books for the stock of said company, at such times and places as they may think proper, or appoint agents to open said subscription books, and receive such subscriptions; and the said commissioners or their agents, shall require of each subscriber to pay five dollars or execute a note therefor, as they may determine, on each share subscribed; and the same company may commence acting as, such corporation whenever ten thousand dollars are subscribed as its capital stock.

ney.

5. Said company shall have power to borrow money Borrowing of moand pledge or mortgage its property and franchises; to condemn, according to law, lands necessary for the track of said road, and for sites for depots, engine houses, water stations, side tracks, and all other buildings necessary for the convenience and accommodation of said road; and shall have power to receive, as stock in said company, lands or other property, and shall have full power to sell or convey the same when not required for the use of said road.

6. If any person shall willfully, or maliciously, or obstructing or inwantonly, contrary to law, obstruct the passage of any car juring the road. on said road, or any part thereof, or shall willfully break or damage or destroy any part of said road, or shall cut or injure said road, by driving teams, cattle, or horses, upon said road, or shall injure, in any manner, said road or the implements, or buildings, he, or she or they, or any person assisting, shall forfeit and pay to said company, for every such offense, treble the amount of damage that shall be proven before any competent court to have been sustained; and such offender or offenders shall be deemed guilty of a misdemeanor, and shall be liable to an indictment in the same manner as other indictments are found in the county where such offense shall have been committed; and, upon conviction, every such offender or offenders shall be liable to a fine not exceeding one thousand dollars, for the use of the county where such indictment may be found.

company.

§ 7. The officers of said company shall be a board of di- Officers of rectors, of five; a president selected from said board by said board; and a secretary and a treasurer, elected by said board. The said directors shall be chosen by the stockholders of said company, each share of stock being entitled to one vote; and said directors shall continue in office until their successors are chosen by the stockholders.

§ 8. This act shall be a public act, and shall be received as such in all courts, and as such adjudged as notice of its contents to all persons.

APPROVED February 22, 1861.

the

In force February 19, 1561.

AN ACT to incorporate the Farmers' Savings Association.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Edwin Littlefield, John A. Warren, Albert M. Pool, David R. Bearley, George Scott, and their associates and successors, and all such persons as shall become stockholders in the company hereby created, shall be a body politic and corpoCorporate name. rate, by the name and style of "The Farmers' Savings Association," and shall have succession, a common seal, with power 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 association.

Capital stock.

§ 2. The capital of the said company shall be one hundred thousand dollars, with liberty to increase the same to two hundred and fifty thousand dollars, to be subscribed and paid for in the manner hereinafter provided, 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 the said company, in such manner as its by-laws may prescribe.

3. The said company shall have power to borrow money, and receive money on deposit and pay interest thereon, and to loan the said money at any rate of interest not exceeding that now allowed by law to individuals, (or to discount in accordance with bank usage; and in computation of time thirty days shall be a month and twelve months a year,) taking such security therefor, either real or personal, as the trustees or managers of said corporation may deem sufficient; may buy and sell exchange, bills, notes, bonds or other securities; may have and hold coin or 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; may make such special regulations, in reference to trust funds, deposits or savings 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 hereinbefore specified, as may be agreed on; may grant and purchase annuities, issue letters of credit and other commercial obligations: Provided, the same shall not be in the similitude of bank notes or other evidences of debt, designed to circulate as money.

4. It shall be lawful for the company hereby incorporated, 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, or in payment of loans and debts due or to become due to the

said company; to purchase real estate, at any sale made in virtue of any loan, debt or mortgage made to or held by the said company; and to receive and take, in satisfaction of any such loan or debts, any real estate and to hold or convey. the same.

scription.

§ 5. The affairs of this company shall be managed by a Books for subboard of trustees of at least five, who shall be stockholders in the company to the extent of at least two thousand dollars each. Such election shall take place by the stockholders, when twenty thousand dollars shall have been subscribed, and five per cent. paid thereon. Any three of the corporators herein named shall be commissioners to open books for subscription, which shall be done within ninety days froin and after the passage of this act. The money so received by the commissioners shall be paid over to the trustees, when elected. The trustees shall elect a president from their own body, annually; make and execute such by-laws as may be convenient and necessary for the proper prosecution of the business of the company, not inconsistent with this act, or with the laws of this state or the United States; but no bylaws of this corporation shall be passed without the consent of a majority of the trustees. And all the acts of the duly appointed officers and agents of this company, done and performed under authority of the by-laws, shall be binding on the company.

