Sec. [Section]1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That all such persons as shall become subscribers to the stock hereinafter created, shall be constituted a body politic and corporate, by the name and style of “The Farmers Exporting Company,” and by that name and style they and their successors, shall have power to sue and be sued, plead and be impleaded, answer and be answered unto, in all courts and places whatsoever, to contract and be contracted with, to make, execute, and receive promissory notes, and to do all other acts necessary to the object of their incorporation, for and during the term of ten years from the passage of this act.

Sec. 2. For the purpose of carrying into effect the object of this incorporation, Samuel T. McKean, Joel Hicks, Nathaniel Chapin, Wm. Moffitt, and Edwin S. J ones, or any three of them are hereby appointed commissioners to obtain subscriptions to the capital stock hereby created, said commissioners shall give at least three weeks notice in some paper printed in the county of Peoria, of the time and place when and where they will open books for subscription to said stock. One dollar on each share shall be paid at the time of subscription, and the remainder at such time as the board of directors shall require; a failure to pay any instalment of stock when called for by order of the said directors, shall operate as a forfeiture of all previous payments.

Sec. 3. The capital stock of said company shall be twenty thousand dollars, with the privilege of increasing the same to fifty thousand dollars, if it shall be deemed advisable by the majority of the stockholders, to be decided on at any regular meeting of said stockholders; said stock shall be divided into shares of twenty five dollars each, no one individual shall, at any time, own stock to exceed one hundred shares.

Sec. 4. As soon as six thousand dollars of the capital stock of said company shall have been subscribed for as provided in the second section of this act, the commissioners shall give notice to the stockholders, by publication in some newspaper printed in chil, that an election will be held at some place in La Salle prairie, (the house to be designated in the notice,) for the election of one president, one secretary, one treasurer, and nine directors of said company, at which election the aforesaid commissioners shall be inspectors; each share shall be entitled one vote to the number of five, and one vote for every ten shares thereafter, which votes may be given in person, or by proxy, and the persons receiving the highest number of votes for the respective offices shall be declared duly elected.

Sec. 5. The said company, when organized as aforesaid, shall have power to purchase and export any of the products

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of the country and sell the same; to import goods and dispose of the same by sale or otherwise; to construct boats, warehouses and other buildings, and to do all other things necessarily connected with the produce business.

Sec. 6. The said company shall establish their place of business at such place in La Salle prairie, in Peoria county as may be agreed upon by a majority of the directors of said company, and when located or established, shall not be removed, or its location changed, unless by consent of a majority of the stockholders at a general meeting.

Sec. 7. The president and directors shall have the management of the concerns of said company, they shall have power to make such by-laws and regulations as they shall think necessary for the government of their concerns; Provided, such by-laws are not inconsistent with the Constitution and laws of this State.

Sec. 8. The first directors and other officers of the company, shall hold their offices until the first Monday in June next succeeding their elections, at which time an election shall be held under the direction of the directors for the time being, for one president, one secretary, one treasurer, and nine directors, who shall hold their offices for one year, and until their successors are elected and qualified, and ever after an election shall be held on the first Monday in June for the same number of officers, to manage the concerns of said company.

Sec. 9. The stock of said company shall be considered personal property, and transferable on the books of said company, but no person shall be permitted to transfer his stock, who may be indebted to said company, until such indebtedness shall be settled to the satisfaction of the directors. The private property of each stockholder shall be holden for the debts of the company to the extent of the stock he or she may own.

Sec. 10. The company shall at all times keep proper books of accounts in which shall be registered all the acts and doings of the corporation, and the same shall at all times be subject to the inspection of the stockholders, and it shall be the duty of the directors to make annual, or semi-annual dividends of so much of the profits of said company as to them, or a majority of them, shall appear advisable; and the said directors, whenever required by a majority of the stockholders, shall exhibit at a general meeting a full and perfect statement of the debts and credits, and all such other matters as shall be deemed essential, relating to the affairs of said company.

Approved, February 23, 1841.