Sec[Section]. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That all such persons as shall become stockholders agreeable to the provisions of this act are hereby constituted a body corporate and politic, by the name and style of the “Kankakee and Iroquois Navigation Company,” and shall continue for the term of fifty years.

Sec. 2. This corporation shall have the right and power to construct and maintain a navigable communication from the point when the line dividing the States of Indiana and Illinois crosses the Iroquois River; to the junction of the same with the Kankakee River, thence down said River to such point on the “Illinois and Michigan Canal” as said corporation may deem expedient and proper, by Canal or otherwise, to transport and carry persons and property on the same; to have and to hold, use, and enjoy the same, and the tolls, and profits thereof; together with all water power that may be created by the erection of such dams, and locks, as may be necessary in the construction of the work; for and during the period aforesaid.

Sec. 3. The Capital Stock of said Company shall be two Hundred Thousand dollars, with liberty to enlarge the Same from time, to time, by new Subscriptions, in such manner and form, as they shall think proper; if such increase shall be deemed necessary by the corporation to prosecute the work, to the full intent and Meaning of this act; which said Capital Stock shall be divided into shares of one hundred dollars each, which shall be deemed personal property, and transferable in such manner as said Corporation shall direct.

Sec. 4. Be it further enacted, That Thomas Cox, Thomas

---

Durham, Doctor Todd, Albert W. Bowin, and James Stewart, of the County of Will, Henry Green, and Allen H. Howland of La-Salle County, James Smith and E. D. Boone of Iroquois County and Thomas McKibben and Samuel T. Russell of Vermillion County, be and they are hereby appointed Commissioners, the duty of whom, or a majority of whom, shall be within one year from the passage of this act, to open Books, at some suitable place in Juliet, Danville, Chicago, and Montgomery, (Iroquois County), to receive subscriptions, to the Capital Stock of said Company, and to do all other things as in their opinion, is best calculated to obtain such subscriptions; Provided however, That said Books shall be kept open from day to day (Sundays excepted) for ten days and no longer, unless as is hereinafter provided for by the fifth section of this act; and that thirty days public notice shall be given by said Commissioners, in some Newspaper, published in Chicago, and Danville; and that a payment of five dollars on each share be required at the time of subscribing; And as soon as twenty thousand dollars shall be subscribed, said Commissioners shall give a like notice for a meeting of the Stockholders, to choose five directors, and such election shall then and there be made by such Stockholders, as may attend, either in person or by proxy, and the persons having a majority of all the votes given shall be duly elected, each share of Capital stock owned ten days previous to such election entitling the owner to one vote, the Commissioners who receive subscriptions of Stock, shall be inspectors of the first election, and shall certify under their hands and seals the names of the directors elected, and shall deliver over to the same immedi-

---

ately after such election, all moneys, Books[,] and Papers, belonging to said Corporation. The first meeting of said Directors shall be held at Winchester in the County of Will within ten days after their being elected.

Sec. 5. And be it further enacted, That in case the capital Stock of this Incorporation, or twenty thousand dollars thereof shall not be subscribed for at the places named in a foregoing section of this act, within ten days after opening the Books as aforesaid, the Commissioners are hereby authorised to re-open said Books, at such times and places, and upon such notices as the majority of them shall direct, under the superintendance of one of their number.

Sec 6. At the first meeting of the directors, they shall choose one of their body to be President, whose duty it shall be, to preside at all meetings of the Board of directors, and shall with themselves continue in office until the first Monday in July next after their election, and until their successors are elected, which elections shall be held annually on the first Monday in July thereafter, at such place as a majority of the Directors may designate and each subsequent election shall be held under the direction of three Stockholders, previously appointed by the Directors for that purpose. All elections shall be by Ballot, and no person shall be a director who shall not own one share in the Capital Stock of said Corporation; the persons having a majority of all the votes given as aforesaid, shall be declared duly elected, and in case two or more persons have an equal number of votes, a new election shall take place, as shall be the case if no person shall get a majority of all the votes, and shall continue until the Board be chosen.

