holders shall be authorized to limit the number of shares which shall be held by any one person, and to alter and abolish such limits whenever they may deem it proper to do so. § 14. All contracts and other instruments in writing, Contracts, etc. which may be made or entered into by said corporation, shall be subscribed by such officer or officers, agent or agents as shall be authorized by the ordinances and bylaws of the corporation; and being so signed shall be binding upon said corporation; and all such contracts and instruments in writing may be signed and carried on without the presence of the board of directors, by its officers, assistants and agents. This corporation shall not take on deposit any savings or trust funds, or in any way engage in a savings banking business. act. 15. This act shall be and is hereby declared to be a Construction of public act, and the same shall be as such liberally construed, and shall take effect and be in force from and after its pas sage. sponsibilities The stockholders herein shall be responsible, in their Stockholders reindividual property, in double the amount of their stock, to and liabilities. make good all losses to depositors or others; and no assignment of their stock shall release them from said liability, until after the fact of such assignment and name of the person to whom made, and the amount of said stock shall have been advertised in some public newspaper, printed in the county where this corporation is doing business and located, for the period of three months. ization limited. This act shall be void unless said company shall organize Time of organand proceed to business within two years after the passage hereof. The said company shall be subject to the provisions of any law hereafter passed on the subject of banking, trust and deposit companies. APPROVED March 6, 1867. AN ACT to incorporate the Mutual Trust Society. SECTION 1. Be it enacted by the People of the State of Illinoi, represented in the General Aembly, That S. J. Anthony, Andrew Brown, Erastus Bailey, Paul Cornell, Charles Cloyes, Gilbert Hamilton, Van H. Higgins, Alonzo Huntington, Joseph Kettlestrings, Gustavus Knoblauch, J. A. McCulloch, George Scoville, William H. Shackford, R. K. Swift, Michael Ward, and all others, who may become associated with them as subscribers to the stock of the society hereby created, their successors and assigns forever, be, and they hereby are, created and made a body In force March 6, 1867. Corporators. vileges. politic and corporate, for the objects and purposes hereinName and style after named, by the name and style of the "Mutual Trust Society;" and by that name shall be, and hereby are, empowered to purchase, have, hold, possess and enjoy, by Powers and pri- themselves, successors and assigns, forever, lands, tene ments, hereditamente, money, goods, chattels, choses in action, and effects of every kind, and the same to grant, sell, alien, improve, lease, invest, loan and dispose of; to sue and be sued, plead and be impleaded, in all courts of law and equity; to have and use a common seal, and the same to change, alter, or renew at pleasure; and to have and exercise all other needful powers, to carry out, execute and fulfill the objects and purposes hereinafter named. Objects purposes. Invest etc. Execute fulfill etc. Directors. and funds, § 2. The chief objects and purposes of the said society are declared to be to provide convenient means for the uniting and employment of capital or other values, through any desirable period of time, for accumulation, and ultimately the net proceeds of any trust or trust estate confided to the society for accumulation, to apply as may be desired or contracted for by and between the said corporation and any owner or holder of a certificate or certificates of shares in its capital stock, to promote or advance any of the objects or purposes named or alluded to in this act of incorporation, and which objects and purposes shall be, in substance, some one or more of the following, viz: First. To invest and re-invest the capital stock and funds of said society in merchantable and interest-bearing securities or in rents; and any part thereof to sell and the proceeds re-invest in like securities or rents; and the yearly net profits realized therefrom to appropriate and dispose of as hereinafter named. and Secondly. The society may accept, execute and fulfill trusts, for and at the request of any stockholder in the said capital stock and upon his, her or their contribution of money or other acceptable values, in aid of such request and trust the chief objects and purposes of which shall be expressed in any such trust-to encourage, advance or promote some industrial, charitable, benevolent, sanitary or educational purpose, enterprise or undertaking, or to secure, advance or promote the welfare of the survivors or survivor or descendants of families, or to encourage, promote or advance some worthy object, intended for public good; and the society may also accept of, execute and fulfill any trust or trusts of the nature of tontine for any combination of individuals of one or more families, whether they be blood relations or not and for their mutual benefit, or for the benefit of the survivors or survivor of them or of any of them. 3. The business and affairs of the said corporation shall be managed by a board of not less than three nor more than fifteen directors, and such officers and agents in this state and other states and places, as they may appoint. The first board of directors shall be elected by the corpora- How elected. ters aforesaid, or such of them as may act, together with such other persons as may become associated with them as subscribers to the stock of said society; and thereafter the said directors shall be elected by ballot, by and from the stockholders of said society, They shall hold their Term of office. offices for the term of three years and until others shall be elected or chosen to fill their places, In case of a vacancy by death, resignation or otherwise, the remaining directors may fill such vacancy by appointment until the next regular election. A majority of said directors shall always be Residents of the By-laws and residents of the state of Illinois. The said board of direct state. ors shall have power to ordain and put in execution such by-laws and regulations as they may deem proper for the regulations. well-ordering and government of said corporation: Provided, they be not repugnant to the laws of the United States or of this state, or to the provisions of this act of incorporation. They shall have power to appoint all such General powers officers and agents as they may think desirable, and to fix and duties. their salaries, compensation, duties and terms of office. They shal require the officers in charge of the home office of said society to make out an annual report of the resources and liabilities, receipts and expenses, business and losses of the society, to be verified by affidavit-of which report each stockholder shall be entitled to a copy. The home office of said society shall be located in the city of Chicago. Contracts to which said corporation may be a party shall be valid and binding, with or without the seal of said corporation attached. 