Sec[Section] 1. Be it enacted by the People of the State of Illinois represented in the General assembly; That Peter Barton, Russel E Heacock and George E Walker, with their associates be, and they are hereby created a body politic and corporate by the name and style of “The Ausaganasha Canal Company,” for the purpose of constructing a canal between the falls of the Calumet River and the Illinois and Michigan Canal; and they and their associates successors and assigns shall continue and have perpetual succession, and by that name and style are hereby made capable in law as natural persons, to contract, and be contracted with, to sue and be sued, to plead and be impleaded, in this state in all courts of law or equity; to make, have and use a [common?] seal, and the same to break, alter or amend at pleasure; and they and their assigns and successors shall have the power to purchase and hold as much real estate as will be necessary for the line of said Canal, embankments, tow paths, aqueducts and such other appendages as may be necessary to the construction of said Canal: also to borrow any money not exceeding the capital stock mentioned in this act but not to have the privelege of loaning money, or issuing bills or notes upon banking principles: Also the pow. . . to ordain and establish such byelaws, ordinances and regulations as shall be necessary for the well being and government of said corporation, not incompatible with the laws of this state or of the United States.

Sec 2. The Capital Stock of said company shall consist of one hundred thousand dollars, to be divided

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into shares of fifty dollars each, to be subscribed for or sold in the manner herein after mentioned; Provided if the amount above mentioned is insufficient to complete the Canal, it may be increased to any amount not exceeding Two hundred thousand dollars.

Sec 3. Within two years after the passage of this act the persons before named, or a majority of them shall cause books for subscription of stock of said company to be opened at such places and times as they may direct. Which books shall be kept open under the directions of such persons, or a majority of them for such length of time as they may order.

Sec 4. When two thousand shares shall have been subscribed, the said persons, or a majority of them, shall advertise a meeting of the stockholders at Chicago, giving at least ten days notice of the time and place of said meeting, and the stockholders, shall thereupon proceed to the election of a President and six Directors, who shall be share holders; and such of the before mentioned persons who shall not be share holders shall cease to be members of said incorporation. And the said shareholders shall also proceed to ordain and adopt such bye laws for the permanent organization and government of said corporation; as they may [...?] ^deem^ needful, at which meeting each shareholder shall be entitled to one vote for each share to the number of fifty, and one vote for every three shares above fifty, and at all the ele subsequent elections, or general meetings of the stockholders the shares in said company may be

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voted for by proxies duly recorded.

Sec 5. The President and Directors chosen in conformity to the provisions of the foregoing section shall hold their office for one year next succeeding such election, and until others are chosen in their places; and the stockholders shall annually meet in the Town of Chicago, the Saturday preceeding the expiration of the year for which the said President and Directors were elected at some place to be designated by said President and Directors, and then proceed to the election of a President and six Directors who shall be shareholders, and hold their offices for one year and untill their successors shall be elected as aforesaid. Public notice shall be given of such meetings or elections, by the clerk or secretary of the company, at least fifteen days previous thereto. At the annual meetings a statement of the affairs of the company shall be made out by the President and Directors, and presented to said meetings, and such dividends of the profits be declared as may be deemed advisable

Sec 6. The concerns of the said corporation shall be under the controll superintendance and management of said President and Directors; and the President and three Directors shall constitute a quorum to transact business, or in the absence of the President any four Directors, one of whom shall act as president protem with power to fill any vacancy in the Board, occasioned by death resignation or otherwise the President and Directors after they shall have been duly elected as aforesaid may make such assessments on the shares of said company

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as are subscribed payable at such periods as they may deem advisable, with such conditions of forfeiture for non compliance, not exceeding the amount of stock delinquent as they may deem proper They are to open or renew the subscriptions for shares not already subscribed, or sell them, and also forfeited shares as they may think best for the company; Provided that no stock shall be sold by them for less than the par value thereof

Sec 7. It shall be the duty of the President and Directors to appoint a clerk, and to cause a record of their proceedings to be kept. They shall also [appoint?] a Treasurer, and other officers, or agents, as they may deem needful for the proposed undertaking, and to allow them such pay or compensation as they may agree on; to make contracts, and do all things necessary to carry the aforesaid object into effect within the time herein limited; and to require or take such bonds or other security, in their corporate capacity, from any person or persons they may appoint or contract with: And any vacancy filled by the Board of Directors, shall continue until the next succeeding annual election, by the election of other shareholders.

Sec 8. The said Canal shall be constructed of a capacity, in all respects equal to that of “The Illinois and Michigan Canal,” It shall be [commenced on?] [?] N^o.[Number] six in Township No. 36 north, of Range N^o 14 East of the third principal meridian, and shall intersect “the Illinois and Michigan Canal” at or near where it crosses section no. 23. in Township no. 37 north, of Range no. 11 East of the third principal

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meridian at the option of the Directors of said company, or a majority of them. And the said company shall keep the said lateral canal and such necessary tow path or tow paths, for the navigation of said canal, in good repair at all times. And the said company are allowed and authorised to charge such toll for the privelege [of?] navigating said lateral canal as the Board of canal commissioners of the Illinois and Michigan Canal,” shall charge for the navigation of the said “Illinois and Michigan Canal.”

Sec 9. If any person, or persons, shall wilfully or knowingly, do any act, or thing whatever, whereby the said Canal, or any thing thereto belonging shall be injured or damaged, the said person or persons so offending, shall forfeit and pay three times the amount of damages sustained with costs of suit, recoverable before any court of competent jurisdiction, and any person or persons who shall pass or attempt to pass on said lateral canal without paying the toll or tendering it, if there be any person or persons present to receive it, shall forfeit and pay the three times the amount of the toll or tolls which he, she or they were [liable?] to pay for navigating said lateral canal, [recoverable?] before any Justice of the peace in this state. And if any person or persons shall wilfully set fire to any aqueduct or timber which may be used witin the construction of said lateral Canal, such offenders, their aiders and abettors, shall be deemed guilty of arson and punished accordingly; Provided that the said lateral Canal may at all times be used by the authority of the United States and of this state free from any charge or toll.