public newspaper, printed in the county where the corporation is doing business and located, for the period of three months. This act shall be void unless said company shall Organization. organize and proceed to business within two years after the passage hereof. The said company shall be subject to the provisions of any general law hereafter passed on the subject of banking, trust or deposit companies.

§ 12. This act shall be deemed a public act, of which all courts and magistrates shall officially take notice, and shall take effect on and after its passage. APPROVED February 28, 1867.

notice

Official
poration.

of act of incor

AN ACT to incorporate the La Salle County Savings, Loan and Trust In force March

Company.

5, 1867.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That George H. Vorris, John F. Nash, Dwight F. Cameron, Milton II. Swift, W. Bushnell, and their associates and successors, and all such persons as shall become stockholders in the company hereby created, shall be a body politic and corporate, by the name and style of "The La Salle County Savings, Name and style. Loan and Trust Company," and shall have succession, a common seal which they may alter pleasure; with power to sue and be sued, to plead and be impleaded, to appoint all necessary servants and assistants, and may have, enjoy and exercise all the powers necessary to carry out and execute the purposes and intent of a savings, loan and trust com

pany.

Powers.

2. The capital stock of said company shall be fifty Capital stock. thousand dollars, with liberty to increase the same to three hundred thousand dollars, to be subscribed and paid for in the manner hereinafter provided, and shall be divided into shares of twenty-five dollars each, which shall be deemed personal property, and shall be transferable on the books of the said company, in such manner as its by-laws pre

scribe.

leges.

3. The said corporation shall have power to borrow Business powmoney, and to pay interest thereon, and to loan the said ers and privimoney at any rate of interest not exceeding that now allowed by law to individuals; may have and hold coin and bullion, may accept and execute all such trusts, whether fiduciary or otherwise, as shall or may be committed to it by any person or persons, or by the order and direction of any court or tribunal, or other legally constituted authority of the state of Illinois, or of the United States; may make such special regulations in reference to trust funds or deposits,

Possession

of

left for accumulation or safe keeping, as shall best aid the said depositors or parties interested, by accumulating and increasing the same, allowing and receiving such interest therefor, not greater than that hereinbefore specified, as may be agreed upon.

84. It shall be lawful for the company hereby incorreal estate. porated to purchase and hold such real estate as may be convenient for the transaction of its business, and to take and hold any real estate in trust, or otherwise, as security for and in payment of loans and debts due or to become due to the said company or others; to purchase real estate at any sale made in virtue or on account of any loan, debt, mortgage or trust made to or by said company, and to receive and take in satisfaction of any such loan or debt any real estate, and to hold and convey the same, and to acquire, hold, possess, use and enjoy, and the same to sell, convey, lease, and dispose of all such real estate and personal property as is or may be necessary for the use of this corporation, or as may be deemed by the directors proper and necessary to carry on the business and accomplish the object of the company, or for the promotion of its interests.

Directors.

tion.

85. The affairs of this company shall be managed by a board of directors of at least five, who shall be stockholders in the company; such election shall take place when two thousand dollars shall have been subscribed, and five per cent. paid thereon; and three of the corporators herein named shall be commissioners to open books for subscripStock subscrip- tion. The money so received by the commissioners shall be paid over to the directors when elected. The directors shall elect a president, vice-president, and cashier, from their body annually; make and execute such by-laws as, may be convenient and necessary for the proper prosecution of its business, not inconsistent with this act, or with the laws of this state or of the United States; but no by-laws of this corporation shall be passed without the consent of a majority of the directors, and all the acts of the duly appointed officers and agents of this company, done and performed under its authority, shall be binding on the company.

By-laws.

Misnomers.

Time, place and

manner

holding elec

tors.

§ 6. A misnomer of said corporation in any deed, gift, grant, or other instrument, contract or conveyance, shall not vitiate the same, if the corporation shall be sufficiently described therein to declare the intention of the parties.

§ 7. The election of directors of this company shall be of held annually at the office of the company, and the board tions for direc- shall give at least ten days' thereof to the stockholders, in such manner as they may determine. Every election for directors shall be by ballot, and the name and number of shares of each stockholder voting shall be indorsed on the ballot, and a plurality of votes shall elect; every stockholder shall be entitled to one vote for every share of capital stock standing in his or their name on the books of the

company, and he may vote in person or by proxy. Any omission or failure to elect directors shall not impair in any wise the right of stockholders, depositors, or others interested. The directors so elected shall hold until their successors are duly elected and qualified.

of

shares of stock.

§ 8. Within sixty days after the election of the first Payment board of directors, as provided for in section seven of this act, the board of directors may call in an additional sum of ten per cent. on each share of said stock, to be paid at such time and place as the directors may direct, on due notice given to said subscribers. The shares of every stockholder omitting to make such payment, shall be forfeited, together with all previous payments made thereon. After the pay

ment of five per cent. on each share of stock subscribed, as provided in the foregoing section, the said company shall be considered fully organized, and after the further payment of ten per cent. on each share of the capital stock subscribed, the company may commence its business, fullenjoyment of the privileges of this charter, at such place or places in the county of La Salle as the said board of directors shall direct.