4. At any time within five years from and after the organization. passage of this act the said corporators, or such of them as may act, shall proceed to organize the society, by the And tion. election of the first board of directors, and open books Stock subseripfor subscription for the capital stock of said society. subscribers therefor may be required to pay for the stock so subscribed for by them, in installments, as may be ordered by said board of directors; and they may and shall forfeit, for the use of the society, all installments and payments that may have been made by them thereon, upon failure to make due and punctual payment of any installment that may be called for or ordered by said directors. Vote of stock § 5. At all elections for directors the stockholder shall holders. be entitled to one vote, by themselves or proxy, for each share of stock held and owned by them respectively. 6. Shares in said capital stock shall be transferable Shares only in the books of said corporation, according to the rules ferable. and regulations of the society. acquired § 7. The said capital stock may be acquired by issue Capital and sale of certificates of shares therein, in such sums per issue, etc. share and with such grades of preference as to a share or shares in the dividends of the net profits of the society, and trans stock by with such terms and conditions as to the retirement or extinguishment of any such share or shares, as the said directors, or a majority of them, may deem proper to ordain, fix or establish. The total amount of said capital outstandcapital stock. ing at any one time may be to the extent of three hundred thousand dollars. Total amount of Sale and ex change of certificates. 8. It shall be lawful for the society to sell or exchange its certificates of shares in said capital for valuable interests in lands or rents of lands or for any valuable service rendered by any person or persons to the society. Disposition of 9. The yearly net profits of the society shall be apyearly net pro-propriated and disposed of as follows: Fund." First.-One-tenth part thereof shall be set apart and go to a fund to be designated in the books and vouchers of the "First Reserve society as the "First Reserve Fund;" and it and its net increase shall be invested and re-invested in merchantable securities by the society, for account of said reserve fund, until it and its net accumulations shall amount to the full sum and value of fifty thousand dollars, when, and so often as the sum last above named is so accumulated as last aforesaid, then and so often the same shall be and hereby is appropriated and shall be paid out by said society to defray, to the extent of said sum, the cost or expense of such objects or purposes as may be deemed most beneficial to the worthy poor in said city as the mayor and common council of said city may direct or approve. "Second serve fund." Dividends. Liens. Secondly.-One other or tenth part of said yearly net § {་ capital or reserve funds be used or appropriated for any such trust or trusts. § 11. The business affairs, funds and values of each and Funds kept seevery trust accepted for the society, by the directors, shall parate. be kept separate, each for its own account, except otherwise especially provided for in the deed or any deed creating such trust or trusts, and each of such trusts shall be at its own individual risk as to losers on securities taken in good faith, and taken for the respective accounts of any such trusts. 12. Nothing herein contained shall be construed to authorize the business of banking. Banking busi 13. This act shall be deemed to be a public act, and ness prohibited take effect from and after its passage. APPROVED March 6, 1867. AN ACT to incorporate the McLean County Banking Institution. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Owen T. Reeves, Michael Swann and B. F. Betsee, and their Name and style associates and successors, and all such persons as shall become lawful stockholders in the institution hereby created, shall be a body politic and corporate, by the name and style of "the McLean County Banking Institution;" and as such, shall have succession, a common seal, power to plead and be impleaded; to appoint all necessary officers, servants and assistants; and may have and enjoy, and exercise, all the powers necessary to carry out the purposes of a savings institution--to be locate in Bloomington, McLean county, Illinois. Powers. § 2. A majority of the corporators herein named, may proceed to open books for subscription to the stock of said institution, and shall, at the same time, or thereafter, desig- Stock subscripnate a time for the first election of trustees of said institu- tion. tion, by parties subscribing to the stock thereof; and each share of stock, so subscribed for, shall be entitled to one vote. §3. The capital stock of said company shall be fifty thousand dollars, with power to increase the same to five hundred thousand dollars; to be subscribed and paid for in the manner prescribed by the by-laws to be framed by said Capital stock. institution, and shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and shall be transferable on the books of said institution, in such manner as its by-laws shall prescribe. 4. The said institution shall have power to borrow Business money, and receive money on deposit, and to loan money, operations. either within or without this state, at any rate of interest not exceeding that now or hereafter, allowed by law to and |