this act.

at least six months preceding said meeting, to be held at the court house on the first Monday of April next, for the purpose Time when to of then and there voting for the adoption or rejection of this adopt or reject act. The majority of the legal voters there present shall determine the adoption or rejection of the same; Provided, That at Proviso. any subsequent meeting, like notice being given as aforesaid, the same may be adopted and take effect immediately there

after.

APPROVED by the Council, Feb. 3, 1840.

AN ACT in relation to the State Bank of Illinois.

In force Jan.

31, 1840.

SEC. 1. Be it enacted by the People of the State of Illinois, Charter of represented in the General Assembly, That the State Bank of State Bank Illinois is hereby revived, and the forfeiture of its charter for revived.. refusing to pay for its notes, or other evidences of debt, in specie, is hereby set aside; and said bank is hereby anthorized to transact all business as a body corporate, in as full and complete a manner as she might have done if said bank had not suspended specie payments; and every provision of law requiring or authorizing proceedings against said bank, with a view to fotfeit its charter, or wind up its concerns, or which requires said bank to suspend its operations and proceedings in consequence of its refusal to pay its notes, and other evidences of Time of revidebt, in specie, is hereby suspended, until the close of the next val of charter. session of the General Assembly of the State of Illinois: Pro- Proviso. vided, however, That to secure the benefit of the foregoing provisions, the said bank shall agree to conform to, and comply with, the following conditions, restrictions, and limitations, to wit: First. The said bank shall not hereafter make any loan on First. an hypothecation of the stock of the bank.

Second. That it will not, directly or indirectly, during its Second. suspension of specie payments, sell, dispose of, or part with, any of its specie, or gold or silver bullion, except for the purposes of change, to the amount of five dollars, or under the sum of five dollars.

Third. That it will furnish monthly, to the Executive of the Third. State, a fuil and complete statement of the condition and financial operations of said bank, and its branches, verified by the oath of [the] president or cashier of said bank, which statement shall be published in the newspaper of the Public Printer.

Fourth. That it will not, either directly or indirectly, issue, Fourth. or put into circulation, during the period of its suspension of specie payments, any bank bill, or note, or any evidence of debt, by which its circulation will be increased beyond the amount of the capital stock actually paid in.

Fifth. That it will receive, upon deposite, any funds belong- Fifth. ing to the State, which may be required to be so deposited,

Sixth.

Seventh.

Eighth.

Ninth.

Tenth.

Shall receive its own bills.

and pay the same out upon the order of the proper officer or agent of the State, in kind, free from charge; and also, all funds heretofore deposited by the State.

Sixth. Hereafter, any stockholder in said bank, owning five shares of the stock of said bank, shall be qualified to act as director of said bank.

Seventh. That until said bank shall resume specie payments, citizens and residents of this State, who are indebted to them upon notes heretofore discounted, shall be allowed to pay their debts in instalments, at the rate of ten per cent. upon each and every renewal upon the amount originally due, upon con

dition that such debtors shall execute new notes with satisfactory security, and pay the aforesaid per cent., and the interest in advance, according to the uses [usages] and customs of banking: Provided, That this section shall not apply to notes or bonds assigned or endorsed to the bank.

Eighth. That the said bank shall not, after their acceptance of the provisions of this act, suffer any person, firm, or house, to become indebted, at any one time, to the parent bank, or either of its branches, as principal, or maker, of any promissory note, or notes, in a sum greater than ten thousand dollars. That it shall not suffer any person, firm, or house, to become indebted to the parent bank, or any [either] of its branches, as security or endorser, on promissory notes, in a sum greater than ten thousand dollars, and that it shall not suffer any person, firm, or house, to become indebted to said bank, or either of its branches, as drawer, or endorser, of bills of exchange, in a sum greater than twenty-five thousand dollars; and in case any person, firm, or house, shall, at the time of the acceptance of this act by said bank, be indebted to it in any manner greater than is allowed by the preceding limits, said bank shall proceed to call in said debt hy instalments, until it shall not exceed the amount allowed by the above provisions.

Ninth. That at the next election for choosing directors of said bank, under the provisions of its charter, not less than three persons not now Directors, shall be chosen Directors by the stockholders; and thereafter, at each election, at least two new Directors shall be elected.

