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Contract for erection of court house.
§ 5. Said mayor and common council shall have power to enter into contract with the board of supervisors of said county of Knox for the erection, at the joint expense of said county and city, of the court house and county buildings aforesaid, and for the joint use, by said city and county, of said buildings, and purchase of said site, either prior or subsequent to the holding of such election; but in case the same shall be entered into prior to said election, said contract shall have no validity or effect, unless a majority of the legal votes cast at said election shall be given in favor of said loan and appropriation of money aforesaid; and when so ratified by a majority of the legal votes cast at such election given in favor of said loan and appropriation, said contract shall be in full force and effect.
$ 6. This act shall take effect and be in force from and after its passage:
APPROVED February 14, 1863.
In force February AN ACT to amend “An act to incorporate the Rosehill Cemetery Company,"
approved February 11, 1859.
Permanent fund provided for.
WHEREAS the lotholders in Rosehill cemetery have become
fearful that the said cemetery may, after the lots therein shall have been sold, come to be neglected and left without care; therefore, to prevent the possibility of such result, the Rosehill cemetery company proposes these amendments to its charter: SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That there shall be set apart and kept, to be reserved and expended as hereinafter provided, the sum of ten per centum, or one
of all the proceeds hereafter to be received from the sale of lots by the Rosehill cemetery company, incorporated by that name by an act approved February 11, 1859, until the sum so reserved and set apart shall amount to one hundred thousand dollars.
§ 2. That the aforesaid sum of one hundred thousand dollars shall be kept and preserved as a fund, for all time to come, for the preserving, maintaining and ornamenting the grounds, lots, walks, shrubbery, memorials, boundaries, structures, and all other things, in and about said cemetery, and belonging to said corporation, so that the purpose and intention thereof shall be carried out, and so that said grounds shall be and continue as cemetery grounds forever.
§ 3. That the said corporation, by its proper officers, shall pay over the said ten per cent of all sales of lots, from time to time, and as often as they shall be thereunto re
Fund-for what purpose created
How created and invested.
quired, to three trustees, who are hereby constituted the “Board of Trustees of the Rosehill Cemetery," who shall be owners of lots in said Rosehill cemetery, and who shall be appointed as hereinafter provided, who shall keep the said fund in their possession until a sufficient amount has accumulated to purchase such one of the securities hereinafter provided, as shall be deemed best by the said trustees, and as often as there shall be a sufficient accumulation for the purpose as above provided. The said trustees shall invest the said fund in the bonds or securities of the city of Chicago, the bonds or securities of the county of Cook, the bonds or securities of the State of Illinois, or the bonds or securities of the United States, as they shall deem best; or, if no such bonds can be had, then in other state securities of the highest value, looking to their safety and the amount of interest to be received therefrom. The said bonds or securities, so purchased, shall be at once deposited in the custody of the mayor and comptroller of the city of Chicago, as a special deposit—the said bonds having been first plainly indorsed as belonging to the safety fund of the Rosehill cemetery. The said fund, when so invested, shall be kept and held for the uses and purposes specified in the second section of this act, and no other.
§ 4. It is hereby directed that only the interest or in- Increase only to crease of the sum invested under the authority of this act shall be expended for the purposes herein specified.
§ 5. The said trustees may, in their discretion, and whenever they believe the securities belonging to said fund may be improved or increased, or the receipts therefrom increased, change the same from time to time, always preserving or reserving the capital sum, and expending only the interest or profits therefrom.
$ 6. Whenever the principal sum of any of the bonds or When bonds masecurities so held, as aforesaid, shall become due and paya- collected and reble, the said trustees may cause the same to be collected, invested. and the proceeds thereof to be invested in the same manner as is provided in the third section of this act.
§ 7. Whenever the interest or coupons upon any of the Accruing interest said bonds or securities shall become due and payable, the said trustees shall collect the same, and shall cause the amount of the said interest or income to be at once expended upon the said cemetery grounds, for the purposes above provided, in such manner as they shall deem proper : Provided, that the same shall be expended by and with the advice of the board of managers of said cemetery company, as long as said board of managers shall continue to exist.
$ 8. The said board of trustees, created under this act, Trustees or hereafter to be appointed, may bring suits at law or in equity against the said Rosehill cemetery company, or do any other matter or thing to carry out the spirit and intent of this act, and may restrain the said corporation from sell
to be used.
may bring suits.
Appointment of trustees.
New trustees how selected.
ing lots in said cemetery grounds, in case of failure to pay over and account for the said tenth part of lots sold, as is hereby provided and directed.
That Frederick Tuttle, C. N. Holden and L. B. Sidway, are appointed the first board of trustees, under this act; that said board of trustees shall hold their offices as follows: one until the first day of May, 1865, one until the first day of May, 1867, and one until the first day of May, 1869, and until their successors are appointed; that at the first meeting of said trustees after the passage of this act, the said trustees shall determine, by lot, which of said terms of office shall be held by each of them, respectively, and shall notify the board of managers of said cemetery company of the same.
