Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Benjamin V. Teel, and Frederick Teel, 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 “Schuyler City Manufacturing Company,” and by that name they and their successors shall be capable in law and equity of contracting and being contracted with, suing and being sued, pleading

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and being impleaded, answering and being answered, and of defending and being defended in all courts 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 metals, also grain and lumber, and may raise and export coal, and do and perform any thing not inconsistent with the laws of this State and of the United States, and which are necessary to effect the above specified purposes.

Sec. 3. The capital stock of said company shall be fifty 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 hereinafter expressed. Said commissioners shall, as soon as they shall deem it expedient, fix upon some time and place for securing subscribers 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 said stock, and so soon as the whole of the stock shall be subscribed for, they shall fix upon some 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 notice, shall proceed to elect from their numbers, 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 have been 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, ordain 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 mortgage 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 have become forfeited to the State.

Sec. 9. And the goods, chattles, lands and effects of such company shall be subject to taxation, as similar property of individuals may under the laws of this State.

Sec. 10. Said corporation shall continue for twenty years from and after the passage of this bill and no longer.

Approved, February 17, 1841.