and owners, to make such obstructions as aforesaid; Provided always, That such obstructions shall be erected at the expense of such owner or owners of the soil, as shall agree thereto, or at the expense of such person or persons as shall obtain licence from such owner or owners for the purpose of erecting such obstructions, and on such terms and conditions as the contracting parties may agree upon. An ACT to improve the Navigation of Hudson's River in the Places therein mentioned. Passed 1st April, 1796. Session 19, ch. 40. [Part of this act is obfolete and part repealed by 22d feff. ch. 40, fect. 7.] An ACT supplementary to the Act, entitled "An Act to obfolete, improve the Navigation of Hudson's River, in the Places therein mentioned." Passed 17th March, 1797. Sess. 20, ch. 39. An ACT to amend the Act, entitled "An Act supple- Obfolete. mentary to the Act, entitled "An Act to improve the Navigation of Hudson's River, in the Places therein mentioned." Passed February 8th, 1799. Sess. 22, ch. 11. An ACT to improve the Navigation of Hudson's River between the Villages of Lansingburgh and Troy. Passed March 1st, 1799. Sess. 22, ch. 20. [The 3d fect. is repealed by act 23d feff. ch. 119, and the refidue is temporary and will expire 14 Nov. 1802.] An ACT making further Provision for improving the Nav- Temporary, igation of the Hudson's River between the City of Albany and the Village of Waterford. Passed 14th March, 1800. Sess. 23, ch. 25. An ACT authorizing the Trustees of the Village of Lansingburgh to hold Lands in the Town of Troy, and for other Purposes therein mentioned. Passed 8th April, 1800. Sess. 23d, ch. 119. [The ift fect. did not relate to the subject, and the refidue is temporary. An ACT further to amend the Act, entitled "An Act Temporary making further Provision for improving the Navigation of the Hudson's River, between the City of Albany and the Village of Waterford. Passed 6th April, 1801. Sess. 24, ch. 157. Preamble. Two compa ed for opening inland navigation. Name and Ayle of the fame. Stock of faid confift of 1000 fhares each. Inland Navigation. FIFTEENTH SESSION. CHAP. XL. within this State. Passed 30th March, 1792. southern, northern and western parts of this state, will encourage agriculture, promote commerce, and facilitate a general intercourse between the citizens; Therefore, 1. Be it enacted by the People of the State of New-York, renies establish presented in Senate and Assembly, and it is hereby enacted by the authority of the same, That there shall be established two companies of stockholders, one for the purpose of opening a lock navigation from the now navigable part of Hudson's river to be extended to Lake-Ontario and to the Seneca-lake, and to be called and known by the name of "The president, directors and company of the western inland lock navigation in the state of New-York," and one other company for the like purpose from the now navigable part of Hudson's river to Lake-Champlain, and to be called and known by the name of "The president, directors and company of the northern inland lock navigation in the state of New-York ;" that the capital stock of companies to the said western company shall consist of one thousand shares, and the capital stock of the said northern company shall consist of one thousand shares; and that subscripCommiffion. tions for shares in the said companies respectively, shall be taken in manner following, to wit: Samuel Jones, David Gelston, Comfort Sands, Melancton Smith and Nicholas Hoffman, or any three of them, shall be a board of commissioners for taking subscriptions in the city of NewYork; and Abraham Te Broeck, John Tayler, Philip S. Van Rensselaer, Cornellus Glen and John Ten Broeck, or any three of them, shall be a board of commissioners for the like purpose in the city of Albany; and each board shall provide two books, one for the western and one for the northern navigation, and shall enter in each book as follows "We whose names are hereunto subscribed, do, for ourselves and for our legal representatives, promise to pay to the president, directors and company of the inland lock navigation, in the state of New-York, established and incorporated by the act, entitled An act for establishing and opening lock navigations within this state, such sums of money for each share, which we or our legal representatives shall from time to time hold in the said corpora ers named. Their duty. : for each fhare tion, in such proportions and at such time and times as the president and directors aforesaid shall direct and require, in addition to the sums which shall have been retained in the hands of the commissioners appointed by the said act." And the said boards of commissioners respectively, shall open the books for the taking in subscriptions for the purposes aforesaid, on the first Tuesday of May next, and shall take the subscription of every person who shall offer to become a subscriber, from day to day (Sundays excepted) until the last Tuesday of the said month, and the commissioners first above named, shall at least ten days previous to the first Tuesday of May, give notice of the day on which the subscription books shall be opened, and of the day inclusive on which they will close, in the newspaper printed by the printer to this state; and the other commissioners shall give the like notice, in at least one of the newspapers printed in the city of Albany, and another at Langsingburgh, in the county of Rensselaer; Provided always, That every subscriber shall subfcribers to at the time of subscribing, pay unto the said commission- pay 25 dolls, ers with whom he or she shall subscribe, the sum of on fubfcribing twenty-five dollars, in gold or silver, bills of credit of this state, or notes issued by the bank of the United States, or the bank of New-York, for each share by him or her subscribed; and if any subscriber shall at the time of subscription, pay for more shares than shall eventually be certified by the said commissioners, then and in every such case, the commissioners shall retain no more of the subscription money in their hands than will amount to the shares so certified, at the rate of twenty-five dollars for each share, and return the overplus to the subscriber entitled thereto; And provided further, That within the period above men- shares limit. tioned, no person or body politic or corporate shall subscribe ed to each more than ten shares; and the commissioners by this act appointed in the city of Albany, or any three of them, shall on the day next after the last Tuesday of May, or as soon thereafter as may