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 laws of the United States; but no by-laws shall be made 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 the authority of the by-laws, shall be binding on the company. The board of Filling of vacandirectors shall have power to fill any vacancies that may occur in their own body-a plurality of votes constituting a choice. And a majority of the board present shall constitute a quorum for the transaction of business.

cies.

election

of directors.

§ 6. The election of directors of this company shall be Annual held, annually, at the office of the company; and the board of said directors shall give at least ten days' notice 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 owned by 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 her name on the books of the company; and may vote in person or by proxy. Any omission or failure to elect directors shall not impair, in anywise, the right of stockholders, depositors or others interested. No stockholder shall be entitled to vote Qualifications of who is in arrear to the company with the payment of the capital stock called for and due at the time of election.

voters.

7. At any time after the payment of the original stock Capital stock. of fifty thousand dollars, as herein before provided, the board of directors 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 increase shall be subjected 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 directors may limit; of which due notice is to be given.

centage on

§ 8. After the election of the first board of directors, as Additional provided by a previous section of this act, the board of di- shares. rectors may call a meeting of the stockholders of this company, for the purpose of calling on an additional per centage per share of said stock; and if, at such meeting, a majority of the stockholders shall resolve to call on an additional sum, said meeting of stockholders shall fix the per centage, so to be called in; and the board of directors shall then call in such additional per centage, per share, of stock; to be paid in at such time and place as the board of directors may 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.

per

Individual liability.

Deposits by minors, &c.

Dividends.

After the payment of twenty-five per cent. on the amount subscribed, as provided in a foregoing section, the said company shall be considered fully organized, and may commence its business, in the full enjoyment of the privileges of this charter, at such place in the city of Peoria, in the county of Peoria, as the said board of directors shall elect. § 9. Eyery stockholder of the company incorporated under this act shall be severally individually liable to the depositors with and creditors of the company to an amount equal to the amount of stock held by him, respectively, for all deposits made with and debts and contracts made by the company; but no stockholder shall be personally liable for the payment of any deposit made with or debts contracted by the company formed under this act, unless a suit for col. lection of such deposit or debt shall be brought against the company within one year from the time the same may be due or become due, nor until an execution shall have been returned unsatisfied, in whole or in part.

§ 10. Any minor or married woman shall have a right to deposit money with said company, in his or her name; and such deposit shall not be transferable, but shall be paid only to the depositors, or on his or her death to his or her administrator or next of kin.

§ 11. The board of directors 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 of profits of the company below five per cent. on the amount of capital actually paid in.

§ 12. This company shall exist for the period of fifty years, from the day of the passage of this act, and shall be entitled to use all its corporate powers for two years thereafter, for the purpose of closing up its affairs.

13. This act shall take effect and be in force from and after its passage, and be liberally construed by the courts in this state.

APPROVED February 20, 1861.

In force February AN ACT to incorporate the Merchants', Farmers' and Mechanics' Savings 22, 1861.

Bank.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Mordecai Myers, Thomas R. Jackson, Sydney Myers, Josias Grant and George P. Chappell, and such other persons as may become stockholders in the corporation hereby created, be

and are declared and constituted a body corporate, by the name and style of "The Merchants', Farmers' and Mechan- Corporate name. ics' Savings Bank;" and may have and use a common seal.

2. The capital stock shall be fifty thousand dollars, Capital stock. and may be increased by said corporation to any sum not exceeding five hundred thousand dollars; shall be divided into shares of fifty dollars each, and deemed personal property. Each subscriber of stock shall pay, at the time of subscribing, twenty per cent. of the sum subscribed, and the remainder when called for by the said corporation. The corporators, or a majority of them, may open books, for the subscription of stock, at Galesburg, Knox county, state of Illinois, at such time and place as they may appoint, upon giving twenty days' notice thereof in some newspaper published in that county; and when the sum of thirty thousand dollars is subscribed the said corporation, or a majority of them, shall give notice of the time and place, in like manner, to the stockholders, to meet and elect directors and organize said corporation. The stockholders may elect five Directors. directors, who shall hold their office until their successors are elected and qualified under the by-laws of the corporation. The directors may elect a president and cashier, one of whom shall be a stockholder and director. The directors shall have power to fill any vacancy in their number. At each meeting of the stockholders each share shall be entitled to one vote, in person or by proxy.

3. The said corporation shall be authorized to receive money from any person or persons, who may wish to deposit the same. Married women and minors may, in their own names, deposit money with said corporation and receive certificate of deposit in their own names, and which deposits shall be subject to their order only. All deposits of money shall be used and improved in a manner not inconsistent with the laws of this state; and any rate of interest, not exceeding that allowed by law, shall be paid for such deposits.

and privileges.

