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his agent, to perform the conditions of the contract, or make good the deficiency caused by such decrease in value; and, in default thereof, may sell and dispose of such property, at public sale, and out of the proceeds thereof may retain the amount due them under the contract, together with the costs, charges and expenses.
§ 8. The stock of said company shall be transferable only on the books of the company.
9. This act shall take effect from and after its passage, and be deemed a public act, and liberally construed as such. APPROVED February 13, 1863.
AN ACT to incorporate the "Chamber of Commerce of the City of Chicago." In force April 14
SECTION 1. Be it enacted by the People of the State Illinois, represented in the General Assembly, That John C. Hilton, T. J. S. Flint, Charles H. Walker, Thomas Harless, Corporators. Asa Dow, Clinton Briggs, Henry Milward, Thomas B. Taylor, S. M. Johnson, Hugh McLennan, M. C. Stearns, V. A. Turpin, Hugh Adams, Hiram Wheeler, W. F. Coolbaugh, Walter S. Gurnee Marcus D. Gilman, Myron H. Norton, Potter Palmer, William M. Ross, William R. Arthur, John B. Turner, John F. Tracy, John V. Ayer, David Kreigh, Horatio Read, of the city of Chicago; and F. W. Leonard, of Pekin; J. M. Rollins, of Quincy; G. B. Stiles, of Dixon; Tobias S. Bradley, of Peoria; N. H. Ridgely, of Springfield; George Woodruff, of Joliet; and John D. McIntire, of Pekin, in the State of Illinois, their associates and successors, are created a body politic and corporate, under the name and style of the "Chamber of Commerce of the City of Chi- Style-powers. cago;" and by that name shall have succession; may sue and be sued, implead and be impleaded, in any court of law and equity; receive and hold property, effects and hereditaments, real and personal, by gift, devise, purchase or acquisition, and dispose of the same, by gift, lease, sale or otherwise; and they and their successors shall have a common seal, and may alter and change the same at their discretion; and may make such rules, regulations, and by-laws, and change the same, as may be necessary and proper for the government and for the management of the business of the corporation hereby created.
§ 2. All the finance and business concerns of the cor- Directors. poration shall be managed and conducted by a board of directors.
election and terms of office.
§ 3. The board of directors shall consist of a president, Their vice president, and eleven directors, all of whom shall be residents of the State of Illinois. They shall be elected by ballot each share holder having a vote for each share of
CHICAGO CHAMBER OF COMMERCE.
which he shall be the owner on the first Tuesday of March of each year. Their term of office shall continue for one year from said date or until their successors shall be elected and qualified. In case of any vacancy, the same shall be filled. by like election, to be held after ten days' notice given by the president of said board; which said notice shall be given at the request of any member of the corporation. Seven of the members composing said board shall constitute a quorum for the transaction of business.
$ 4. The time and manner of holding elections, and making and appointing of said officers and appointees, as are not named in section third of this act shall be established by the by-laws and regulations of said corporation.
§ 5. The said corporation shall have the right to make such by-laws, rules and regulations as they may adopt for the government of said corporation, and the admission and expulsion of members: Provided, no person shall ever be rejected or expelled for religious or political tenets; and no member shall be expelled or any penalty inflicted upon said member for any offense against said corporation, except upon conviction, after due notice, and a fair trial and hearing in the presence of the accused,-(unless said member has absconded,)-who shall be permitted to examine and cross-examine witness upon said trial. The testimony taken at said trial, if requested by either party, shall be taken in writing, and accessible to either, for reading, copying or publishing the same.
etc., § 6. Said corporation may constitute and appoint commay be appoint mittees of reference and arbitration, and committees of ap
peals, who shall be governed, in their practice, by the cus-
7. When any submission shall have been made, in writing, and a final award shall have been rendered, and no appeal taken within the time fixed by the by-laws, then, in filing such award, together with any written exceptions that may be filed in said submission by either party, in any court of record, where such arbitration shall be held, or in any court of record, where the party against whom said award may be found resides, and judgment entered thereon, and execution issued, in the same manner and under the same rules and regulations that other awards may be entered
under and by virtue of the permission of the seventh chapter of the Revised Statutes, entitled "Arbitrations and Awards," writs of error may be had and appeals taken from the decisions of the court, in the same manner as is prescribed in said chapter.
§ 8. It shall be lawful for said corporation, when they Bonds. shall think proper, to receive and require of and from their officers, whether elected or appointed, good and sufficient bonds, for the faithful discharge of their duties and trusts; and the president and secretary is hereby authorized to administer such oaths of office as may be prescribed in the bylaws or rules of said corporation; and bonds shall be made payable and conditioned, as prescribed by the rules or bylaws of said corporation, and may be sued and the moneys collected and held for the use of the party injured, or such other uses as may be determined upon by said corporation. § 9. Said corporation shall have power to appoint one Inspectors ma or more persons, as they may see fit, to examine, weigh, measure, gauge, or inspect flour, grain, provisions, liquor, lumber, or any other article of produce or traffic commonly dealt in by the members of said corporation; and the certificate of said person or inspector, as to the quality or quantity of any such article, or their brand or mark upon it, or upon any package containing any such article, shall be evidence, between buyers and sellers, of the quality, grade or quantity of the same, and shall be binding upon the members of said corporation or others interested, and acquiescing or assenting to the employment of such weigher, measurer, gauger or inspector; nothing therein contained, however, shall compel the employment, by any one, of any such appointee. That such weighers, measurers, gaugers and inspectors shall have the right to weigh, measure, gauge and inspect all such goods, wares and merchandise, in the place where it may be situate, if the same privilege is granted by the bailee to any appointee of any other corporation, association, company or person, for like purposes.
