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A Bill for an act to incorporate the Illinois Grand Tower Company for the manufacture of Iron and for other purposes

Sec. [Section]1 Be it enacted by the People of the state of Illinois Represented in the General assembly That William Bowie Cowen, John Heath, John Rynex & Casey Selden and such other persons as may associate with them, their successors and assigns, be and are hereby incorporated [&?] constituted a body politic, by the name of the Illinois Grand Tower Company for the purpose of manufacturing Rail Road Iron, [merchants?] iron[,] Iron[,] Steam[,] and Canal Boats, Rail road cars and engines and for conducting the coal trade and for constructing a bridge across the missippi river at or near the the said grand Tower2 at such point as they may designate and appoint so as not in any manner to impede or obstruct the navigation of the said river, or over so much of said river as the State of Illinois claims Jurisdiction, and by the said name of the “Illinois Grand Tower Company” they and their successors shall and may hereafter have perpetual succession and shall in Law be capable of suing and being sued, pleading and being impleaded, answering and being answered unto in all courts and places whatsoever; and they and their successors may have a common seal and may change & alter the same at pleasure and also they and their successors by that name and style shall be in law capable of purchasing[,] holding[,] & conveying any real estate or personal

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estate for the uses and purposes of said Corporation

Sec 2^nd The capital stock of the company shall be such sum as the Directors of the Company shall find necessary for the business purposes of said company not exceeding two millions of dollars, divided into such shares as the Directors shall prescribe, which shares shall represent the entire property of the company and shall be deemed to be personal property

Sec 3. The company shall have power and authority to hold such real estate as may be necessary and proper for conducting the said business provided the same shall not exceed in value at the cost thereof more than one half the capital stock of said company; and the said company may expend such portion of [their?] cash capital in the erection of iron works, rolling mills, and such other buildings as they may deem necessary and proper for the prosecution of their said business

Sec. 4^th The Company is hereby authorised and empowered to build such furnaces, rolling mills forges, foundaries iron works[,] and machine shops as the Directors of said company may deem proper and necessary for the smelting of iron ore, the manufacture of rail road iron[,] and other iron, for building iron[,] steam[,] or Canal Boats and Rail road cars and engines and to employ such portion of their Capit[al]

capital as the Directors may deem proper in mining and transporting coal to market in erecting and carrying on such manfufactures for of brass, glass, copper[,] and china and such other manufactures as may best promote the interest of said company [...?] and not inconsistent with the laws & constitution of this state

Sec 5. The said William Bowie Cowan John Heath, John Rynex & Casey Selden shall be commissioners to divide the stock of said company to the amount of two hundred thousand dollars to such persons who shall subscribe for the same at such times and places as they shall direct and appoint, and the subscribers to the same shall be entitled to a pro rata proportion of any further increase of the ^stock of^ said company.

Sec 6 So soon as two hundred thousand dollars of the stock shall have been subscribed for the commissioners shall give public notice thereof in two public newspapers of this state for thirty days appointing the time and place for the said subscribers to meet and choose from their member not less than five directors, each of whom shall be owners and holders of not less than five thousand dollars of the stock of said Company, and a majority of whom shall be resident citizens of this state, each one

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thousand dollars shall be entitled to one vote, and the holders or owners of the stock of the Company shall be entitled to one vote by person or proxy for each and every one thousand dollars of the stock of said company held by him or them on the books of the company, thirty days previous to the day of any election of directors of the company a majority of all the votes shall be necessary to a choice. At such election so held as aforesaid such of said commissioners as shall attend, shall be inspectors of said election and their certificate of the persons elected shall be conclusive evidence of such election, and said commissioners shall deliver over to the directors so elected all subscription books and papers relating to the Company in their possession, and the monies received by them on account of the same. The Directors so elected shall proceed to choose from their number a President, Treasurer[,] and Secretary. The said Board of Directors shall have power to prescribe the time and place for future elections for Directors which shall be annually, and the said board of directors shall be invested with full powers to transact all the business of the incorporation and their acts shall be binding on the said company; a majority of the ^said^ Directors shall be necessary to form a quorum to transact business and may appoint a President Protem in the absence of the

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President; the board of Directors shall have power to fill all vacancies in their body which may occur until the next annual election

Sec 7. The board of Directors shall have power to borrow money on the credit of the company to promote its business, and to execute and make mortgages on real Estate of the company, or to issue the bonds of the company for the same.

Sec 8. The board of Directors when duly organised shall have power to make and prescribe such bye laws[,] rules[,] and regulations as to them shall appear needful and proper touching the management and disposition of the stock[,] property[,] and effects of the company the transfer of shares, the duties of the offices and servants of said company, and all other matters & things whatsoever that may appertain to the Concerns of said corporation provided that said bye laws be not repugnant to the constitution and laws of the state and of the United States.

Sec 9^th All officers or Directors chosen at annual election aforesaid, shall hold their offices for one year and until their successors shall be duly elected and qualified and the President and Directors or any ten stock holders of not less than two thousand dollars stock each, shall have power to call an

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extra meeting of stock holders, by giving at least sixty days notice in two or more public papers in this State and the President and two of the directors may order a meeting of the Directors on giving one days notice in writing of the same

Sec 10 The said Company is hereby authorised to construct a canal or rail road from the Mouth of Cedar Creek on the big Muddy river or from some point near there, so as to connect with the canal, rail road or slack water navigation of the Mount Carbon Company to some point on the Mississippi river at or near the grand Tower on said river, and to effect that object the board of Directors of the said Company are hereby authorised to make such arrangements with the owners of land on the line of the said Canal or rail road for the right of way for the same as may be necessary, and should the said directors not be able to effect such arrangement with said owners of said land, then they he said Directors shall choose one arbitrator and the said owners of land one, and they two the third, who shall form a Commission to assess the damages to such land by reason of the construction of said Canal or rail road through the same, taking into the estimate thereof the advantages of such improvement, and upon the payment to the said owners of said lands

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of the damages so assessed, the fee simple of the said lands shall be in the said Company for the purpose aforesaid, the evidence of which shall be the recording of the certificate of the said Arbitrators Chosen as aforesaid, with a statement thereon that the amount of the said damages had been duly paid as before required, in the recorders office of the County where the said land [lies?]

Sec 11. The County Commissioners Court of Jackson County shall have the power annually to limit and affix the rate of tolls allowed the company ^for the transportation^ of persons goods wares, merchandise or lumber or produce of any and every description over the said rail road or through the said canal (as the case may be) and the said company shall in no case transcend the rates of tolls so affixed under the penally of forfeiting double the amount as [can?] lawfully taken

Sec 12. Should the said Company not commence the construction of the said bridge across the said Missippi river or the said Canal or rail road or some of the manufactories herein provided for ^within the term of five years from the passage of this act^ then this act shall be void and of no effect; this act to take iffect from and after its passage.

Sec 10 Should the mount Carbon Company so construct their works for the improvement of the navigation of the big Muddy river or their rail road or Canal so as not to strike the Mississippi river at or near the Grand Tower3, then the said Grand Tower Company is authorised by Canal or Rail road or otherwise to connect with the works of the Mount Carbon Company at the nearest and most convenient point. And the said Grand Tower Company are hereby required to commence the construct bridge and some of the manufactures herein authorised to be constructed within five years, or this act shall be void, This act to take effect from and after its passage