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Caption: Book - History of the University (Powell)
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560 History University of Illinois SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That J. W. Singleton, Thomas Quick, William A. Hacker, Walter Buchanan, B. C. Renois, Harmon Alexander, Curtis Blakeman, James G. Stipp and Zadoc Casey, and all such other persons as may become associated with them, are hereby constituted a body corporate, by the name and style of the Illinois Agricultural College, for the purpose of instruction and science in practical and scientific agriculture, and in the mechanic arts. 2. The capital stock of said company shall be fifty thousand dollars, with liberty to increase it to the sum of two hundred thousand dollars, to be divided into shares of one hundred dollars, which shall be considered personal property, and assignable in such manner as said corporation may, by its by-laws, from time to time provide. The capital stock of said corporation shall be exclusively devoted to the purposes named in the first section of this act; and to that end said corporation may acquire, by purchase or otherwise, hold and convey real estate to the amount of its capital. 3. Within ninety days from the passage of this act, the said corporators shall open a subscription book for said stock, at such times and places as they shall appoint, giving at least fourteen days' previous notice of the same in two or more newspapers in this State. Ten per cent of the whole amount of the stock taken shall be paid at the time of subscription, and the balance shall be paid at such time, place and manner as shall be required by the directors of said company. J 111. Agric. College incorporated Capital Stock. Officers to be elected I Whenever twenty-five thousand dollars shall have been subscribed, it shall be the duty of
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