AN ACT to incorporate the Cahawba navigation company.
SEC. 1. Be it enacted by the Senate and House of Representatives of the State of Alabama, in general assembly convened, That a company be established for the improvement of the navigation of the Cahawba river, the capital stock of which said company shall not exceed the sum of fifty thousand dollars, unless hereafter enlarged by law, exclusive of such sums as the General Assembly may hereafter think proper to subscribe; the right to make subscriptions is hereby reserved to the state to an unlimited amount: Provided, said state shall subscribe for the amount of stock intended to be taken within twelve months.
Sec. 2. And be it further enacted, That subscriptions for stock, each share to consist of one hundred dollars, shall be opened
on the first Monday of June next, at the town of Cahawba, under the superintendence of J. J. Crocheron, U. G. Mitchell, John Shields, James Craig and Thomas Casey; at the town of Marion on the first Monday of June next, under the superintendence of John Derden, Temple Lea, Edwin D. King, George Weissinger and Abram Trigg; at the town of Centreville, on the first Monday of June next under the superintendence of Alexander Hill, Anthony Stoughtenberg, Thomas Crawford, Mitchell Watkins and John Henry; which subscriptions shall be kept open for three days at each place: Provided, That a majority of the superintendents at either of the places aforesaid, shall be competent to open the books and receive subscriptions of stock.
Sec. 3. Be it further enacted, That the superintendence at Cahawba shall have full power and authority to appoint agents to open subscriptions at any other place or places they may deem proper, and to publish the times of opening the same to some newspaper published nearest the place or places of opening such subscription.
Sec. 4. Be it further enacted, That one fourth of each share shall be paid at the time of subscribing, and the remainder by three equal instalments, at six, twelve and eighteen months thereafter, such times of payment to be determined by the directors, and notice given thereof; the payments to be made in a specie paying currency: And immediately after the time of subscription, the superintendents shall give notice in writing to the superintendents at Cahawba of the names of subscribers, the number of shares subscribed by each, and the monies paid in. And in case the aggregate amount of subscriptions amount to five thousand dollars, then the superintendents of Cahawba shall publish a day and place for the election of a president and seven directors, every share to be entitled to one vote, and stockholders to be entitled to vote by proxy; the said superintendents at Cahawba to have full power and authority to appoint managers for holding such election.
Sec. 5. Be it further enacted, That in case the whole amount of subscriptions shall not amount to the sum of five thousand dollars, the superintendents at Cahawba shall forthwith determine, as their discretion may direct, either to order and advertise for opening subscriptions again at the places aforesaid, by the same superintendents, or others in case of death, removal, or refusing to act, of those previously appointed, or to direct the repayment to subscribers of the sums respectively subscribed and paid.
Sec. 6. And be it further enacted, That the company hereby established shall be, and the same is hereby made a body politic and corporate, under the name and style of "the Cahawba Navigation Company:" and shall so continue until one thousand eight hundred and fifty-eight; and by that name shall be, and are hereby made, capable in law to have, purchase, receive, possess, enjoy and retain, to them and their
successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of whatever king, nature and quality, to any amount not exceeding in the whole one hundred thousand dollars; including in the amount of capital stock; and the same to sell, grant, demise, alien and dispose of; to sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended, in any suit, action, matter or thing, in any court either of law or equity, or in any other place whatsoever; and also to make, have and use a common seal, and the same to break, alter or renew at their pleasure; and also to ordain, establish, and put in execution such bylaws, ordinances and regulations as they shall deem necessary and convenient for the government of said corporation, not being contrary to the laws of this state, or of the United States; and generally to do and execute all and singular the acts, matters and things which to them may appear necessary, or which to them it shall or may appertain to do, as incident, to bodies corporate; subject nevertheless, in addition, to the restrictions, limitations and provisions hereinafter prescribed and declared: Provided, That nothing in this act shall be so construed as to authorize said company to exercise banking powers, or any other power not specially delegated in this act.