be, certify under their hands and seals, to the commissioners appointed in the city of NewYork, a true list of the subscribers in their books with the true number of shares subscribed by each; and if it shall appear to the commissioners appointed in the city of NewYork, or to any three of them, that one thousand shares have not been subscribed to each company, they shall by advertisement, to be published in the newspaper of the printer to this state, give notice, that on a day certain, which day shall not be less than eight days from the first publication of such notice, their books will again be opened, and that they will continue to receive subscriptions from day to day, for the space of four days, or until one thousand shares in the whole have been subscribed; and on such last subscription any person or body politic or cor VOL. II. fubfcriber. Further praceedings therein. R porate may subscribe any number of shares at pleasure, not exceeding the deficiency, and if at the end of the said four days, one thousand shares shall not be so subscribed, then the books shall be closed, and it shall and may be lawful for each of the said companies, after they shall have become incorporated in manner herein prescribed, to take in subscriptions for the deficient shares or not, as to the stockholders of each of the said corporations shall seem proper; but if it should appear to the said commissioners first herein mentioned, that on the said last Tuesday of May, the aggregate of all the shares subscribed exceed one thousand, the excess shall be deducted from the respective subscribers to each company, in the manner following, to wit: 1. If the whole number of subscribers amount to one thousand, whatever may be the number of shares subscribed, each subscriber shall be entitled to one share. 2. If the whole number of subscribers exceed one thousand, it shall be determined by lot by the said commissioners, which of the subscribers shall be entitled to a share and which not. 3. If the number of subscribers are less than one thousand, and the number of shares by them subscribed exceed one thousand, then those who have only subscribed one share shall be entitled to such share, and the remaining subscribers shall be classed into nine classes, one class to consist of all those who have subscribed two shares, one class of those who have subscribed three shares, one class of those who have subscribed four shares, one class of those who have subscribed five shares, one class of those who have subscribed six shares, one class of those who have subscribed seven shares, one class of those who have subscribed eight shares, one class of those who have subscribed nine shares, and one class of those who have subscribed ten shares; after which the shares to be deducted from each class shall be determined by the following rule, to wit: As the aggregate of all the shares subscribed by the nine classes is to the excess above one thousand, so is the aggregate of the shares subscribed by any class to the shares to be deducted from that class; the aggregate deduction to be made from each class be ing thus determined, if such aggregate is less than one share for each subscriber, it shall be determined by lot, which of the subscribers shall hold two shares; if such aggregate is more than one share to each subscriber, it shall be determined by lot which of the subscribers shall hold one share; and the like rule shall be applied to the deduction in each of the other eight classes; and the said commissioners appointed in the city of New-York, shall then make out full and perfect lists of all the subscribers to the stock of each company respectively, with the number of shares to which each subscriber is entitled, and having acknowledged the same before the chancellor, or one of the judges of the supreme court, they shall deliver the same to the person administering the government of this state for the time being, and if it shall appear to him, that five hundred shares are subscribed to the company, to be known by the name of "The president, directors and company of the western inland lock navigation in the state of New-York," he shall direct the list to be filed and entered of record in the secretary's office of this state; and if it shall appear to him, that five hundred shares are subscribed to the company, to be known by the name of "The president, directors and company of the northern inland lock navigation in the state of New-York," he shall give like directions to the said secretary, relative to the list thereof. ome Said compa become in II. And be it further enacted by the authority aforesaid, That immediately from and after the filing and recording an man- nies when to ner aforesaid the list of subscribers to the westernmpany, corporated. the persons therein named as subscribers, whilst t continue stockholders therein, and all others who shall stockholders therein, shall be and are hereby create and made a corporation and body politic, in fact and in by the name and style of "The president, directors. company of the western inland lock navigation in state of New-York," and that by that name, they an their successors for ever shall and may have perpetual succession; and that immediately from and after the filing and recording in manner aforesaid the list of subscribers to the northern company, the persons therein named as subscribers, whilst they shall continue stockholders therein, and all others who shall become stockholders therein, shall be and are hereby created and made a corporation and body politic, in fact and in name, by the name and style of "The president, directors and company of the northern inland lock navigation in the state of New-York,' and that by that name they and their successors for ever Their corposhall and may have perpetual succession, and by those rate powers. names shall be and hereby are respectively made persons able and capable in law, to have, purchase, receive, possess, enjoy and retain to them and to their respective successors, lands, rents, tenements, hereditaments, goods, chattels and effects of what kind, nature or quality soever, to the amount of three hundred thousand dollars each, and the increase and profits thereof, and of enlarging the same from time to time, by additional payments of the stockholders in such companies respectively, and in such manner and form as they shall think proper, if such additional payments shall be found necessary to fulfil the end and intent of the incorporations hereby created and made, and hereinafter particularly specified and directed, and وو |