Tenth. After the acceptance of this act, if said bank shall fail to comply with any of the conditions, restrictions, or limitations, herein imposed, it shall be liable to be proceeded against as may now be done for a violation of any of the provisions of the original charter of said bank.

SEC. 2. The State Bank of Illinois shall at all times receive its own bank bills in payment of any demand, debt, or claim, due to the bank, from any individual or corporation whatever. Acceptance SEC. 3. Whenever the State Bank shall accept the provisof provisions ions of this act, and the president thereof shall file, in the office Sec. of State. of the Secretary of State, a certificate of the fact of such acceptance, under the corporate seal of said bank, then from and after the filing such certificate, said bank shall be considered

to be filed with

as entitled to the benefits of this act, and shall be bound by all the conditions, restrictions, and limitations herein contained.

SEC. 4. This act shall not be construcd so as to impair any Rights not rights acquired by individuals, or to prevent the holders of its impaired. notes, and other evidences of debt, from bringing and maintaining suits against said bank, for any notes, or other evidences of debt, which they now have, or may hereafter hold, against it: and the provisions of this section shall apply as well to notes heretofore issued, as to notes which may hereafter be issued by said bank.

removed with

SEC. 5. The Directors of the parent [bank] shall, within six Branch at months from the passage of this act, remove from Chicago the Chicago to be branch located at that place, and establish the same at such in six months. other place as the bank may deem proper.

APPROVED, by the Council, January 31st, 1840.

AN ACT to incorporate the Rock Island University.

In force, Jan.

18, 1840.

SEC. 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Charles Oakley, Persons comCharles S. Hempstead, Joshua Harper, Charles, C. Wilcox, posing body Philip K. Hanna, Osborn, Samuel L. Lamberson, Ru- corporate.

fus J. Hervey, Charles G. Thomas, Jonathan K. Woodruff, Germanicus Kent, James H. Gower, Alonzo P. Clapp, Lucius Wells, and William Hammond, and their successors, be, and they are hereby created a body politic and corporate, to be styled and known by the name of "the Trustees of the Rock Name and Island University." style. SEC. 2. The said University shall remain located at or near Location of Hampton, in the county of Rock Island. The number of University. trustees shall not exceed fifteen, exclusive of the chancellor, or Trustees. presiding officer of said university, who shall, ex officio, be a Chancellor member of the Board of Trustees. No other instructor shall be a member of the board.

Number of

SEC. 3. The object of said corporation shall be to qualify Object of coryouth to engage in the several employments and professions of poration. society, and to discharge honorably and usefully the various duties of life.

SEC. 4. The said corporation shall have power to purchase, Powers. receive and hold, for the sole use and benefit of said University, such personal property as may be proper and useful in promoting the cause of literature therein; and in its corporate name to sue, and be sued, plead, and be impleaded, answer, and be answered, in all courts of law and equity; to have a common seal, and to alter or change the same; to make such by-laws for its regulation as are not inconsistent with the constitution and laws of this State or of the United States; and to confer on such persons as may be considered worthy, such

Degrees may academical or honorary degrees as are usually conferred by be conferred. similar institutions.

Proviso.

SEC. 5. The trustees of said corporation shall have authority to elect a chancellor, to regulate all financial affairs, and to fill the various offices of instruction: Provided, That no person be appointed to such office, except he be first nominated by Further pro- the chancellor: Provided, also, That nothing herein contained shall authorize the establishment of a theological department in said University.

viso.

Trustees may be removed.

Proviso.

SEC. 6. The trustees for the time being shall have power to remove any trustee from his office of trustee for any dishonorable or criminal conduct: Provided, That no such removal shall take place without giving to such trustee notice of the charges exhibited against him, and an opportunity to defend himself before the board, nor unless that two-thirds of the whole number of trustees, for the time being, shall concur in such removal. The trustees for the time being, in order to have perpetual succession, shall have power as often as a trustee shall Vacancies to be removed from office, die, resign, or remove out of the State,

be filled.

Quorum.

Funds, how applied.