4. The said corporation may accept and execute all Corporate powers such trusts, whether fiduciary or otherwise, as shall [or] may be committed to it by any person or persons, or by the order of any court tribunal in the state of Illinois; may make such special regulations in reference to trust funds, deposits or savings, as shall best aid the depositors and parties interested, by accumulating and increasing the same, allowing and receiving such rate of interest therefor, not greater than hereinbefore mentioned, as may be agreed upon; 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. The said corporation shall have power to loan money, to receive money on deposit and pay interest therefor, and to loan money, at any rate of interest, not exceeding ten per cent.

Quorum.

estate.

per annum, or to discount, in accordance with bank usage;
and in the computation of time thirty days shall be a month
and twelve months a year; and take such security as the
directors may see proper; may take stock in other corpora-
tions; may buy and sell exchange, bills, notes, bonds and
other securities; and may have and hold coin and bullion.

§ 5. The business of said corporation shall be conducted by the directors, and in such manner as they may direct. Three of the directors, one of whom shall be the president or cashier, shall be a quorum to transact any business of the board of directors. The officers of said corporation shall perform such duties as may be enjoined upon them by the board of directors, and such as are usual in such corporations. Purchase of real § 6. The said corporation shall have power to purchase and hold all such real and personal estate as may be convenient for the transaction of its business; to take and hold any real estate as security for and in payment of loans and debts due or to become due to said corporation, and to purchase real and personal estate, at any sale, to enforce its securities or the payment of debts due, made by virtue of any process, mortgage or deed of trust, and to hold said property, or to sell and convey the same, or any part thereof, at such price and under such conditions as the directors or officers think proper.

Liability of stockholders.

87. All the stockholders of said corporation shall be severally individually liable to its depositors and creditors to an amount equal to the amount of stock held by them, respectively; and such liability shall continue for one year after the sale and transfer of any such stock by any stockholder; and no suit shall be brought against any such stockholder, for any such liability, who shall cease to be a stockholder, unless the same be brought within one year from the time he shall cease to be a stockholder: Provided, that the time that any suit that may be pending against the corporation, for the same cause of action, shall be deducted from the said term of one [year.]

§ 8. In case any stockholder shall fail to pay any installment for thirty days after a call therefor the directors may declare the stock forfeited to the corporation.

9. This act shall take effect from and after its passage., APPROVED February 22, 1861.

In force February AN ACT to exempt certain property of the American Bible Society from

20, 1861.

taxation.

SECTION 1. Be it enacted by the People of the State of
Illinois, represented in the General Assembly, That the

following property, that is now or may hereafter be owne by the American Bible Society, shall be exempt from a taxes whatsoever, to wit: real estate, not exceeding in value one thousand dollars, together with all bibles, and testaments, and articles of personal property, used by said society, or necessary for the prosecution of the objects of said society.

APPROVED February 20, 1861.

AN ACT to incorporate a benevolent institution in the city of Chicago, Cook In force February county, under the name of "The City Mi sion and Church Home."

22, 1861.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Edmund B. Tuttle, Robert H. Clarkson, Clinton Locke, John O. Barton, Hiram N. Bishop, Edwin H. Sheldon, C. Rollin Larrabee, George P. Lee, John M. Loomis, John Kirk, and their successors, shall be and they are hereby constituted a corporation and body politic, by the name of "The City Corporate name. Mission and Church Home, of Chicago;" and by that name shall have perpetual succession; and may sue and be sued, implead and be impleaded; and may purchase and hold property, whether acquired by purchase, gift, or devise, and whether real, or personal, or mixed; and may make and have a corporate seal; and shall have all other rights belonging to similar corporations.

sociation.

§ 2. And be it enacted, That the object of said associa- Objects of the astion is hereby declared to be the care of and providing for the aged, the sick, the orphaned and the destitute, and such other purposes incidental and kindred to those above mentioned as the persons named in the first section of this act, and their successors, may prescribe.

affairs.

§ 3. And be it enacted, That the entire management of Management the affairs and concerns of said corporation, and all the corporate powers herein granted, shall be and are hereby vested in the persons named in the first section of this act.

tions.

§ 4. And be it enacted, That the persons above named, Rules and regulaand their successors, shall have power, from time to time, to enact by-laws for the regulation and management of the affairs and concerns of said corporation, and to fill vacancies in their number, occasioned by death, resignation, removal from the city of Chicago, and otherwise.

APPROVED February 22, 1861.

f