the directors, the president and directors may declare his stock forfeited for the benefit of the company.

Sec. 5. It shall be the duty of the president and directors to give notice by setting up at five of the most public places in this State, within six miles of said ferry, written or printed advertisements, at least ten days previous to the time when payments are required to be made; said advertisements to state what per centum on the stock is required to be paid, and the place where and the person to whom the same must be paid.

Sec. 6. Samuel Squire, Moses Seeds, Thomas Gillham, John Ives and Calvin Kinder, are hereby appointed commissioners, whose duty it shall be to open books for the subscription of stock of said company, at such time and place as they may think proper, by setting up written or printed notices in five of the most public places in six mile township, at least ten days previous to the opening of the books for subscription of stock; said books to remain open until all the stock is subscribed, or until otherwise directed by said commissioners.

Sec. 7. As soon as one half of the capital stock of said company shall be subscribed according to the third section of this act, the aforesaid commissioners shall give notice to the stockholders in the manner prescribed in the sixth section of this act, that an election will be held for the purpose of choosing five directors of said company, and such election shall be held at the time and place previously appointed and advertised. Each stockholder present shall be entitled to give one vote for every share of stock owned by him. The commissioners aforesaid, or such of them as may be present, shall be judges of the first election of directors, and shall certify under their hands the names of the persons duly elected to the office of directors; and the commissioners shall deliver to said directors the subscription books together with all monies paid to them on stock.

Sec. 8. Elections of directors, subsequent to the election provided for in the preceding section, shall be held at some place in this State within five miles of said ferry landing, at such place and at such time in the month of January in each year, as the directors may think proper. For this purpose the directors are required to give ten days previous notice in the manner prescribed in the seventh section of this act, and to conduct the election in the same manner as the com-

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missioners are required to conduct the election provided for in the said seventh section. If from any cause an election shall not be made at the time appointed, such omission shall not affect the existence of the company, but the president shall in such case appoint another day, as soon thereafter as may be for the holding of such election.

Sec. 9. The president and directors shall have power to make all by-laws and regulations that may be necessary for the transaction of business and the good government of the company, and to alter or amend the same as often as may be necessary: Provided, That such by-laws and regulations shall not be in contravention of this act, or of the constitution or laws of the United States or of this State.

Sec. 10. The rates of toll and license of said ferry shall be under the control of the county commissioners’ court in the manner now provided, or hereafter to be provided, by the laws of this State regulating ferries.

Sec. 11. No other ferry shall be established within one mile of the ferry authorized by this act, during the existence of the said company: Provided, That the General Assembly may repeal this section whenever, in their opinion, the public interest shall require it.

Sec. 12. The stock of said company shall be transferable only on the books of the company.

Sec. 13. The said company shall have power to hold real estate not exceeding six hundred and forty acres; to build ferry houses, and build or purchase ferry boats of any kind; to improve roads and bridges; to borrow money not exceeding the amount of their capital stock; to employ engineers and ferrymen, and generally to do such other things as shall be necessary to keep said ferry in operation.

Sec. 14. Said company may land its boat, or boats, at ay point within one mile of its established place of landing whenever it may be necessary or convenient to do so, without being required to pay for any additional license, and for that purpose may use any public road or street, without let, hindrance or charges from any persons whomsoever.

Sec. 15. The company hereby incorporated may continue in existence during the term of ten years from the passage of this act.

Approved, February 3, 1840.