A Bill for the Early Completion of the Illinois and Michigan Canal, 27 February 18411
A Bill, for an Act, entitled an Act to insure the early completion of the Illinois and Michigan canal.
Sec.[Section] 1.0—Be it enacted by the People of the State of Illinois, represented in the General Assembly— That the contractors or the legal representatives of contractors on the Illinois and Michigan Canal, engaged in the construction thereof, or who have existing contracts for its construction
at the time of the passage of this act, and who shall become Stockholders agreeably
to the provisions of this act in the Association hereby created, Shall be, until the
completion of the Illinois and Michigan Canal, and until Such reasonable time thereafter
as Shall be necessary to the liquidation and close of the buisness growing out of the authorised Engagements of said association— A body Corporate and politic by the name and Style
of the Canal Contractors Association; and by that name and style such association shall be competent through their President
and directors to contract and be contracted with, and be capable in law and equity
to sue and be sued, plead and be impleaded, answer and be answered unto, defend and
be defended in all courts and places, and
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and in all matters whatsoever, and may have and use a Common Seal, the same to alter
and renew at pleasure.
Sec.11—2
The Capital Stock of said association or company Shall be the same to which a Subscription
of $400 one Thousand dollars by each and every contractor or firm of Contractors or the
legal representative or representatives of said contractor or firm Subscribing hereto
Shall Amount, Each one Hundred dollars so subscribed to constitute one share and be
entitled to one Vote.
Sec. 12—3
None but contractors at the time of the passage of this act or their assigns or proper
representatives shall be subscribers to the stock of the association hereby created,
and each Contractor or firm shall be entitled to an equal interest in the same. No
sale or transfer of stock shall be made except by Consent of two-thirds of the Board
of directors or a majority of the Stockholders.
Sec. 4th—^13^
Any contractor or firm of contractors who may not choose to become a party to the
association hereby created, may,
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notwithstanding, have all the privileges of Contractors of this Association in the
negotiation of bonds through an agent by paying a pro rata share of the expenses of
the negotiation and giving the Same security to the Board of Canal Commissioners as is herein
^shall be^ required of the members of said Association.
Sec. 14— The Board of Commissioners of the Illinois and Michigan Canal are hereby required
to open Books of Subscription to the stock of said association at Lockport within ninety days from and after the passage of this Act— giving at least ten days
notice of the time of opening said books, which shall be kept open for two successive
days, and at least six hours in each day. Each subscriber shall pay at the time of
subscribing five per cent upon the amount of his or their subscription. On the day succeeding the closing of
the books of Subscription, the Commissioners shall hold an election for nine directors,
who shall be chosen from the stockholders by a majority of all the votes and who shall
hold thier offices during the existence of this association unless sooner removed by a majority
of two-thirds of all the votes of said association.
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Sec. 15—
Upon the election of directors as aforesaid, the Commissioners shall deliver to them
the books of Subscription and all monies paid in on account of Stock.
Sec 16—
The directors shall forthwith proceed to elect one of their number as President and
the President and directors or a Majority of them shall constitute a quorum to do
buisness. They shall give notice to the stockholders to pay, or secure to be paid within thirty
days after the organisation of said board, the sum of ninety-five per centum upon the amount of their subscription or the same may be declared forfeited to the
use and benefit of said association. They shall have power to ^appoint^ a Treasurer and such other officers and agents as may be necessary to carry into
effect the objects of this association and do all other acts and things necessary
and proper for such an association to do in facilitating the completion of the Illinois
and Michigan Canal, to the end of its engagement with the State. They shall keep a correct acoucount of all monies received and disbursed and a faithful record of the proceedings
of the association, which
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shall at all times be subject to the inspection of the stockholders. They shall have
power to fill all vacancies which may occur in their number by death resignation or
otherwise ^until the next meeting of the stockholders^ and to call special meetings of the stockholders.
Sec. 17—
The stockholders shall meet annually at such place as the President and directors
may appoint, at which meeting the directors shall present a clear and distinct report
of the condition of the association.
Sec 18—
The Board of directors may require the Treasurer to give bond for the faithful discharge
of the duties of his office, in such sum as they may deem proper.
Sec. 19—
It shall be the duty of the Board of Canal Commissioners to execute contracts with
the President ^and^ Directors and company, of this association, for the construction of such portions of the Illinois and Michigan
canal as have not heretofore been put under contract, at such prices as have been
reported by the Chief Engineer; And for all work heretofore abandoned or relinquished
or Which may hereafter be abandoned or
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relinquished, at the prices specified in the original contracts or at estimates of
said chief Engineer; and for any work to be done, which has not been estimated by
said Engineer at such prices as the Engineer may determine. And the said association bind themselves and their assigns to complete and put in
full operation the entire line of the Canal within Three years from the passage of
this act.
Provided That the state shall at all times furnish this association with the necessary amount
of State Bonds upon the Conditions expressed in This act The said corporation shall give bond to the Governor and his successors in office
conditioned for the faithful construction and completion of said canal in three years,
as herein required in the sum of one-hundred thousand dollars, with such security
as the Canal Commissioners may require4, Provided that the state shall at all time furnish this association with the necessary amount of state bonds
upon the conditions expressed in this act— Provided always that the Commissioners
of the Illinois and Michigan Canal, shall advertize the work on the said Canal not
under contract, in the manner heretofore directed by law; and if such works shall
not be bid for or taken by responsible persons, who will receive canal bonds at par,
in payment for the work done, under the said contracts, at less than the present estimates
of the engineers; then the said works, shall be let to the contractors associated
under the provisions of this act. And provided further that when any work shall be
let to any person or persons, others than those belonging to said association, then
said association shall not be held responsible for the completion of the same— And
provided further that the bonds to be paid for such work, shall be sold in the same
manner, at not less than the prices for which ^bonds^<Page 12>
bonds may be sold by the said association
[ docketing
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No 193 House
[ docketing
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A Bill for an act for the early completion of the Illinois and Michigan Canal
[ docketing
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[02]/[26]/[1841]
[02]/[26]/[1841]
Engrossed
1This bill is not in Abraham Lincoln’s hand, but it may be a transcription of a bill written by Lincoln.
The manner in which the writer of the bill forms the first letter of his words makes
it difficult to determine whether he meant the word to be capitalized or not. This
is particularly the case with the letters a, c, s, and w. Since it is impossible
to known the writer’s intentions as to capitalization, the editors have used size
in determining whether or not to capitalize a word. Words starting a sentence are
capitalized regardless of size.
Handwritten Document, 12 page(s), Folder 202, HB 290, GA Session: 12-2,
Illinois State Archives (Springfield, IL).