Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That all such persons who may hereafter become subscribers to the stock hereinafter described, shall be and they are hereby constituted a body politic and corporate, by the name and style of the “Salem Steam-Mill Company,” and by that name and style they and their successors shall, in law, be capable of suing and being sued, plead and being impleaded in all courts and places whatsoever, may have a common seal, and alter the same at pleasure, they shall be capable in law of purchasing, holding, and conveying real and personal estate for the uses and purposes of said incorporation, which real estate shall not exceed one acre of ground in the town of Salem for the purpose of erecting said mill upon the same, and one hundred and sixty acres of land elsewhere, whereon to erect the necessary enclosures for carrying on the business of said company.

Sec. 2. The corporation hereby constituted shall have power to erect a steam-mill in the town of Salem, and State of Illinois, and are hereby authorized to commence and carry on the manufactory of flour, corn-meal and lumber, to export the same and other products of the country and to exercise all such powers and privileges as may be necessary to conduct the said manufactory according to the object of this act as herein expressed.

Sec. 3. The capital stock of said company shall consist of six thousand dollars (with the privilege of increasing the same to fifteen thousand dollars) to be divided into shares of fifty dollars each.

Sec. 4. For the purpose of carrying into effect the object of this coporation, Mark Tully, Samuel Hull, Urial Mills, John W. Roach, and George E. Lester, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company; the said commissioners, or a majority of them, after giving public notice thereof in some newspaper printed in this

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State, shall open books of subscription to said stock at such time and places as they may direct, and keep the same open until at least one hundred and twenty shares shall have been subscribed. At the time of subscribing, every subscriber shall be required to pay two dollars for each and every share for which he may have subscribed. When the aforesaid sum of six thousand dollars shall have been subscribed, or within fifty days thereafter, it shall be the duty of said commissioners, or a majority of them, to call a meeting of the stockholders at Salem, by public notice, published in some newspaper of this State.

Sec. 5. At said meeting the stockholders of said company shall proceed to elect five directors, who shall manage, direct and govern the affairs of said company, for the period of one year from the time of said election, and until their successors are elected and qualified. At said election each stockholder shall be entitled to one vote for each and every share he may hold, and a majority of all the votes given shall be necessary to a choice. The directors shall be annually elected on the first Monday of the month in which the first election shall take place.

Sec. 6. Immediately after the directors are chosen, as aforesaid, they shall hold a meeting, at which, and at all subsequent meetings of said board, a majority of the directors shall constitute a quorum, they shall elect a president from their own body, and a secretary who shall be sworn by a justice of the peace, to the faithful performance of his duty, and who shall record all acts of the board of directors in a book to be kept by him for that purpose, a treasurer who shall give bond to such amount, and in such manner as the said president and directors may direct, and the board shall appoint all other officers and agents as to them shall seem necessary.

Sec. 7. The said president and directors shall have power to make and ordain all such by-laws, rules and regulations, as shall be necessary, not inconsistent with the Constitution and laws of this State, and to secure the payment and collection of the subscriptions to its stock and the transfer of the same or of property, and to do all things necessary for the faithful management and direction of the affairs of said company.

Sec. 8. If it shall happen that any election shall not be made on the day when, by the provisions of this act, it should be made, the corporation shall not for that reason be dissolved; but such election may be held on any other day within sixty lays thereafter, public notice being given of the same in some newspaper of the State.

Sec. 9. This act shall remain in force for twenty years, and take effect from and after its passage, shall be deemed a public act, and shall be construed favorably for the purposes herein expressed in all courts and places whatsoever.

Approved, February, 20, 1841.