of profits.

Expenses in

of so much of the surplus profits arising from the business of the said corporation, as they, or a majority of them, shall deem advisable.

SEC. 30. The expenses incurred by Commissioners in curred by com- executing any duties required by this act, shall be paid out missioners, how of the moneys received by them, from the subscribers, out of the capital stock.

paid.

To be deemed a public act.

SEC. 31. The Legislature of this State shall never pass any law retarding, obstructing, staying, protracting, or in any wise suspending the collection of any debt or debts due the said Bank.

SEC. 32. This act shall be taken and received by all Courts, and by all Judges, Magistrates, and other public officers, as a public act, and shall be construed liberally for all beneficial purposes therein intended; and all printed copies of the same which shall be printed by or under the authority of the General Assembly, shall be admitted as good evidence thereof without any other proof whatever. Conveyances to SEC. 33. All conveyances of real estate shall be made be signed by the and signed by the President of this corporation, and shall president. have affixed to said conveyance the seal thereof.

Shall not issue

five dollars.

SEC. 34. It shall not be lawful for this corporation, unbills of less than der penalty of the forfeiture of its charter, to issue any bank bills of a less denomination than five dollars; and the power is hereby reserved 'to the Legislature, fifteen years after the passage of this act should it be considered advisable, to further restrict the corporation from issuing any bank bills of a less denomination than ten dollars.

Stock to be

al property.

SEC. 35. The stock in said Bank shall be considered as deemed person-personal property, and may be sold on execution, and transferred on the books of the Bank by the officer selling the same, but in all cases be subject to a lien in favor of the Bank, for all debts bona fide due, or then owing and to become due the same from the owner.

Tax or bonus.

SEC. 36. The said Bank shall pay into the State Treasury annually, on the first day of January, one half per cent. on the amount of capital stock actually paid in by individuals, in lieu of all taxes and impositions whatsoever: Provided, That if said Bank shall abuse any of its corporate powers, by interfering in any of the elections of this State, other than that of its own officers, the said Bank and its Branches shall forfeit its charter, and cease to exist. APPROVED, Feb. 12, 1835.

AN ACT to incorporate the President, Directors and Company of the Bank of Illinois at Shawneetown.

SEC. 1. Be it enacted by the Legislative Council and House of Representatives of the Illinois Territory, and it is hereby enacted by the authority of the same, That a Bank shall be established at Shawneetown, the capital stock whereof shall not exceed three hundred thousand dollars, to be divided into shares of one hundred dollars each, one-third thereof to remain open to be subscribed by the Legislature of this Territory, or State, when a State Government shall be formed, which Territory or State, shall be entitled to such part of the dividend of the said corporation in proportion to the amount actually subscribed by such Territory or State, which one-third shall be divided into shares of one hundred dollars each, in the same manner as the individual stock is divided, and that subscriptions for constituting the said stock shall, on the first Monday in January next, be opened at Shawneetown, and at such other places as may be thought proper, under the superintendence of such persons as shall hereafter be appointed, which subscriptions shall continue open until the whole capital stock shall have been subscribed for: Provided, however, That so soon as there shall be fifty thousand dollars subscribed for in the whole, and ten thousand thereof actually paid in, the said corporation may commence business and issue their notes accordingly.

SEC. 2. Be it further enacted, That it shall be lawful for any person, or partnership, or body politic, to subscribe for such or so many shares as he, she, or they may think fit, nor shall there be more than ten shares subscribed in one day by any person, co-partnership or body politic, for the first ten days after opening the said subscriptions. The payments of said subscriptions shall be made by the subscribers respectively, at the time and manner followingthat is to say, at the time of subscribing there shall be paid into the hands of the person appointed to receive the same, the sum of ten dollars in gold or silver on each share subscribed for, and the residue of the stock shall be paid at such times and in such instalments as the directors may order: Provided, That no instalment shall exceed twentyfive per cent. on the stock subscribed for, and that at least sixty days notice be given in one or more public newspapers in the Territory: And provided, also, That if any subscriber shall fail to make the second payment at the time appointed by the directors for such payment to be made, shall forfeit the sum so by him, her or them first paid, to and for the use of the corporation.

SEC. 3. Be it further enacted, That all those who shall

become subscribers to the said Bank, their successors and assigns, shall be and they are hereby enacted and made a corporation and body politic, by the name and style of "The President, Director and Company of the Bank of Illinois," and shall so continue until the first day of January, one thousand eight hundred and thirty-seven, and by that name shall be and hereby made able and capable in law, to have, purchase, receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects of what kind, nature or quality soever, to an amount not exceeding in the whole, five hundred thousand dollars, including the capital stock aforesaid, and the same to grant, demise, alien, or dispose of, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record or any other place whatever; and also, to make, have and use a seal, and the same to break, alter and renew at pleasure, and also to ordain, establish and put in execution, such by-laws, ordinances and regulations as they shall deem necessary and convenient for the government of the said corporation, not inconsistent with the laws of the Territory or constitution, and generally to do, perform and execute all and singular acts, matters and things which to them it may appertain to do, subject however to the rules, regulations, limitations and provisions hereinafter prescribed and declared.

