Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-03-20


shall be divided into two hundred shares of one
hundred dollars each: Prorided, horccrer, that
in case it should by said company be deemed
requisite and advisable, the said company may
at their pleasure, increase the capital stock
from time to time, to an extent not exceeding
fifty thousand dollars, by augmcntingIhe num-
Der of shares to that amount, in SUM of one
hsndred dollars each, as aforesaid.
| Sec. 3. AT convenient time within the
limits of one year from the passage ofthis act,
it shall be the duty of the aforesaid company toj
have erected, at the said town of QIincy, al
building suitable for mill house, at last six
ty-five feet in length, and fifty in with, and
not less than four stories in height, ofdurable
materials of stone or wood, and to have in pro-
gress of completion the mill work adapted to
the use Of two saws and four pairs of French
burr stones, at least four and half fee, in di-
ameter, and steam engine for the purpose a.
ioresald, of at least fifty horse power, and to
proceed as rapidly to the completion OF the OBJ
ljects proposed, as may be deemed practicable,
consistent with the interest Of the company,
having in view the durability of the several
buildings, the perfection Of the machinery and
the ultimate investment Of the stock, so as to
make it profitable to the proprietors, and the
operation of the machinery, and the labor me-
cessary for its construction, Of advantage to the
|commuity
| Sec. 4. The money already invested by the
said company, or any of them, in the purchase
! of real estate in the construction of buildings
and in the procurement of the machinery, mill
stores or other materials for the use of said
mill, and also, such other sums of money as
may from time to time be invested towards the
completion of the same, or towards the com
mencement or completion of any other ma
chinery or works contemplated by this charter
of incorporation for the uses aforesaid, shall be
considered as so much money actually paid in,
upon the amount Of said stock, and shall emit.
1 tie the person or persons advancing the same
to number of shares correspondent With the
amount of such payment, and he or they shall
1 be entitled to certificates of stock for the same
in ali cases where any or each payment shall
amount to the sum of one hundred dollars OIL
upwards so rs to make up the amount of one Oh
more shares: Provided, That the said compa'
ny shall cause to be entered upon their books
a description of the real estate so purchased
and the amount actually paid out and expend
ed for other purposes as aforesaid, so as to ex
hibit complete statement in detail of the par
! ticular uses for which the same has been o
may be expended, in the course OF their opera
/ inns, and BY whom, and for whose use the samt
1 has been applied.
Sec. S. The better to enable the said com
pany to carry on the purposes of their said in
stitution, they are hereby authorized and en-
powered to deal in merchandise as a trading
company.
Sec 6. All contracts or other evidences Of
Indebtedness, which may be made,o entered in
to by said company, shall be subscribed by the
President and countersigned by the Secretary
and being so executed, shall be binding on said
company wi hout the seal thereof, according to
the tenor, effect and true intent thereof.
i Sec. T. The stock not disposed of by the
commissioners IN the manner hereinafter nam
ed, shall and may be issued by the directors for
the time being according to the bye-laws and
regulations that RAY be adopted by the said
company Proridcd, That the same may be
taxed in the same ratio, as other personal et'
ltects are by the statutes of this state. or by
such "a NAV hereafter be enacted: Porrided
| further, That the effects Of the said company
shall be at all times liable for the taxes there
on, and that the same shall be collected as o.
Their taxes assessed on personal property in this
Estate.
/ Sec. 8. The concerns Of the said corpora
Il ton shall be managed and conducted Except
as is hereinafter mentioned5 by five directors
who shall be from time TO time chosen by the
stockholders or their proxies: each share shall
he entitled to one vote, which shall be by bal
lot, and the five persons receiving the greatest
number of votes shall receive the certificates
of the inspectors declaring them respectively
elected. The di 'ectors so chosen or the major
part of them, shall constitute board, and be
competent to the transaction of business, and