1853.
432
In force Feb. 141S63.
Corporator*.
Style.
General powers.
By-laws.
Capital stock.
Open books.
Term o t office ofdirectors.
, AN* ACT to incorporate (he Mount Carmel Manufacturing Company.
Section 1 . Be it enacted by the people oj the state ofIllinois, represented in the General Assembly, That JoshuaBeal, Charles W. Eldridge, Isaac N. Jaquess, Robert Parkinson , Cyrus 0. B. Goforth, James H. Beal, John J.Leslter, Alexander C. Edgar, and their associates, succes-sors and assigns, be and they are hereby constituted a bodycorporate and politic, under the name and style of “TheMount Carmel Manufacturing Company,” and by thattitle shall be and are hereby made capable, in law andequity, to sue and be sued, plead and be impleaded, defendand be defended, in any court or place whatsoever.
§ 2. The said corporation may have and use a commonseal, and the same may alter or renew, at pleasure; andare hereby vested with power to purchase, hold and con-vey real and personal estate; to give and receive promis-sory notes ; to enter into and carry on all kinds of mechan-ical and manufacturing business, by water, steam caloric,or other power ; to erect mills, furnaces, foundries, facto-ries and machine shops, for the manufacture of flour, lum-ber, woolen and cotton goods, castings, machinery, furni-ture, farming utensils and any other kind or description ofarticles not forbidden by law.
§ 3. The said corporation may make and establish ,such by-laws, ordinances and regulations as shall, in theiropinion, be necessary for the good government of the saidcorporation, and the prudent and efficient management ofits affairs, and are hereby vested with all the powers, priv-ileges and immunities which are or may be necessary tocarry into effect the purposes and objects of this act.
§ 4. The capital stock of said company shall not ex-ceed five hundred thousand dollars, to be divided intoshares of fifty dollars each.
§ 5. The persons named in the first section of this act,or a majority of them, or of the survivors of them, if anyshall die, may cause books of subscription to the capitalstock of said company to be opened at such public placesas they may deem expedient, after having given notice otthe same for at least thirty days, by publication in thenearest newspaper; and after five thousand dollars of thestock of said company shall have been subscribed, and tenper cent, thereon paid in, an election may be held for fivedirectors, of the time and place of holding which electionthe same notice shall be given as required tor openingbooks for subscription.
§ 6. The directors shall hold their offices for one year, 1and shall have the management of all the business of saidcorporation, the application of its funds, the disposition of iits property, and shall make all contracts. The said
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