Powder to be delivered to them. Obfolete. Preamble. securing the repayment thereof into the treasury he shall take a bond and mortgage upon the real estate of the said company at the Little-Falls on the Mohawk-river, executed under the seal of the said company and countersigned by the president thereof, conditioned for the repayment of the said sum of fifteen thousand pounds on or before the first day of January, which will be in the year of our Lord one thousand eight hundred and three; which mortgage after having been duly proved or acknowledged shall be recorded in the office of the secretary of this state, shall be of the same force and effect in the law as if the same were recorded in the county or counties where the lands so mortgaged do lie; and on the further condition, that an interest of six per cent per annum on the said sum shall be annually paid into the treasury of this state until the complete repayment of the said principal sum shall be effected in manner aforesaid. II. And be it further qnacted, That it shall and may be lawful to and for the person administering the government of this state for the time being, to direct the keeper of the military stores belonging to this state to deliver to the order of the said directors such quantity of powder as he may think proper, not exceeding one to and an half; Provided, That previous to such delivery/the said directors or some person on their behalf, shall give sufficient security to the people of this state, to be approyed of by the person administering the government, to return the like quantity of powder and of equal quality to the state when required, and deposit such security with the treasurer of this state. An ACT providing a Mean for procuring a Sum to the Western Inland Lock Navigation Company, to enable them more effectually and speedily to prosecute the Im provements in the said Navigation. Passed 17th March, 1797, Sess. 20, ch. 36. TWENTY-FIRST SESSION. CHAP. XCII. W Passed April 5th, 1798. THEREAS it has been represented to this Legislature, that it is practicable to make a canal navigation within this state between the waters of Lake-Erie and those of Lake-Ontario, and passing by the falls of Niagara; And whereas such an establishment would tend greatly to facilitate and advance the internal commerce of this state, and promote the convenience and prosperity of the people thereof; Therefore, fon and others 1. Be it enacted by the People of the State of New-York, James Wat represented in Senate and Assembly, That James Watson, eftablished a.. Charles Williamson, John Williams, Effingham Embree, company for certain putand Benjamin Prescott, and such other persons as shall as- pofes. sociate with them for the purposes of this act, shall be and they are hereby made, established and declared a company for the purpose of opening a canal and lock navigation between the waters of Lake-Erie and those of Lake-Ontario, to consist of stockholders to be called and known by the name of "The Niagara canal company." II. And be it further enacted, That such persons as shall Stockholders become stockholders of the said company, shall be and incorporated. they are hereby erected and made a corporation and body politic, in fact and in name, by the name and style of "The Niagara canal company," and by that name they and their Successors shall and may have perpetual succession, and by that name shall be and are hereby made persons able and capable in law to sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in courts of record or any other place whatsoever; and also Their power to have, make and use a common seal, and the same to break, alter or renew at their pleasure, and also to ordain, establish and execute such bye-laws, ordinances and regulations as shall seem necessary and convenient for the government of said corporation, not being contrary to the Jaws of this state or of the United States; to determine the manner in which the shares of defaulting stockholders shall become forfeited, and the method of appropriating and disposing of the same, to appoint all necessary officers of said company, to prescribe the mode of conducting the business, and keeping the accounts of the said company, and generally to do and execute all acts, matters and things which to it shall or may appertain, subject nevertheless to the regulations, restrictions, limitations and pro visions herein prescribed and declared. when and III. And be it further enacted, That the first meeting of Firt meeting the stockholders of the said company shall be at the city where to be of Albany, on the third Monday of January, in the year held. of our Lord one thousand seven hundred and ninety-nine, and every subsequent meeting shall be at such time and place as shall be determined on at the meeting next pre ceding the same. conftitute a IV. And be it further enacted, That at all meetings A majority, of the stockholders of the said company, the presence of a neceffary to majority of the whole company, either by themselves or meeting. their agents, shall be requisite in order to transact any business, except that of adjourning which may be done by a majority of the numbers present at the time; that if at any time appointed for a meeting of the company, no stockholder shall attend, then the next regular meeting shall be at the place last adjourned to, on the third Mon day of the next succeeding month. Certain officers to be *chofen. "Duty of the prefident. Choice of of. certained, Votes how determined. V. And be it further enacted, That for the management of the concerns of the said corporation, the said stockhold ers at their first meeting, or in case a majority shall not there appear, at the first adjourned meeting thereafter at which a majority shall appear, shall choose a president, a treasurer, a clerk and such number of directors as shall be judged to be necessary; and that after the said third Monday of January first aforesaid, there shall be an election of directors on the third Monday of January in every succeeding year; that the president shall have power to call special meetings of the directors, and together with any two of the directors to call special meetings of the stockholders whenever the same shall be deemed expedient. VI. And be it further enacted, That until a majority of ficers how af the stockholders shall have actually contributed all such sum or sums of money as shall be required of them as a first payment, in proportion to the stock by them respectively held, the choice of all officers and all other questions shall be determined by numbers simply; and afterwards the number of votes to which each stockholder shall be entitled, shall be determined according to the number of shares he shall hold, in the proportions following: That is to say, for one share and not more than two shares, one vote; for every two shares above two and not exceeding ten, one vote; for every four shares above ten and not exceeding thirty, one vote; for every six shares above thirty and not exceeding sixty, one vote; for every eight shares above sixty and not exceeding one hundred, one vote; and for every ten shares above one hundred, one vote; but no person shall be entitled to a greater number than thirty votes. VII. And be it further enacted, That the votes of the may vote by stockholders may be given by proxy; but the authority