§ 6. The election for trustees of this company shall be Election of trusheld annually, at the office of the company; and the board. shall give at least ten days' notice thereof to the stockholders, in such manner as they may determine. Every election for trustees shall be by ballot, and the name and number of shares voted by each stockholder voting shall be inscribed 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 trustees shall not impair, in any wise, the rights of stockholders, depositors, or others interested.

the shares.

7. Within sixty days after the election of the first Additional call on board of trustees, as provided for in section five of this act, the board of trustees shall call in an additional sum of fifteen dollars per share on each share of said stock, to be paid at such time and place as the trustees shall appoint, on due notice 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 payment of five dollars per share on the amount subscribed, as prescribed in the foregoing section, the said company shall be considered fully organized; and after the further payment of fifteen dollars per share on the whole number of one thousand shares of capital stock of this company, mak

Dividends.

ing up the whole amount of twenty thousand dollars, actually paid in, the company may commence its business in the full enjoyment of the privileges of this charter, at such place in the city of Henry as the said board of trustees shall di

rect.

§ 8. The board of trustees shall have power to call for the payment of the balance due on the subscription to the stock of this company at such times as they may deem proper; and in the event of the nonpayment of the balance due by any stockholder on his stock within sixty days after due notice, it shall be lawful for the trustees, at their option, to enforce such payment or to sell at public auction to the best advantage, the amount of stock standing in the name of said nonpaying stockholders, to any person or persons; and the proceeds of said sale, after deducting expense of sale and amount due on subscription, shall be paid over to said nonpaying stockholder, who shall thereupon cease to be a stockholder in this company; and the purchaser or purchasers of said 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 hereafter made on said shares of stock.

§ 9. The board of trustees shall have the power to declare dividends on the stock of said company, from time to time and at any time, after the accumulation of profits of said company shall exceed five per cent. on the amount of capital actually paid in: Provided, said dividends do not. reduce the surplus profits of the company below five per cent. on the amount of capital actually paid in; but in no case shall the amount of any dividend be paid over to any stockholder on his or her stock until the amount of fifty dollars per share has been paid into the said company. Increase of capi- § 10. At any time after the full payment of the original capital of one hundred thousand dollars into the company, as hereinbefore provided, the board of trustees may increase the capital of the company to the amount limited, or any part thereof, in shares of one hundred dollars each, in such manner as they may deem proper; and said increased stock shall be subject to all the liabilities, immunities and privileges of the original stock, as provided in this act. Stockholders shall have the option of subscribing to such increased stock, pro rata, within such time as the trustees may limit, of which due notice is to be given.

tal.

§ 11. This corporation shall exist for the full term of fifty years, succeeding the first day of March, 1861, a. D., 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.

12. That any real estate, acquired in fee by this corporation, and not held in trust or as security, other than what shall be necessary for the convenient use of the same

for the transaction of its business, shall not be held by the said corporation longer than five years, and shall, within that time, be sold and conveyed, either at public or private sale, so as to divest the said corporation of the title to and fee in the same.

13. Each shareholder in said corporation shall be per- Liabilities. sonally liable, to the extent of his stock, for all debts, express or implied, of said corporation, created during the time he was such shareholder, notwithstanding any transfer of the same, for six months after such transfer.

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

APPROVED February 22, 1861.

AN ACT to incorporate the Freeport Savings Institution.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Hiram Bright, Charles Rosenteil, F. W. S. Brawley, Thomas Coltman, Jonathan Reitzell, John S. Emmert, John H. Adams, O. Á. Tisdel and T. Orinsbee, and their successors, are hereby constituted a body corporate and politic, by the name of "The Freeport Savings Institution," to be located in the city of Freeport, Illinois.

§ 2. That said corporation shall be authorized to receive on deposit, from time to time, such sums of money as may be offered by clerks, boatmen, tradesmen, mechanics, laborers, servants, minors, married women, and others, who may wish to enjoy the advantages of the same, and to invest the same in state or United States stocks, bonds and mortgages, or other choses in action, which are amply secured, as soon as practicable; and the income or profits thereof, not exceeding six per cent. per annum, shall be applied and divided among the persons making such deposits, in just proportions, after first paying the necessary expenses of the management of the business of said corporation.

§3. This corporation shall pay the amounts deposited, together with the interest thereon, or any part thereof, to the depositors, at the place of business of said corporation, at any time during business hours, on demand: Provided, that of the deposits drawing interest, as aforesaid, not more than fifty dollars shall be paid to any one depositor in any one day, unless a written notice of the sum intended to be demanded shall have been given to the cashier of said corporation at least ten days previous to the time when such payment is desired.

§ 4. The business of said corporation shall be managed by a board of trustees, to consist of not less than five nor