§ 10. Said corporation may inflict fines upon its mem- Fines, etc. bers, and collect the same, for breach of its rules, regulations or by-laws; but no fine shall exceed one hundred dollars. Such fines may be collected by an action of debt, in the name of the corporation, before any court of record, or before any justice of the peace, in Cook county, or in the county wherein the party fined shall reside; and any share or shares standing in the name of the member, or so much thereof as shall fully pay and satisfy said fine, together with the costs due in the collection of the same, shall not be transferred until said fine and cost are fully paid.
§ 11. The corporators named in this act, or a majority Books of of them, may, upon giving three days' notice, by publication scription. in a newspaper published in Chicago, open books for subscriptions to the stock of said corporation. The shares shall
not exceed one hundred dollars each; and whenever twenty subscribers may have paid their subscription, in full, an election of officers may be had and an organization perfected, under this act. In the election of the president, vice president and board of directors, each share shall be entitled to a vote; but nothing herein contained shall authorize any shareholder to vote or have any privileges of the corporation, other than subject to the rules, regulations and by-laws for the regular government of members of this said corporaAPPROVED February 14, 1863.
In force February 16, 1863.
Objects of company.
Purchase of real estate.
AN ACT to incorporate the Chicago Post Company.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That James W. Sheahan, Andre Matteson, James S. Adams, William Piggot, and George W. Morris, and their associates and successors and assigns, are hereby created a body corporate and politic, under and by the name, style and title of “The Chicago Post Company," with perpetual succession; and by that name shall be and are hereby made capable, in law and equity, to sue and be sued, plead and be impleaded, defend and be defended, in all courts of law or equity in this State or elsewhere; to make, have and use a common seal, and the same to renew or alter at pleasure; and shall be and are hereby vested with all the powers, privileges and immunities which are or may be necessary to carry into effect the purposes and objects of this act. The capital stock of said company shall be one hundred thousand dollars; the same to be divided into shares of fifty dollars each; which capital shall be used, mainly, in the printing, publishing and binding business, in the city of Chicago, county of Cook, and State of Illinois; and be invested in such engines, printing presses, machinery, types, paper, fixtures and such other articles as may be necessary to carry on the printing, publishing and binding business.
§ 2. And be it further enacted, That the said company shall, also, have power to manufacture, in the city of Chicago or elsewhere, paper and such other articles as they may use in the business of printing, publishing and binding, as aforesaid; and shall have power to purchase and hold so much real estate and water power as may be necessary to carry out the provisions of this section.
3. And be it further enacted, That the said company shall have power to purchase and hold all such real estate as may be sold under mortgage, trust deed, execution, or
other legal process, to secure and satisfy debts due to the said company.
§ 4. And be it further enacted, That the said company shall have power, to purchase and hold so much real estate and lots, not exceeding two hundred (200) feet front on any street in the city of Chicago, and to erect suitable buildings thereon; the same to be used, mainly, in the printing, publishing, binding and manufacturing business, as aforesaid. And all real estate purchased under the provisions of the second and third and this section of this act may be sold, aliened and conveyed, at the pleasure of said Chicago Post Company. All deeds of such real estate shall be made to said Chicago Post Company. And deeds and conveyances made by said company shall be authorized by vote of the stockholders who own or legally represent at least twothirds of the shares of the stock of said company. And said deeds and conveyances shall be signed by the president and secretary of said company, and be attested by the corporate seal thereof.
5. And be it further enacted, That said Chicago Post Lease of prop. Company shall have power, to lease such real estate and erty. buildings as may be necessary to carry on the business of said company; and said company may sub-let or lease to others such apartments or rooms in their own building or buildings, leased by them, as may not be needed in the printing, publishing and binding business, as aforesaid.
§ 6. And be it further enacted, That the said company Rules and regulashall have power to make all needful and necessary rules tions. for the regulation and direction of its affairs; and, when so made, they shall be binding upon the stockholders of the said company; and said rules, thereafter, shall not be altered, changed or amended, except by vote of the stockholders owning or legally representing at least two-thirds of the shares of the stock of the said company, at some regular meeting; of which due notice shall be given, in writing or otherwise, to all of said stockholders, at least ten days before said meeting.
§ 7. And be it further enacted, That whenever stock Organization. to the amount of forty thousand dollars shall have been subscribed and twenty-five per cent. thereof shall have been paid, it shall be lawful for the stockholders to commence business, under this act; and they may elect and appoint a president, secretary and treasurer, and such other officers and servants as they may deem necessary, and fix their compensation and term of office, by such by-laws as they may make and establish; and the said stockholders shall be liable, in proportion to the amount of stock severally held by them, for all debts contracted by the said corporation during the time they were stockholders aforesaid and for six months after the assignment of the stock so held by them respectively.