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Time to cornmence work in limited.
Sec. 5. If such corporation shall not within two years from and after this act, commence the construction of said canal and locks and dams, and shall not within five years complete the clearing, damming and locking of said river, and the construction of said canal, then the rights, privileges and powers of said corpo
ration shall be void. When com- Sec. 6. Whenever four hundred shares of the capital stock call meeting, shall have been subscribed, the commissioners shall call a meeting
of the stockholders at such time and place as they may appoint, by giving thirty day's notice of such meeting in the manner prescribed in the first section of this act, and at such meeting shall
lay the books of subscription before the subscribers then present ; Stockholders and thereupon the stockholders may elect seven directors by tors; presi - ballot, a majority of whom will be competent to manage the affairs
of such company; and said directors are empowered to elect one ted to vote. of their number president, and on all occasions when a vote of
the stockholders is to be taken, each and every share shall entitle the bolder thereof to one vote, either by himself in person, or by
to elect direc-
be chosen annually; Vacancy.
Directors to · Sec. 7. To continue the succession of president and directors
of said company, seven directors shall be chosen annually, on the first Monday of October, at such place as may be appointed by the directors; and if any vacancies shall occur by death, resignation or otherwise, of any president or director, before the year for which he was elected shall have expired, such vacancy for the remainder of the year may be filled by the directors of said company, or a majority of them. The president and directors of said company shall hold their offices for one year, and until others are chosen and qualified in their stead; all elections which are by this act, or by the by-laws of the company, to be made on any particular day, if not made on such day, may be made at any time thereafter, provided the notice contemplated in the first section of
this act shall have been given.' Meetings of Sec. 8. A general meeting of the stockholders of said company
shall be held annually, at the time and place appointed for the election of president and directors; and a meeting may be called at any time during the interval between the said annual meetings, by the president and directors, or by the stockholders owning not less than one eighth of the stock, by giving thirty days' notice of the time and place of meeting, in the manner hereinbefore pre
scribed; and when any such meeting is called by the stockholders, the particular object of such meeting shall be stated; and if at any meeting thus called a majority of the stockholders are not present, in person or by proxy, such meeting shall be adjourned froin day to day, not exceeding three days, without transacting any business ; and if within three days, stockholders having a majority of the stock do not attend such meeting, then the said meeting shall be dissolved,
Sec. 9. At the regular annual meeting of the stockholders of Statement of said company, it shall be the duty of the president and directors company. in office for the preceding year, to exhibit a clear and distinct statement of the affairs of the said company; and at any meeting called by the president and directors, or by the stockholders, as provided in the eighth section of this act, a majority of those present in person or by proxy, may require similar statements from the president and directors, whose duty it shall be to furnish them when thus required; and at any meeting of the stockholders, a majority in value of all the stockholders in said company may remove from office any president or any of the directors of said company, and appoint others in their stead.
Sec. 10. Every president, director, secretary and treasurer of officers to be said company, before he acts as such, shall swear or affirm that he will well and truly discharge the duties of his office, to the best of his skill and judgment.
Sec. 11. The said president and directors, or a majority of Engineere, them, shall have power to appoint, contract with and determine vants, &c. the compensation of all such officers, engineers, agents and servants whatsoever, as they may deem necessary for the transaction of the business of the company, and remove them at pleasure : and the said president and directors, or a majority of them, shall have power to determine the manner of adjusting and settling all accounts against the company; also the manner and evidence of the transfers of the stock of said company, and they shall have power to pass all by-laws which they may deem necessary for carrying into execution all the powers vested in the company hereby incorporated : Provided, Such by-laws shall not be contrary to the constitution or laws of the United States or of this state.
Sec. 12. The president and directors of said company shall be and they are hereby invested with all the privileges and powers
location and construction of canal, &c.
with necessary for the location, construction and keeping in repair said fard canal, and said aqueducts, locks, dams, culverts and embankments c. aforesaid ; and the said president and directors, or their agents, or those with whom they may contract for constructing said canal, aqueducts, locks, dams, culverts or embankments, or clearing out said river or any pari of it, may enter upon, use and excavate any land which may be wanted for the purposes of constructing said canal, or improving the navigation of said river, or any other purposes connected therewith, so soon as the amount of compen
sation therefor is agreed upon and paid, as heretofore provided. Dams, Locks, Sec. 13. If the president and directors of said company shall peria good neglect and refuse to keep in good order and repair any dam,
lock or sluice of their own construction, or shall neglect to remove any obstacle which may occur therein, so that boats, barges, rafts and vessels cannot at ail times safely navigate said river and canal, when the same is not prevented by ice, or other una. voidable cause, they shall, for each and every such offence, pay the sum of fifty dollars, to be recovered in the same manner as debts of equal amount are or shall be by law recoverable, one half to the use of the informer, and the other half to the use of the poor of the county where the neglect or refusal may occur.
