Quest

age, non compos mentis, or out of the county in which the property wanted may be, application may be made to any justice of the peace of said county, who shall thereupon issue his warJury of in- rant directed to the sheriff of said county, or if the sheriff be interested, to some disinterested person, requiring him to summon twelve freeholders in the county, not interested nor in any way related to the parties, and if such persons cannot be found, from the county next adjoining, as may be designated by said justice above mentioned, to meet on or near the property or material to be valued, on a day named in said warrant, and not less than five nor more than ten days after the issuing of the same, and if at the said time and place, any of the persons summoned do not attend, the said sheriff or summoner shall immediately summon as many as may be necessary, with the persons in attendance as jurors, and from them each party, his, her or their agent or attorney, or if either of them be not present in person, or by agent, the sheriff or summoner for him, her or them, may strike off three jurors, and the remainder shall act as a jury of inquest of damages; and before they act as such the sheriff or summoner shall administer to each of them an oath or affirmation that they will justly and impartially value the damages Inquest to which the owner or owners shall sustain by the use and occupancy of the land, by the said company: Provided, nothing shall prevent the owner or owners of said land from giving to the said company the said land as a free gift by deed, for the use and benefit of said company; and the said jury shall reduce the said inquest to writing, and shall sign and seal the same, and it shall be sent to the clerk of the county, to be by him filed in his office, and shall be confirmed by the circuit court of said county, at its next session, if no sufficient cause to the contrary be shown; and when confirmed the same shall be enrolled by the said clerk at the expense of said company, and said confirmation shall be deemed final.

be confirm

ed by circuit

Co. may dis

sor power.

Sec. 4. The said corporation shall have the privilege and be enpose of wa- titled to sell in fee, or lease or rent, for one or more years, any wa ter power created by any dam or lock erected at the expense of the company, to any person or persons, on such terms as shall be deemed advantageous to the corporation: Provided, That it may be so done that it shall not injure any person now in possession.

When work

to be com

...&c.

Sec. 5. If said corporation shall not within five years from the

passage of this act, commence the same by breaking ground, and shall not within ten years complete the same in such manner that said canal shall become navigable for boats, barges and other craft from Saginaw river to Grand river, or in other words, from lake Huron to lake Michigan, then the rights, privileges and powers of said corporation shall cease and become inoperative.

and election

rectors.

Sec. 6. Whenever the whole capital stock of said company shall 1st meeting have been subscribed, the commissioners shall call a meeting of of first dithe stockholders or subscribers at such time and place as they may appoint, by giving thirty days notice of such meeting, in the manner prescribed in the first section of this act; and at such meeting shall lay the books of subscription before the subscribers then present, and thereupon the stockholders may elect seven directors by ballot, a majority of whom shall be competent to manage the af fairs of said company; and said directors are empowered to elect one of their number president, and on all occasions when a vote of the stockholders is to be taken, each and every share shall entitle the holder thereof to one vote, either by himself in person or proxy.

lection of

Sec. 7. There shall be chosen annually at such time and place Annual eas such directors may determine, a president and seven directors of officers. said company, and if any vacancies shall occur by death, resignation or otherwise, of any president or director before the year for which he was elected shall have expired, such vacancy for the remainder of the year may be filled by the directors of said coinpany or a majority of them. The president and directors shall hold their offices for one year, and until others are chosen and qualified to fill their places: All elections by this act, or by the by-laws of the company, to be made on any particular day, to be designated, and if not made on that day, may be made on any subsequent day, provided the notice contemplated in the first section, shall be given.

Special

Sec. 8. A general meeting of the stockholders of said company General shall be held annually, at the time and place appointed for the elec. meeting. tion of president and directors; a meeting may be called at any time during the interval between the said annual meeting, by the meetings. president and directors, or by the stockholders owning one-third of the stock, by giving thirty days notice of the time and place of meeting, in the manner hereinbefore prescribed, and when any such

Annual statement of

meeting is called by the stockholders, the particular object of such
meeting shall be stated, and if at any meeting thus called, a major-
ity in value of the stockholders are not present in person or by
proxy, such meeting shall be adjourned from day to day, not ex-
ceeding three days, without transacting any business, and if with-
in three days, stockholders having a majority of the stock, do not
attend such meeting, then said meeting shall be dissolved.

