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 hereafter become subscribers to the stock hereafter described, shall be, and they are hereby constituted and declared a body corporate and politic by the name and style of the “Greenville Hotel Company,” from and after the passage of this act, and by that name they and their successors shall have succession, and shall in law be capable of suing and being sued, plead and be impleaded in all courts and places whatsoever; may have a common seal, and alter the same at pleasure; and their successors may, also, by that name and style, be capable in law, of purchasing, holding, and conveying away real and personal estate for the benefit of said company.

Sec. 2. The said company hereby incorporated shall have power to erect a hotel in the town of Greenville, in the county of Bond, and to use such powers and privileges in the erection and management of said hotel, not inconsistent with the laws of this State, as may be conducive to the interest of said company.

Sec. 3. The capital stock of said company shall consist of twenty thousand dollars, which may be increased to thirty-five thousand, to be divided into shares of fifty dollars each, and are authorized to commence their operations whenever five thousand dollars of the stock, shall have been subscribed.

Sec. 4. For the purpose of carrying into effect the object of this corporation, Thomas Keyes, James Bradford, Seth Blanchard, William S. Smith, James M. Davis, and James Clark, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company, and said commissioners, after giving general notice thereof in some newspaper printed in this State, may open books for the subscription of said stock, at such times and places as they may direct, and keep the same open till at least one thousand shares have been subscribed; every subscriber, at the time of subscribing, shall pay to said commissioners five dollars for each share subscribed and when such subscription is completed as aforesaid, or

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within sixty days thereafter, said commissioners shall call a meeting of the stockholders at Greenville, by a printed notice in some newspaper in 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, one year from the period of this election and until their successors are elected and qualified, and that at said election each stockholder shall be entitled to one vote for each share he may hold, and a majority of all the votes given shall be required to make an election. The period of election of directors as aforesaid, shall be annually on the first Monday of the month in which the first election shall be held.

Sec. 6. Within ten days 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; that they shall proceed to the election of a president from their own body, a secretary, who shall be sworn by some justice of the peace, to the faithful discharge of his duty, and who shall record all votes of the corporation in a book kept by him for that purpose; a treasurer who shall give bond to such amount and in such manner as the president and directors shall direct; and the board shall appoint all other officers and agents, as to them shall seem necessary.

Sec. 7. The corporation shall have power to call for such portion of the stock subscribed, not exceeding twenty-five per centum, every six months as they may think proper, to be paid at such time and place as they designate by giving sixty days’ notice in some newspaper of this State, or by giving written notice to the stockholders, in which shall be specified the amount demanded on each share, and the time and place of payment, and if any stockholders shall neglect or refuse to pay such subscription within ten days after the time named for such payment, the corporation may bring suit against any delinquent for the amount due and called for, in any court of competent jurisdiction, and recover the amount with two per cent. interest thereon per month, and if the amount cannot be made on execution, or if said delinquent is out of the State, then the corporation may, by an order on their books, declare such stock forfeited to the corporation, with whatsoever amount may have been paid thereon, and no such delinquent, after the forfeiture of his stock, shall have a right to vote for directors or receive any dividend on his, her, or their stock until the corporation is fully satisfied.

Sec. 8. The said president and directors, shall have power to make and establish all such by-laws, rules, and regulations as shall be necessary, and not inconsistent with the laws of this State, which may be necessary for the payment or collection of the subscription to its stock and the transfer of the same, and of property that may in any other way concern the management and direction of the affairs of said company.

Sec. 9. If it should so happen that any election should not be made the day, when, by the provisions of this act, it should be made, the association shall not for that reason be dissolved, but said election may be held on any other day within sixty days thereafter, public notice being given by putting up notices in three of the most public places in Greenville, or by publication in some newspaper of the State, by order of the president and directors of said company.

Sec. 10. This act shall be construed favorably in all courts and places whatsoever, and shall be in force for the period of twenty years and no longer.

Approved, February 23, 1841.