Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Henry Eckford, Oliver Clark and Henry W. Bissings, and all such persons as shall become subscribers to the stock hereinafter described, shall be, and they are hereby constituted and declared a body corporate and politic, by the name and style of the "Cairo City Mills," 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, pleading and being impleaded, in all courts and places whatsoever; may have a common seal alter and change the same at their pleasure; and they and their successors may also, by that name and style, be capable in law of contracting and being contracted with, of purchasing, holding and conveying away real and personal estate, for the uses and purposes of the said corporation as hereinafter limited.

Sec. 2. The president and directors of said company, hereinafter provided for, shall have power and are hereby authorized to carry on the manufacture of the agricultural products of the country, to erect mills, machines, works, and such other buildings, as may be necessary to carry on their business, and enter into all contracts which may concern the use and management of the property, affairs, and interests of the said company.

Sec. 3. The capital stock of said company shall consist of one hundred thousand dollars divided into shares of one hundred dollars each.

Sec. 4. That for the purpose of carrying into effect the objects of this corporation, the persons named in the first section of this act, or either of them, are hereby appointed commissioners to obtain subscriptions to the capital stock of said company, and may open books for said subscription at such time and places, as they or he may deem expedient; and when at least five hundred of said shares shall have been subscribed, and one dollar on each share paid thereon, said commissioners shall within thirty days thereafter, call a meeting of the stockholders at Cairo, in Alexander county, by a printed notice in some newspaper, of general circulation in this State.

Sec. 5. That 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 said election, and until their successors, who shall be vested with the same authority, are elected.

Sec. 6. And that at said election each stockholder shall be entitled to give one vote for each share of stock he may hold, and a majority of all votes given shall be required to make an election.

Sec. 7. That the period of election shall be annually on the first Monday of the month in which the first election shall be held, and if it shall so happen that any election does not take place upon the day appointed, the same may be held on any day thereafter, the acting president giving the notice thereof required in the first section.

Sec. 8. That immediately after the directors are chosen as above, they shall hold a meeting, at which, and all subsequent meetings, a majority shall constitute a quorum; that they shall proceed to the election of a president from one of their number, a secretary who shall be sworn by a justice of the peace to the faithful discharge of his duty, and who shall record all the proceedings of the said corporation, under the direction of the said president and 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 shall direct, and may appoint such other officers and agents as to them may seem necessary.

Sec. 9. That the said president and directors shall have power, from time to time to make all such by-laws, rules and regulations, not inconsistent with the Constitution and laws of this State, or of the United States, which may be necessary for the payment or collection of subscriptions to its stock, and the transfer of the same, the conveyance of property, the payment and collection of dues, to or from said company, or that in any other way concerns the interest, management, or direction of the affairs of said company.

Sec. 10. The corporation hereby created shall continue for the term of twenty years.

Sec. 11. This act to be in force from and after its passage, and shall be taken and considered a public act in all courts of record, and also in all courts of justices of the peace, and shall be beneficially construed.

Sec. 12. The powers, provisions, rights and immunities, hereby granted by this act to the Cairo city mills, be, and the same are hereby fully, to all intents and purposes, conferred upon William Bellows, William Hathaway, and Miles A. Gilbert, their associates, successors and assigns, under the style and name of the "Cairo Foundry works," and the said company may carry on the manufacture of iron and other metals; may erect mills, works and buildings for manufacturing purposes, and may export their manufactures; and the said William Bellows, William Hathaway and Miles A. Gilbert, or either of them, are hereby appointed commissioners to obtain subscriptions for said stock in the manner provided in the fourth section of this act, and the first and all subsequent meetings of said stockholders shall be held at Cairo, in Alexander county.

Sec. 13. Nothing contained in this act shall confer on said corporation, banking powers, or authorize it to issue notes in the similitude of bank notes, to be used as a circulating medium, as, or in lieu of money: Provided, That the General Assembly of this State may alter, amend or repeal this act, if the public good may require the same.2

Approved, February 27, 1841.