Proviso.

to appoint a resident of the State to fill the vacancy thus made in the board of trustees. A majority of the trustees for the time being, shall be a quorum to do business.

SEC. 7. The trustees shall faithfully apply the funds collected, or hereafter collected, according to their best judgment, in erecting suitable buildings, in supporting the necessary instructors, officers and agents, in procuring books, maps, charts, globes, philosophical, chemical and other apparatus necessary to aid in the promotion of sound learning in the University: Provided, That in case any donation, devise or bequest shall be made for particular purposes, accordant with the objects of the institution, and the trustees shall accept the same; every such donation, devise, or bequest, shall be applied in conformity Further pro- with the express condition of the devisors or donor: Provided, also, That lands donated or devised as aforesaid shall be disposed of as required by the tenth section of this act: And provided, further, That the said corporation shall have power to purchase, and hold no greater quanty of land than six hundred and forty acres (which power is hereby conferred) except the same is acquired by donation.

viso.

Still further proviso.

cers.

SEC. 8. The treasurer of said University, always, and all other agents when required by the trustees, before entering Bonds of offi- upon the duties of their appointments, shall give bond for the security of the corporation, in such penal sum, and with such securities as the Board of Trustees shall approve, and all proagainst cor- cess against the said corporation shall be by summons, and poration, how service of the same shall be by leaving an attested copy with the treasurer of the University, at least thirty days before return day thereof.

Process

served.

University free to all Christians.

SEC. 9. The said University and its preparatory departments shall be open to all denominations of Chistians, and the profession of any particular religious faith shall not be requir

ed of those who become students. All persons, however, may Idle and vibe suspended or expelled from said University, whose habits are idle, or vicious, or whose moral character is bad.

cious persons may be expel

led.

SEC. 10. The lands, tenements and hereditaments to be held in perpetuity in virtue of this act, shall not exceed six Limit of lands hundred and forty acres, except such as are for University to be held. buildings and necessary appurtenances: Provided, however, Proviso. That if donations, grants, or devises in land shall from time to time be made to said corporation over and above said six hundred and forty acres which may be held in perpetuity as aforesaid, the same may be received and held by said corporation Lands by for the period of nine years from the date of such donation, grant may be grant or devise; at the end of which time, if said lands over and above the said six hundred and forty acres shall not have been sold by the said corporation, then, and in that case, the said land so donated, granted, or devised, shall revert to the When lands shall revert. donor, or grantor, or to the heirs of the devisor of the same. APPROVED, January 18th, 1840.

held nine years.

AN ACT for the incorporation of the Fayetté Steam Mill Company.

In force, Jan.

18, 1840.

corporate.

SEC. 1. Be it enacted by the people of the State of Illinois' represented in the General Assembly, That James Black, Jo- Persons comseph Chaffin, Fred'k Remann, Benjamin Buckmaster, Harvey posing body Lee, John Denton, Joseph T. Eccles, R. K. McLaughlin and N. M. McCurdy, and their associates, successors, and assigns, be, and they are hereby constituted a body politic and corporate by the name and style of "The Fayette Steam Mill Com- Name and pany," for the more convenient owning and conducting a style. steam-saw and grist-mill, to be propelled by one or more steam engines, in the county of Fayette; and the transactions of all the usual business of companies engaged in the manufacture of flour, meal and lumber, and the transportation, and vending the same; and the said corporation, by the said name, is declared, and hereby made capable in law, to sue, and be sued, Powers. to plead, and be impleaded, to have a common seal, and the same to alter and renew at pleasure; to make rules and by-laws for the regulation and management of the said corporation, consistent with the laws of this State; and generally to do and execute whatever by-law shall appertain to such bodies politic: Provided, That nothing herein contained, shall be Proviso. considered as conferring on the said corporation any banking Banking priprivileges, but they shall be exclusively confined to the tions necessary for carrying on the business consequent upon the running and conducting of Steam-mills.

opera

vileges not granted.

SEC. 2. The said corporation shall have the right to hold, May hold one possess, and enjoy, any quantity of land, not exceeding one thousand athousand acres, and the whole amount of capital stock shall cres of land. Capital stock. not exceed in value twenty thousand dollars, and shall be di