Sec. 9. At the regular meeting of the stockholders of said com directors. pany, it shall be the duty of the president and directors in office' for the preceding year, to exhibit a distinct and clear statement of the affairs of the said company; and at any meeting called of the stockholders, a majority of those present in person or by proxy, may require similar statements from the president and directors whose duty it shall be, to furnish them when thus required, and at all general meetings of the stockholders, owning a majority of all the stock in said company, may remove from office any president or directors of said company, and appoint others in their stead. Sec. 10. The said president and directors or a majority of thein shall have power to appoint, contract with, and determine the comdirectors. pensation of all such officers, engineers, agents and servants, whatsoever, as they may deem necessary for the transaction of the business of the company, and remove them at pleasure, and the said president and directors or a majority of them, shall have power to

Compensation of officers and powers of

determine the manner and evidence of transfers of the stock of said
company, and shall have power to pass all by-laws, which they
may deem necessary for carrying into execution all the power
vested in the company hereby incorporated, provided such by-laws
shall not be contrary to the constitution or laws of the United States
or this state. The president and directors of said company shall
be, and they are hereby invested with all the privileges and powers
necessary for the location and construction of said canal and locks,
dams, feeders, waste-weirs, tow-paths and all manner of work, ne-
cessary to carry out the object and intent of constructing said canal
for navigable purposes, also to declare the per cent. to be paid at
the time of subscribing for said stock, and such other calls for mon-
ey, how much, and when to be paid, from the subscribers to the
stock of said company, until the whole amount is paid by each sub-
scriber to the stock of the said company.

1

may take

of land, &c.

pensation

tendered,&e

Sec. 11 The president and directors of said company, or their Company agent or agents, or those with whom they may contract for the ex- possession cavating of said canal, building locks, and clearing out rivers to after comrender the canal navigable, or any part of them, may enter upon, therefor in use, excavate any land which may be wanted for the use of the canal, or any purpose which is necessary for the construction and repair of said canal, locks, dam, feeders, waste-weir, tow-paths or whatsoever they may deem necessary for the use and benefits of said company, as soon as the amount of compensation therefor is ascertained and tendered as herein before provided.

neglect to

&c.

Sec. 12. If the president and directors of said company shall Penalty for neglect or refuse to keep in good order and repair, any dam erected repair canal at the time of building said canal, or shall neglect to remove any obstacle in the river, used by the company which is caused by any of the boats, rafts, navigating said canal, when the same is not prevented by ice, or some unavoidable cause, after ten days notice to the superintendent of the canal, they shall for every such offence pay to the party aggrieved, the sum of twenty dollars, to be recovered by action of debt, before any court having competent jurisdiction.

on property

Sec. 13. If any person or persons shall wilfully and knowingly Trespasses do any act or thing whereby the navigation shall be impeded, or of company. whereby any dam, lock, gate or tow-path, engine, machine or device therein belonging or any machinery or property of the company (or contractors who are constructing said canal.) shall be injured or damaged, he, she or they so offending, shall forfeit and pay to the company double the damages by them sustained, together with costs, to be recovered by an action of debt, before any court of competent jurisdiction.

mill-owners

Sec. 14. Nothing herein contained, shall be so construed as to Rights of authorize said company to destroy, or in any way impair any right reserved. or privilege of water on which a dam has been erected and which is occupied and improved by the erection of mills, and if it should be necessary to alter any dam so erected, or alter any lock or sluice thereon, to correspond with the improvement of said company and adapt the same to the purposes intended by this act, and such alteration is not assented to by the mill-owners who erected said dam, lock or sluice, the damages for any such alteration shall be first as

Tolls.

Dividends.

Liability of stockhold'rs

Atate may purchase caual.

certained and tendered to such owners as herein provided, before
such alteration shall be made: Provided, That on any such altera-
tion of any dam, lock or sluice-way being made by the company,
the owner of such dam shall be entitled to all the water power crea-
ted by such alteration, and in the estimate of damages as aforesaid,
the increase, if any, to the water, shall be taken into consideration,
in making such estimate, but in no case shall any estimate be made,
which shall require the owner of any such dam to pay any sum of
money to said company for the improvements made to the dams as
above provided.

Sec. 15. The president and directors and company, or such per-
son or persons as they shall from time to time appoint, shall have
power to charge and receive for tolls on said canal and rivers, such
reasonable sum as shall be established by the by-laws of the com-
pany hereby incorporated, and it shall not be lawful for any other
company or any other person or persons to receive tolls in any por-
tion of the rivers above referred to, or any part thereof, from the
city of Saginaw to the village of Lyons, on Grand river, without
the license or permission of the president and directors of said com-
pany; and the shares of the capital stock of said company shall
be considered personal property and shall be transferable on the
books of said company agreeably to the by-laws of said company.
Sec. 16. The president and directors shall at such times as the
company by their by laws may direct, declare and make such divi-
dends as they may think proper for the net profits from the re-
sources of said company, deducting the necessary current expenses,
and they shall make such dividends among the stockholders of said
company in proportion to their respective shares.

Sec. 17. The stockholders shall be individually liable for all debts contracted by the said company, after the corporate property of said company shall have been first exhausted.

Sec. 18. It shall be lawful for the state of Michigan, at the expiration of the time granted by this company, to take possession of the canal and improvements made for the purposes before mentioned, and convert the same into state property, on the payment of the cost and investment and ten per cent. in addition thereto. Said corporation shall be subject to the provisions of chapter fifty-five,