Papers Of Abraham Lincoln

1
Sec.[Section] 1. Be it enacted by the People of the State of Illinois represented in the General Assembly, That Benjamin V. Teel and Utten Smith of Schuyler County their associates and successors in office be and they are hereby constituted a body politic and corporate by the name of “the North western Manufacturing Company,” and by that name they and their successors, shall be capable in law and equity of contracting, and ^being^ contracting with, sueing and being sued, pleading and being impleaded, answering and being answered, and of defending and ^being^ defended in all accounts whatsoever, and may have a common seal which they may alter or change at pleasure

Sec. 2. The said Company in their corporate name may manufacture Iron and other mettals, (also Hemp, Flax, Grain & Lumber,) and may mine and export coal, and may do and perform any thing not inconsistent with the laws of this state, and which shall be necessary to effect the above specified purposes.

Sec. 3. The capital Stock of said company shall be one hundred thousand dollars, to be divided into shares of one hundred dollars each.

Sec. 4. The persons named in the first section of this act shall be and act as commissioners for the purposes herein after expressed; said commissioners shall as soon as they shall deem it expedient fix upon some time and place for securing subscriptions for Stock, and give public notice thereof in some public newspaper in this state: they shall provide and open books at such time and place for the subscription of stock, and so soon as the whole of the stock

<Page 2>
shall be subscribed for, they shall fix upon a time and place for convening said Stockholders; and give each Stockholder a written notice thereof, specifying the object for convening the same, which shall be the election of a board of Directors. And the said Stockholders or a majority of them, shall on being convened in pursuance of such no[tice?] shall proceed to elect from their number one as President and six others as Directors of said Company, who shall be styled and shall constitute the board of Directors of said Company.

Sec. 5. In the election of said board of directors, each ^share^ shall have one vote, and absent stockholders may vote by proxy. and the said board when so elected shall continue in office until their successors shall be elected and qualified

Sec. 6. There shall be an election for a board of directors held annually according to the mode prescribed in the by-laws of said Company

Sec 7. The Board of Directors shall have power to make [?] and establish any and all rules, by laws[,] and regulations which shall not be in violation of the Constitution and laws of the State, and which may be necessary to prosecute successfully the objects of said Company.

Sec. 8. Said Company may purchase and hold as much as one section of land and no more, for the use of said Company. Provided however, that said Company may secure any sum or sums of indebtedness to said company by mortgages on real estate, provided further, that any real estate which said Company may acquire by virtue of any mortgage, shall be sold within five years after it shall have been so acquired, or the same shall bec[ome?] forfeited to the State.

<Page 3>

Sec. 9. And the Goods[,] Chattles[,] lands and affects of such company shall be subject to taxation as similar property of individuals may, under the laws of this State

<Page 4>

[ docketing ]
N^o 60

[ docketing ]
H. R.

[ docketing ]
A Bill for an act to incorporate the North Western Manufacturing Company

[ docketing ]
[01]/[21]/[1840]
2

[ docketing ]
[01]/[23]/[1840]
3. as amended

[ docketing ]
[01]/[21]/[1840]
Com Jud[Committee Judiciary]

[ docketing ]
[01]/[07]/[1840]
Engrossed

[ docketing ]
29

[ docketing ]
01/29/[1840]
pass^d[passed]
Jany 29^th

1On December 13, 1839, Jesse M. McCutchen in the House of Representatives presented Benjamin V. Teel and others for the incorporation of a manufacturing company in Schuyler County. The House referred the petition to a select committee. In response to this petition, McCutchen of the aforesaid select committee introduced HB 86 in the House on December 31. The House passed the bill on January 13 1840. On January 21, the Senate referred the bill to the Committee on the Judiciary. The Committee on the Judiciary reported back the bill on January 23 with amendments, in which the Senate concurred. The Senate passed the bill as amended on January 29. The Senate reported the bill’s amendment to the House, but the latter took no further action, and the bill did not become law.
Journal of the House of Representatives, of the Eleventh General Assembly of the State of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 33, 108, 133, 160, 298; Journal of the Senate of the Eleventh General Assembly of the State of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 109, 160, 167, 207.