Sec.[Section] 1. Be it enacted by the people of the state of Illinois represented in the General Assembly, That A Cowels, J. M. [Kenner?] Robert Dunlop, S. Hulburt[] and George W Long, and such other persons as may be associated with them, are hereby declared and constituted a body corporate by the name of the Alton Founday Steam Engine and Machine Manufacturing company, for the purpose of manufacturing steam engines and all other machines and implements of husbandry composed of Iron or other metals in the city of Alton and County of Madison.

Sec 2. The capital stock of said company shall be fifty thousand dollars with the privilege of increasing the same to two hundred thousand dollars at any regular meeting of the stockholders, provided that notice of their wish to increase the same at such regular meeting shall be given to all the Stockholders and provided also that a majority of all the legal voters of the stockholders shall consent to such increase, and shall be divided into shares of one hundred dollars each, and so soon as the capital stock of said Company shall have been subscribed for and ten per centum thereon paid in then it shall be lawful for said company to commence the said business until they shall find it expedient to call

---

in the remainder of their capital stock which shall not exceed ten per cent for every six months thereafter.

Sec 3 Subscription to the capital stock of said company shall be opened under the direction of the directors hereafter mentioned, and it shall be the duty of the directors for the time being to call for, and demand of the stockholders respectively, all sums of money by them subscribed at such times and in such portions as they shall see fit agreeably to the foregoing section provided and upon a failure to pay the same when legaly required so to do, he or they shall forfeit to said company all stock and payments previously made Provided sixty days notice in writing is given to each stockholder of such call or demand.

Sec 4. The capital stock property and concerns of said corporation shall be managed by five directors, and the first directors shall be Alfred Cowles, John M [Kenner?], Rob^t Dunlap, S Hulburt[,] and George. W. Long who shall hold their offices for one year or until an election of directors shall take place which election shall be made annually on the first Monday of May in the City of Alton an

---

Alton and which election shall be advertised at least three weeks in a public print in Alton and such persons of the company receiving the greatest number of votes of the stockholders, each share giving one vote if2 represented, shall be the directors for the ensuing years thereafter, and should no election take place agreeably to the provision of this act, then it shall be competant for any three Stockholders to call a meeting of the Stockholders, by giving three weeks notice as aforesaid to proceed to an election of directors to serve as such till the next special election, and until such an election, the directors of the previous year shall continue in office and the Stockholders not present may vote by proxy

Sec 5 The Stock of said company shall be transferable in such manner as the directors may appoint, no stockholder being permitted to transfer his stock or receive dividends on same which he or she may be in debt to said Company, and the books of said company shall be open to the inspection of the Stockholders at all times.

Sec 6 The corporation created by this act may sue and be sued and use a common seal and may hold and convey real or personal estate the fou[?]

---

but for the purpose and use of the Company for which this act is provided

Sec 7 The corporation created by this act shall continue and exist only for the space of forty years from the passage of this act except for the sole purpose of collecting and pa[ying] its debts.