Sec. 14. If any person or persons shall wilfully and knowingly do any act or thing whereby the navigation shall be impeded, or any dam, lock, gale or engine, machine or device therein belonging, or any machinery or property of the machinery, shall be injured or damaged, he, she or they so offending, shall forfeit and pay to the said company double the damages by them sustained, together with cost, to be recovered by action of debt, before any justice of
the peace, or in any court of competent jurisdiction. Not to impair Sec. 15. Nothing herein contained shall at any time injure,
destroy, or in any way impair any right, privilege or legal claim which may have been granted to individuals by any act or acts heretofore passed, for the purpose of erecting mill dams in said river, but such persons as have mill dams thereon, may have them constructed or raised to a proper height, in order that they may correspond with the work of the company hereby chartered, at their own proper cost and expense ; and also may build and erect a suitable lock or locks and guard wiers, and the same to be inspected and approved by the said president and directors or a majority of them; and to maintain and keep the same in perfect
Injuring dam, locks, &c.
Not to impair
order and repair, to receive the same tolls in proportion, and be subject to the same penalties and forfeitures, and be liable to have process served on him, her or them, in the same manner as the president, directors and company are subject to, according to the provisions of this act; but if the owner or owners of such privilege shall, for six months after notice given by said president, directors and company, neglect or refuse to construct or repair his, her or their dam, and make his or her lock in the manner prescribed by the company, then the said directors and company shall have power to erect such dam and lock, and receive the toll in the same manner as other tolls are received proportionally.
Sec. 16. The president, directors and company, or such person Tolls. or persons as they shall from time to time appoint, shall have power to charge and receive for tolls in said river and canal, such reasonable sums as shall be established by the by-laws of the company hereby incorporated, and approved by the legislature; and it shall not be lawful for any other company, or any other person or persons, to receive tolls on any portion of said river above referred to, or any part thereof, without the license or permission of the said president and directors of said company ; and the shares of the capital stock of said company shall be con- Stock persidered personal property, and shall be transferable agreeably to ty. the by-laws of said company, and subject to be taken on execution, agreeably to such laws as are or may hereafter be in force. -: Sec. 17. The president or directors shall, at such time as the Dividends. company by their by-laws may direct, declare and make such dividend as they may think proper, of the net profits from the resources of said company, deducting the necessary current expenses ; and they shall make such dividend among the stockholders of said company in proportion to their respective shares.
Sec. 18. This act shall be favorably construed to effect the Act to be purposes thereby intended, and the same is hereby declared to be construe). a public act. ' .
Sec. 19. Nothing herein contained shall be construed to author- Not to flow ize the company hereby incorporated to enter upon or flow the viduals, &c. land of any person or persons without the consent of such person or persons; and the legislature may at any time so far amend this act as to provide for the further improvement of the navigation of said river.
Sec. 20. The legislature shall have power at any time to alter, Legislature or amend, or repeal this act; but such alteration or amendment &c., act.
Jands of indiState may purchase canal.
shall not divert the property or funds of said company from the purposes herein expressed.
Sec. 21. The state shall have the right at any time to purchase and hold the said canal, for the use of the state, at a price not exceeding the original cost of the same, or work done, exclusive of the repairs thereof, and ten per centum thereon, of which cost an accurate account shall be kept and exhibited to the legislature, whenever required, duly attested.
Sec. 22. Nothing contained in this act shall be construed as to authorize the aforesaid company to carry on banking business, or issue any paper as a circulating medium.
Approved April 20, 1839.
Not to carry
1, part 1,
adding new section.
Committee of legislature
[No. 115.] An Act to amend the Revised Statutes, and to supply
certain omissions therein. Chap. 2, title Section 1. Be it enacted by the Senate and House of Representaamended by tives of the State of Michigan, That chapter two, title one, part
first, (revised statutes, page six,) shall be amended by adding a new section thereto, to stand as section seven, in the words fol
lowing: Committee “Sec. 7. Any senator or representative, while acting as a may"admin- member of a comunittee of the legislature, shall have authority to
adminster oaths to such persons as shall be examined before the
committee of which he is a member.” Chap. 4, title Sec. 2. Section one, chapter four, title two, part first, (revised i, amended. statutes, page fourteen) shall be amended by inserting in the last
line thereof between the words "section" and "- fourteen,” the words “ thirteen and,” and by striking out in the same line the words " and fifteen,” so that said section as amended shall read as follows:
“Sec. 1. As soon as the poll of the general election shall be finally closed, the inspectors shall immediately proceed to canvass and ascertain the result of the election, unless they shall deem it necessary to adjourn such canvass to some convenient hour of the next day; and if the canvass should be adjourned, the same course shall be observed in respect to the poll lists, boxes and
Chap. 4, title 2, part 1, sec.
Section as amended.