of any person offering a vote in behalf of any absent stockholder, shall be proved in such manner as shall be prescrib ed by the laws of the corporation, and the written proof thereof shall be filed with the papers of the company. Stockholders proxy. Canal how to be made. Locks and dams how conftructed. VIII. And be it further enacted, That the said company hereby incorporated, shall have full right, power and au thority, in addition to the powers hereby above granted, first to cut, construct and make a canal, in such manner and direction as they shall judge proper, from the most convenient place above the falls of Niagara, at or near Steadman's landing, to the most convenient place below said falls, and nearly opposite to Queenstown landing; and. to construct in such canal, and in the waters and places adjoining the same, all such locks, dams and other works. and devices, as shall be necessary for the purpose of making a complete navigable water communication between the places aforesaid; Secondly, to take the water which cks may be shall be contained within any lock, dam, pond, dyke, emfed for milis bankment or other improvement made by the said company, and make use of the same, either on their sole ac Waters contained in fuch may iffue count or in connexion with any other person or persons,, not being a member of the company, for mills or other hydraulic works, which may be erected or constructed by the said company, or to lease, let or grant and convey, for a limited time, the use of the water to any person or persons, for any lawful purpose; and the rents and profits resulting therefrom to take and receive to and for the nse and benefit of the said company, in addition to the tolls and profits herein after mentioned and allowed to be taken: Thirdly, to issue promissory notes, payable to any said company. person or persons, or to his, her or their order, or to bearer, promiffory which being signed by the president and countersigned by notes, the treasurer or clerk, although not under the seal of the corporation, shall be binding and obligatory upon the same, and shall be negotiable and assignable by indorsement, or if payable to bearer, by delivery in like manner, and with the like force and effect as promissory notes by law noware; Provided always, That all such notes which shall be so issued, shall specify the particular service or article for which they are given; And provided also, That the said service or article shall have been performed, or is for the purposes of the institution; And provided further, That the whole amount of the notes so to be issued, shall not at any one time exceed double the amount of the moneywhich may have been actually paid in by the stockholders,. and that the directors shall be liable for the excess; Fourthly, to take and receive from every boat or vessel To receive passing through such canal so to be made, a certain toll. not to exceed at and after the rate of seven dollars per ton on the tonnage of said boat or vessel; which toll, and the Profits how whole profits thereof, shall belong to, and be vested in the said corporation and their successors, and shall be divided among them in proportion to their respective shares, in manner to be prescribed by the laws and ordinances of the said corporation; Provided nevertheless, at the expiration of thirty years from and after the completing said canal, so that boats or vessels may pass throughthe same, it shall and may be lawful for the legislature of this state to alter, regulate and apportion the rate of the said toll in such manner as shall be deemed just and proper. IX. Provided also, and be it further enacted, That if the Corporation said canal and locks shall not within the period of ten years, from and after the third Monday of January last mentioned, be made and completed so that a vessel of seventy feet in length, sixteen feet in breadth, and four feet draught of water, may pass and repass the same, between the navigable waters of Lake-Erie, and those of Lake-Ontario, then and in such case, all the rights, powers and privileges hereby granted and vested in, or to be vested in the said corporation, shall cease and determine, and be for ever null and void, and the lands hereby granted shall revert to and vest in the people of this state. certain toll divided. when diffolva ed. May enter upon certain X. And be it further enacted, That the said corporation by the president and directors, or by any agent, superin, tendent, engineer or other person employed in the service of the said corporation, may enter into and upon all and singular the land and lands, where they shall deem it proper to carry the canal and navigation herein before described, and to lay out and survey such route as shall be most practicable for effecting a navigable canal as afore said, by means of locks and other devices, doing nevertheless as little damage as possible to the ground and inCompenfation closures in and over which they shall pass; and thereupon therefor how it shall and may be lawful to and for the said president and to be determined. directors respectively, to contract and agree with the own er or owners of any lands and tenements, for the purchase of so much thereof as shall be necessary for the mak ing, digging and perfecting the said canal, and for erecting and establishing all the necessary locks, works and devie ces, to such navigation belonging, if they can agree with such owner or owners, but in case of disagreement, or in case the owner thereof shall be feme covert, under age, non compos mentis, or out of the state, then it shall and may be lawful to and for the said president and directors, to cause a sur vey and map to be made of the ground in their estimation requisite, and which they may be by law authorized to appropriate for the uses aforesaid, in the field-book of which survey and map shall be distinguished the land of each of the several owners and occupants appropriated or intended to be appropriated as aforesaid, and the quantity thereof, and shall exhibit such field-book and map to the justi ces of the supreme court, or any two of them, and if such justices shall be of opinion that the land so surveyed is not more than what is requisite for the said uses, and may be lawful for the said corporation to appropriate, they shall certify such field-book and map under their hands and seals, and cause the same to be filed in the office of the clerk of the county in which the same lands may be situat- ed, there to remain as a public record; and it shall thereupon be lawful for the said justices, by a writing under their hands and seals, to appoint not less than three nor more than five discreet persons, none of whom shall be interested in such corporation, or the land so surveyed as aforesaid, to appraise the premises specified in such fieldbook; and it shall be the duty of the appraisers, or a majority of such as shall be appointed, to examine the land of each owner or occupant so appropriated, and to ascer tain the value thereof, and the damages each may sustain by such appropriation, and to make a regular entry of such valuation and assessment of damages in a book to be by them kept for that purpose, and certify the same under path, to be a true, fair and impartial valuation and assessment to the best of their belief, and shall thereupon cause the two |