Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That Asa Lee Davidson, Ira Davenport and John A. Jones, their associates, successors and assigns, be and they are hereby created a body politic and corporate, under the style and name of the “Mackinaw and Illinois canal and manufacturing company,” and by that name shall have power to contract and be contracted with, and shall be and hereby are made capable in law to sue and be sued, to file a judgment in execution, plead and be impleaded, defend and be defended in any court of record, or in any other place whatsoever; to make, have, and use a common seal, and the same to break or alter at pleasure, and shall be and hereby are vested with all the powers, privileges and immunities which are or may be necessary to carry into effect the purposes of this act as hereinafter set forth.

Sec. 2. The capital stock of said company shall consist of one thousand shares of one hundred dollars each share with liberty to increase the same from time to time, in such manner and form as they shall think proper, if such increase shall be deemed necessary, by the company to fulfill the intent of this act, which said capital stock shall be deemed personal property and transferrable in such manner as the said corporation shall direct, provided, the said capital stock shall not exceed two hundred thousand dollars,

Sec. 3. The said corporation shall have the right and power to construct, maintain, and continue a canal in the county of Tazewell, from the Mackinaw river, commencing on section number twenty-four, in township number twenty-four north, of range number six west, of the third (principal) meridian,2 and thence a westerly course to the Illinois river, at or near Egman’s ferry,3 on which canal said company shall permit all persons to pass with boats, passengers, and property, whenever the same is passable upon payment of such tolls as may be fixed upon by the directors, Provided, the tolls shall be uniform; and the said company are hereby authorised to use the water power created or improved by the construction of the said canal for the purposes of manufacturing grain and lumber, woollen and cotten stuffs and goods and such materials of wood and metal as they may think proper, and may, for that purpose erect and use such mills, works, or machine shops or other buildings as may be necesssary to carry into effect the objects of their incorporation.

Sec. 4. The said company shall be and are hereby au-

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hereby authorised to use the waters of the Mackinaw river, to supply the canal or otherwise, and to make such dams or locks as may be necessary to procure a sufficient quantity of water or otherwise; Provided, the said company shall be responsible for all damages sustained by the overflowing of any lands by the owner thereof, and also all damages sustained by the making of dams or locks upon the land of any person or persons whatsoever, and in case the said canal shall cross any public road the same shall be so bridged as not to injure its use.

Sec. 5. The said corporation shall have power to purchase, receive and hold such real estate as may be necessary and useful in the accomplishment of the objects of its creation, it shall also be authorised to enter upon and use any an all lands over and upon which the said canal may pass, or so much of said land as may be necessary to the construction of the canal, and the convenient use and enjoyment of the same; also, to take and use timber, stone and such other materials as may be indispensable to the construction and maintenance of said canal; Provided, that said company shall pay to the owner or owners of land, entered upon and used as aforesaid, the damages sustained by such owner or owners, and also the owner or owners of timber, stone and other materials, the value thereof, before entering upon and taking the same, and if the said company and owner or owners shall be unable to agree, such damage or value shall be ascertained under and according to the provisions of the act entitled “an act concerning the right of way, and for other purposes,” approved 28th February, 1833, one of the directors, or their authorized agent acting as supervisor.4

Sec. 6. The directors of said corporation shall be competent to transact all the business pertaining to the same, and shall have full power to make and prescribe such by-laws, rules and regulations as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corporation, the transfer of shares, the duties and conduct of their officers and servants, the election of their Presidents and directors; which shall not be more than five nor less than three, and the filling of vacancies in the same, and all other matters whatsoever, which may appertain to the concerns of the corporation, not inconsistent with the laws and constitution of this state and of the United States.

Sec. 7. The directors shall have power to appoint a secretary and treasurer, engineer, agent or agents, clerks and servants, and to require such security, and appoint such salaries or compensation as to them shall seem meet and proper, and shall appoint the time and place of elec-

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tions, which, after the first, shall be annual. Within six months after one-fourth part of the capital stock of said company shall have been subscribed, they shall appoint the time of the first election, which shall be at thetown of Pekin, in the county of Tazewell, of which thirty days public notice shall be given in some paper of general circulation in said county. At all elections, each share of stock shall entitle the owner thereof to one vote, either in person or by proxy, and the directors shall preside.

Sec. 8. The directors shall determine the time, place and manner of opening books, for subscription to the capital stock of said company, or may take such methods to dispose of the same as may to them seem most proper. They shall determine the amount to be paid in on subscription, not exceeding five dollars on each share; and in case an excess of shares shall be subscribed, shall apportion the same as to them shall seem most for the interests of the company. They shall, from time to time, give notice in some paper or papers of general circulation in each state where any shares of said stock may have been subscribed, of the payments required on each shares at least four weeks previous to the time appointed for such payments; and when payment is delayed for thirty days thereafter, may forfeit such share or shares to the company, or may cause the same to be sold at auction for the use of the corporation. Asa Lee Davidson, Ira Davenport, and John A. Jones, shall be and hereby are appointed directors from the time this act takes effect, and till others are elected in their stead.

Sec. 9. If the said corporation shall not, within five years from the passage of this act, construct the said canal or any part thereof, as shall be deemed expedient by said corporation, then the said corporation shall, from thenceforth and forever cease, and this act be null and void.

Sec. 10. For the purposes of carrying into effect the objects granted by this act, the said company is authorised to negotiate a loan or loans of money, to the amount of its capital stock, and to pledge all its property real and personal, and all its rights, credits and franchises, for the payment thereof.

Sec. 11. The company shall at all times keep proper books of account, in which shall be registered all the transactions of the corporation, and the same shall, at all times, be subject to the inspection of the stockholders. And it shall be the duty of the directors to make annually, or at such times as they may direct, dividends of so much of the profits of said company as to them shall seem advisable.

Sec. 12. The total amount of debts which at any time the said corporation shall owe, shall not exceed the amount of their capital stock, and in case of such excess, the directors under whose administration the same shall happen, shall be holden for the same in their natural and private capacities, but this shall not be construed to exempt the corporate property of the company from liability for such excess.

Sec. 13. The mode of sueing the corporation shall be by summons, and a copy of the same delivered to the president, secretary, or treasurer, shall be sufficient service of process to require the corporation to answer, and to authorise any court to proceed to judgment, and the stock of the said corrporation, together with all manufactured goods, or other articles, tools, implements, machinery and apparatus of any description used and employed, or on hand, belonging to the said company shall be liable to be seized, executed and sold, after judgment or decree to make good any contract, agreement, or stipulation made by the said company, or any agent or other authorised person or persons of said company.

Sec. 14. If any person shall wilfully or negligently do or cause to be done any act or acts whatsoever, whereby any building, construction or work of the said corporation, or any boat or other thing pertaining to the same shall be weakened, impaired or destroyed, every such person shall forfeit and pay to the said corporation, treble the amount of damages, sustained, to be rccovered by action of debt in the name of the said corporation, in any court of before any justice of the peace, having jurisdiction thereof, with costs of suit; and such person or persons shall be liable to indictment and punishment by fine, or imprisonment.

Sec. 15. This act shall be deemed a public act, and shall be favorably construed for the purposes therein expressed, in all courts and places whatsoever, and shall take effect and be in force from and after its passage.

Approved 27th February, 1837.