Sec. 7. The said Corporation shall have power to purchase[,] receive[,] and hold such real estate as may be useful and necessary in the accomplishment of the objects of its creation; and shall be empowered to have and to hold ^for the space of five years and no longer^ all or any lands which may be given, granted[,] or donated by any persons or body corporate or politic, or which may be donated, or pre-empted by the United States, and to sell, convey[,] or lease the same or any part thereof to any person or persons or body politic, at the pleasure ^Provided they shall not have power to lease for a longer period than they are authorized to hold the same^ it shall also be lawful for said Corporation to enter upon any and all lands, over which their improvements, whether Canal or Slackwater May run, and so much of said land as May be necessary to the construction of the same, and for the convenient use thereof, also to take and use timber, stone, and such other Materials as may be indispensible, in the construction of Locks, Dams, and other improvements. Provided always, that said Company shall pay to the owner or owners of all such property so taken, the damages sustained thereby, and if the said Company and owners be unable to agree upon the amount of damages sustained, such damage shall be assessed according to the provisions of the act entitled [“]an act concerning the right of way, and for other purposes ” approved 28, February 1833.2

Sec 8. The said Company are hereby authorised, and empowered, to use the waters of the Kankakee and Iroquois Rivers, to supply the Canals necessary to pass any falls or rapids in said Streams, also to construct, such and so many Dams, as may be necessary to turn the water into said Canals; or for the purpose of Slack-water, at points where that mode of improvement shall be determined upon.

Sec 9. The Directors of said Company shall have power

---

to transact all the business of said Corporation, and to this end, may appoint all such Agents, Clerks, servants, Engineers[,] and other persons; as may be deemed necessary to attend to, and manage the business of the Company; they shall also have power to prescribe all such, Rules, regulations[,] and bye-Laws, touching the management and disposition of the Stock, property, and estate of the Company; and touching the duties and conduct of all persons employed by them, as may be necessary, and not repugnant to the Laws of this State, or the United States; they shall also have power to require payment by the Stockholders of the Stock subscribed; in such proportions, not exceeding twenty per cent on the amount due from such Stockholders; and at such times as the same may be needed, in the progress and construction of the work, or for any other purpose authorised by the provisions of this Act; and shall at all proper times, give notice, in some newspaper published nearest the location of said improvement, at least four weeks previous to the time required for payment. The directors are authorised in case any Stockholder shall fail to make payment as required; to cause the Stock of such Stockholder to be sold at Public Auction and apply the proceeds of such Sale, to such payment as was failed to be made, or to declare such Stock to be forfeited to the Company.

Sec 10. A majority of the Board of Directors, shall constitute a quorum to do business, and the said Corporation is hereby declared, able and capable in law, to sue, and be sued, to plead, and be impleaded, in all Courts of law and in Chancery; to contract and be contracted with, as fully as natural persons.

Sec 11. The navigation to be opened by said Company shall connect with the Illinois and Michigan Canal

---

at such point on the same as said Company may deem expedient and proper, in such a manner as not to draw water from or otherwise injure said Canal, and shall be of sufficient width and depth at all times to admit the free passage of such vessels as navigate the “Illinois and Michigan Canal;” it shall also be optional with said Company to construct short Canals around the several rapids, to make an independent Canal the whole distance or improve the navigation of the Rivers by slack-water, as shall by them be deemed most practicable and expedient; and they shall at all times when possible permit all persons to pass on said Canal or river with boats persons and property, upon the payment of such tolls as may be fixed upon by the Directors, Provided, That the tolls shall be uniform.

Sec 12. All persons upon the conviction of willful trespass or negligence upon, or to the injury of the property of said Company, shall forfeit to the same, triple the amount of damage sustained, before any Court or Justice of the Peace having jurisdiction thereof; and such person, or persons, so offending, shall also be subject to an Indic[t]ment at Common Law.

Sec 13. Be it further enacted, That unless said Corporation shall commence the construction of said Canal within three years from the passage of this Act, and complete the same within ten years, the powers and privileges hereby conferred shall cease, and said corporation shall be dissolved.

Sec 14. Service of summons upon the President, Secretary[,] or Treasurer, of said Corporation, shall be sufficient to require the same to answer, and to authorise any Court to proceed to Judgment.

Sec 15. The privilege is hereby reserved to the State

---

at all times, when in the opinion of the Legislature the public good may require it, to purchase of the Corporation, the improvements refered to in the foregoing Sections of this Act, by paying to said Corporation the amount expended (both direct and indirect) in the construction of the same with ten per cent thereon, and for this end, said Corporation be and they are hereby required to keep a correct account of all moneys expended in the construction thereof; and Provided further that in case said Corporation shall at any time violate any of the provisions of this act, the Legislature shall have power to alter, amend, or repeal the same, if the public good should require it.

This act to be in force from and after its passage.