9. The board of directors shall have power to call for Payment of bal the payment of the balance due on the subscription of the ance due. stock of this company at such times as they may think proper, and in event of the non-payment of the balance due from any stockholder on his stock within sixty days after

non-paying stockholders.

due notice, it shall be lawful for the directors, at their op- Sale of share of tion, to enforce such payment, or to sell at public auction to the best advantage the amount of stock in the name of the said non-paying stockholder, who shall thereupon cease to be a stockholder in this company, and the purchaser or purchasers of said share or shares of stock shall have and enjoy all the privileges and profits accruing or accrued to the said shares of stock, and become liable for the payment of all calls then due or thereafter made on said shares of stock.

10. The board of directors shall have the power to Dividends. declare dividends on the stock of the said company from time to time, and at any time after the accumulations of profits of said company shall exceed five per cent. on the amount of capital actually paid in: Provided, that in no Proviso. case shall the amount of any dividend be paid over to any stockholder on his or their stock until the amount of fifty per cent. per share has been paid in to the said company.

§ 11. At any time after the full payment of the original Increase of capital of fifty thousand dollars into the company as here- capital stock. in before provided, the board of directors may increase the capital of the company to the amount limited, or any part thereof, in shares of fifty dollars each, in such manner as they may deem proper; and the said increased stock shall be subject to all the liabilities, immunities and privileges of the original stock provided in this act. Stockholders shall

Deposits of minors and married women.

Officers rity.

secu

Existence of charter.

Business operations.

Proviso.

have the option of subscribing to such increased stock pro rata, with such time as the directors may limit, of which due notice is to be given.

§ 12. When any deposit is made by any person being a minor, or by a female, on hereafter becoming a married woman, in her own name, the said corporation may pay to each depositor such sums as may be due to him or her, and the receipt or acquittance of such minor or married woman shall be a legal discharge to said corporation therefor.

$13. All officers of said corporation shall respectively give such security for their fidelity and good conduct as the board of directors may from time to time require, and said board shall fix the salaries of such officers.

14. That this shall exist for the full term of fifty years next succeeding the first day of April, A. D. 1867, and shall be entitled to use all its corporate powers, rights and privileges for the period of two years thereafter, for the sole purpose of closing up its affairs, and none other.

and 15. This corporation shall not engage in any general or commercial banking or exchange business, and shall confine its business exclusively to the receipt and care of savings and trust funds; whenever default shall be made in the payment of any debt or liability contracted by this corporation, the stockholders shall be individually liable, pro rata, according to the shares of stock severally held by them, and such liability shall continue until six months after the assignment of the stock and publication of a notice thereof in the newspaper publishing the letter list of the place where the office of the association is located. This act shall be subject to any general law that may hereafter be passed relating to savings' banks or institutions of a similar nature; and it is hereby provided that in case said corporation shall not commence and continue business within two years from the passage of this act, the franchise and privileges herein granted shall be forfeited.

§ 16. This act shall take effect and be in force from and after its passage.

APPROVED March 5, 1867.

In force March AN ACT to incorporate the Merchants' and Mechanics' Savings Bank of

5, 1867.

Corporators.

Danville.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Oliver L. Davis, John C. Short, Mason M. Wright, William Giddings, John R. Aylsworth, Aaron A. McDonald, Robert A. Short, Perry Fairchild and Joseph Smith, and their

associates and successors, and such persons as shall become stockholders in the company hereby created, shall be a body politic and corporate, by the name and style of "The Mer- Namo and style. chants' and Mechanics' Savings Bank of Danville," to be located in the town of Danville, in the county of Vermilion, and state of Illinois; and shall have succession, a common Powers. seal, with power to sue and be sued, to plead and be impleaded, contract and, be contracted with, to appoint all necessary officers, servants and assistants, and may have, enjoy, and exercise all powers necessary to carry out and execute the purposes and intents of a trust, deposit and loan company.

2. The capital of the said corporation shall be fifty Capital stock. thousand dollars, with liberty to increase the same to five hundred thousand dollars, to be subscribed and paid. for in the manner hereinafter provided, and shall be divided. into shares of one hundred dollars, which shall be deemed personal property, and shall be transferable on the books of said company in such manner as its by-laws may pre

scribe.

operations.

3. The said corporation shall have power to borrow Business and money and receive money on deposit, and interest pay thereon, and to loan the said money at any rate of interest, not exceeding that now or hereafter by law allowed to individuals, and to take such security, real or personal, as the directors or managers of said company shall deem sufficient; may accept and execute all such trusts whatever, fiduciary or otherwise, as shall or may be committed to it by any person, persons or other corporation, or by the order and direction of any court or tribunal, or other legally constituted authority of the state of Illinois, or of the United States; may make such special regulations in reference to trust funds or deposits left for accumulation or safe keeping, as shall best aid the said depositors or parties interested, by accumulating or increasing the same, allowing and receiving such interest therefor, not greater than that heretofore specified as may be agreed upon.

of

4. It shall be lawful for the company hereby incorpo- Possession rated to purchase and hold such real estate as may be con- real estate. venient for the transaction of its business, and to take and hold any real estate in trust or otherwise as security, for or in payment of loans and debts due or to become due to the said corporation or others; to purchase real estate at any sale made in virtue or on account of any loan, debt or mortgage, or trust made to or held by said corporation, and to receive and take in satisfaction of any loan or debt, any real estate, and hold and convey the same, and to acquire, Conveyance of. hold, possess and use and enjoy the same; to sell, lease, convey and dispose of all such real estate and personal property as it may deem necessary for the use of said corporation, or as may be deemed by the directors proper and neces