SEC. 4. Be it further enacted, That for the well ordering of the affairs of the said corporation, there shall be twelve directors, the first election for whom shall be by the stockholders, by plurality of votes actually given, on such day as the persons appointed to superintend the subscriptions for stock shall appoint, by giving at least thirty days notice in all the public newspapers of the Territory, and those who shall be duly chosen at any election, shall be capable of serving as directors by virtue of such choice, until the full end or expiration of the first Monday of January next ensuing the time of such election, and no longer; and on the said first Monday of January in each and every year thereafter, the election for directors shall be holden, and the said directors at their first meeting after each election, shall choose one of their number as President.

SEC. 5. Be it further enacted, That in case it should happen at any time that an election for directors should not be had upon any day, when, pursuant to this act, it ought to have been holden, the corporation shall not for that cause be considered as dissolved, but it shall be lawful to hold an election for directors on any other day, agreeably to such by-laws and regulations as may be made for the government of said corporation, and in such case the directors,

for the time being, shall continue to execute and discharge the several duties of directors until such election is duly had and made; any thing in the fourth section of this act to the contrary notwithstanding: And it is further provided, That in case of death, resignation or removal of director or directors, the vacancy shall be filled by election for the balance of the year.

SEC. 6. Be it further enacted, That a majority of the directors, for the time being, shall have power to appoint such officers, clerks and servants under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services respectively as shall be reasonable, and shall be capable of exercising such other powers and authorities for the well governing and ordering of the affairs of the said corporation as shall be prescribed, fixed and determined by the laws, regulations and ordinances of the same: Provired always, That a majority of the whole number of directors shall be requisite in the choice of a President and Cashier.

SEC. 7. Be it further enacted, That the following rules, restrictions, limitations and provisions, shall form and be the fundamental articles of the Constitution of the said corporation, to wit:-The number of votes to which the stockholders shall be entitled in voting for directors, shall be according to the number of shares he, she or they may respectively hold, in the proportions following-that is to say, for one share and not more than two shares, one vote; for every two shares above two, and not exceeding ten, one vote; for every four shares above ten and not exceeding thirty, one vote; for every six shares above thirty and not exceeding sixty, one vote; for every eight shares above sixty and not exceeding one hundred, one vote; and for every ten shares exceeding one hundred shares, one vote; and after the first election, no share or shares shall confer a right of voting, which shall not have been holden three calendar months previous to the day of election.

2. The Governor of the State or Territory, is hereby appointed agent for the Legislature, to vote for President, Directors and Cashier of said Bank, and is hereby entitled to exercise the right of voting for the same in proportion to the number of shares actually subscribed for by the Legislature, in the same ratio that individuals, or other bodies politic or corporate are entitled to vote for; and the said agent hereby appointed, shall exercise the power hereby vested in him until the Legislature shall make other regulations respecting the same, and no longer.

3. None but a bona fide stockholder being a resident citizen of the Territory, shall be a director; nor shall a direc

tor be entitled to any other emolument than such as shall be allowed by the stockholders at a general meeting, but the directors may make such compensation to the President for his extraordinary attendance at the Bank, as shall appear to them reasonable and just.

4. Not less than four directors shall constitute a board for the transaction of business, of whom the President shall always be one, except in case of sickness, or necessary absence, in which case, his place may be supplied by any other director, whom he, by writing under his own hand, may depute for that purpose.

5. Any number of stockholders, not less than fifteen, who shall be proprietors of not less than fifty shares, shall have power to call a general meeting of the stockholders for purposes relative to the institution, by giving at least thirty days notice in one or more of the public newspapers of the Territory, specifying in such notice the object or objects of such meeting, and may, moreover, appoint three of their members as a committee to examine into the state and condition of the Bank, and the manner in which its affairs have been conducted: Provided, That no member of such committee shall be a Director, President or other officer of any other Bank.

6. Every Cashier before he enters upon the duties of his office, shall be required to give bond with two or more sureties to the satisfaction of the directors, in a sum not less than ten thousand dollars, conditioned for his good behavior, and the faithful performance of his duties to the said corporation, and the other officers and servants shall also enter into bond and security in such sum as the President and Directors may prescribe.

7. The lands, tenements, and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient transaction of its business, and such as shall have been, bona fide, mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased upon judgments which shall have been obtained for such debts.

8. The total amount of debts which the said corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed twice the amount of their capital stock actually paid over, and above the moneys then actually deposited in the Bank for safe keeping; and in case of excess, the directors, under whose administration it shall happen, shall be liable for the same in their natural and private capacities, and an action of debt may be brought against them, or any of them, their or any of their