§ 10. At the expiration of the term of office of either of said trustees, or their successors, it shall be the duty of the board of managers of the said cemetery company to call a meeting of the lotholders of said cemetery, who shall elect a new trustee, who shall hold his office for the term of six years, from the first of May, in the year in which his term of office properly commences, and until his successor is appointed; and in case the said' board of managers shall fail to call a meeting, as aforesaid, then, on the application of ten owners of lots in said cemetery, the said remaining trustees shall call a meeting of the lotholders, who may proceed to elect, as above provided; and in case the office of any trustee shall at any time become vacant, by death, resignation or otherwise, a new trustee may be elected, for the unexpired term, at a meeting of lot owners, to be called as is herein above provided for in case of the expiration of the term of office of any trustee; and in case said board of trustees shall have become extinct, or shall fail or refuse to call a meeting, as above, then any ten lot owners may call a meeting of lot owners in said cemetery, by advertising the same in two daily papers published in the county of Cook, for at least ten days previously thereto, at which a trustee may be elected, as above.
$ 11. All the rights, powers and franchises conferred by an act of the General Assembly of this State, approved February 24, 1859, entitled "An act to amend an act entitled 'an act to incorporate the Carlinville Cemetery Association,'” approved February 18th, 1853, are hereby granted to and conferred upon said Rosehill cemetery company, its successors and assigns. But all applications under said powers shall be made to the county judge of Cook county, and notices in such proceedings published in any newspaper in the city of Chicago.
§ 12. All vacancies in the board of consultation 'of the beard et com sial: said cemetery company shall be filled by the election of the
lotholders, at any meeting holden for the election of trustees, as above provided.
Additional pow. ers conferred.
$ 13. Whenever the said Rosehill cemetery company acceptance, to shall, by its board of managers, vote to accept this act as a become part of part of the charter of the said company, and shall file for record in the office of the recorder of the county of Cook, a certificate, signed by the said board of managers and the executive officers of the said company, and attested by the seal of the said company, showing that the said company have so accepted this act, from the
date of filing of the said certificate, this act shall become a part of the charter of said company; and the said Rosehill cemetery company shall be bound by the same as fully and completely, in all respects, as by the act incorporating the said cemetery company, to which this is an amendment.
§ 14. This act and the act hereby amended are hereby declared to be public acts, and as such are to be recognized and considered.
$ 15. This act shall take effect from and after its passage.
APPROVED Februaty 13, 1863.
AN ACT to incorporate the Chicago Dock Company.
In force February
Be it enacted by the People of the State of Illinois, represented in the General Assembly
SECTION 1. That Dean Richmond, John Young, Burden Corporators. B. Sherman, John H. Dunham, Peter L. Yoe, George Watson, and their associates, are hereby created a body politic, under the name and style of “Chicago Dock Company.' As such, shall have perpetual succession, and may sue and be sued in any court whatever; with powers and privileges as are hereinafter provided.
§ 2. The capital stock of said company shall not exceed Capital stock. one million of dollars, in shares of one hundred dollars each ; but when one hundred thousand dollars shall have been actually subscribed, and twenty-five thousand dollars paid in, in cash, the said company may organize and proceed to business under this charter.
§ 3. The business and the corporate powers of said com- Directors. pany shall be exercised by a board of directors, not exceeding five, nor less than three. The three last above named corporators shall be members of the first board; and, annually, thereafter, after its organization, the stockholders shall elect directors.' The directors shall have power to make such by-laws, for the conducting of its business, as are not inconsistent with the laws of this State or the United States.
§ 4. It shall be lawful for said company to lease, pur-Mem velo 20 ropese chase, hold and convey all such real and personal estate as ty.
May hold oonvey
Powers of company.
may be necessary to carry on their business, as well as such real and personal estate as they may deem it necessary to acquire, in the enforcement or settlement of any claim or demand arising out of their business transactions, and to sell or exchange the same for other property, as they may determine that the interests of the company may require. And the said company are hereby authorized to make, execute and issue, in the transaction of their business, all necessary receipts, certificates and contracts; which receipts, certificates and contracts shall bear the impress or stamp of the seal of the company, and shall be signed by the president or vice president, and countersigned by the secretary or treasurer thereof.
$ 5. The said company shall have power to receive upon storage, deposit or otherwise, grain, flour, provisions, freights, stocks, bonds, merchandise, warehouse receipts, bills of lading, railroad and transportation certificates, and evidences of debt, and other property, and to take the management, custody and control of the same; and to advance moneys, give receipts, grant credits, and give security, upon any property, real and personal, and guaranty payment upon freight bills, bills of lading, warehouse receipts, and evidences of debt, on such terms, and at such rates of interest, not exceeding ten per cent. per annum, as may be agreed upon. All warehouse receipts, certificates, or other evidences of the deposit of property, issued by said company, shall be deemed, in the hands of the holder thereof, as ab. solute title to the ownership of said property, both in law and equity
$ 6. It shall be lawful for said company to sell, at public auction, or private sale, as may be specified in the contract between the parties, all property, of what kind soever, mentioned in or affected by said contract, after ten days shall have elapsed from the time of the maturity of any obligation under said contract, or immediately upon the discovery of any fraud, misrepresentation or concealment, in regard to the ownership, character or any other matter relating to the property mentioned in or affected by said contract, and to reimburse themselves, out of the avails of such sale, for the moneys due them, with the interest, storage, cost and charges, and to indemnify themselves for any loss they may have sustained by the nonfulfillment of said contract.
§ 7. It shall be the duty of said company to use all readeposited, etc. sonable care and diligence in the keeping of all property
deposited with them; but they shall not be deemed insurers thereof; and in case any property deposited with the said company, upon which any advances shall have been made by them, shall, before the maturity of the contract, from any cause, decrease in value from the price originally fixed, said company may give notice to the owner of such property, or
May sell property stored, etc.
Care of property