Sec. 7. Be it further enacted, That the directors shall meet and organize, and appoint such officers as may be necessary for conducting the business of said company; they shall keep regular accounts, and make an annual report of their proceedings to the legislature of this state: In case of the death, resignation or removal of any one of the directors, or should a vacancy occur in any manner whatever, in the board of directors, a majority of the remaining directors may fill such vacancy; and an annual election of directors shall be held on the first Monday of February in each and every year at Cahawba; the directors shall have power to change the place of election of directors, giving public notice thereof in some newspaper, at least two month before the election.
Sec. 8. Be it further enacted, That the directors, a majority being present, shall have power to determine upon all plans of improvement, and may authorize a committee or agents to contract for, or to superintend the execution of any such plans, and to make contracts for necessary supplies, or for such superintendents and laborers as may be required, not to exceed in amount or value the sums appropriated by the board of directors.
Sec. 9. Be it further enacted, That the directors shall have power to enforce the payment of stock subscribed, either by making a failure amount to a forfeiture, or otherwise.
Sec. 10. And be it further enacted, That when the improvement of said river so far as Maybury=s landing shall be deemed by the directors to be completed, and the directors shall desire liberty to receive toll for the passage of boats over the same, they shall apply to the Governor of this state, who shall cause the same to be examined; and in case such
improvement is deemed completed so as to admit the easy ascent and descent of boats of twenty tons burthen, then he shall certify the same to the directors; whereupon they shall be authorized to make regulations for receiving toll not exceeding the rates hereinafter mentioned, that is to say: For each barrel, eighteen cents and three-fourths; for each bale of cotton, ten cents; for each ton of iron, one dollar; for lumber of every description, in rafts or otherwise, one-fourth cent per cubic foot: Provided, said company shall defray all expenses incurred by every such examination.
Sec. 11. Be it further enacted, That when the improvement of said river shall be completed so far as Old-town, in Perry county, so as to allow the easy and safe ascent and descent of boats of twenty tons burthen, and the directors shall obtain the certificate of the Governor, in like manner as is provided for in the preceding section of this act, they shall be authorized to make regulations for receiving toll, not exceeding the rates hereinafter mentioned, to wit: For each barrel, thirty-seven cents and a half; for each bale of cotton, twenty cents; for each ton of iron, one dollar and fifty cents; for lumber of every description, in rafts or otherwise, one half cent per cubic foot.
Sec. 12. Be it further enacted, That when the improvement of said river shall be completed to Centreville, or the Falls of Cahawba, and the certificate of the Governor obtained is like manner as is pointed out in a previous section, that then and in that event the directors shall be authorized to make regulations for receiving toll upon the whole route, not exceeding the rates hereinafter mentioned, to wit: For each barrel, fifty-six and one fourth cents for each bale of cotton, thirty cents; for each ton of iron, two dollars; for lumber of every description, in rafts or otherwise, three-fourths of a cent per cubic foot.
Sec. 13. And be it further enacted, That after the completion of all and every part of the improvement on said river, his Excellency the Governor shall appoint some suitable person, whose duty it shall be, whenever said river shall be considered by him not to be in such repair as to admit of the easy ascent and descent of boats as contemplated by this act, to report the same to the Governor: and said company shall not receive any toll until said river shall be reported in sufficient repair for the easy ascent and descent of boats, and the certificate of the Governor obtained as proscribed in the ninth section of this act.
Sec. 14. And be it further enacted, That the directors, after receiving said toll on all or any part of the works, shall commence and declare semi-annual dividends, on the first Monday of February in each and every year, of nett proceeds, as may be above all expenses, and sums necessary for repairs and improvements.
Sec. 15. Be it further enacted, That stock shall be transferable only on the books of the company.
Sec. 16. And be it further enacted, That nothing in this act shall be taken or construed as to prevent or obstruct the free navigation of said river, so far as it is now a navigable stream, until the assent of Congress shall be obtained authorizing the same.
Sec. 17. And be it further enacted, That all articles not herein enumerated, shall be rated by weight or measurement, and tolled according to the foregoing rates.
Sec. 18. And be it further enacted, That all acts, and parts of acts, contravening this act, be and the same are hereby repealed.
Sec. 19. And be it further enacted, That the president and directors shall keep a true account of the costs and expenditure of the improvement of the said river, and on the first day in February, in each year, have the same made up, and the balance of profits struck and divided among the stockholders, and report the same to the General Assembly of this state; and, if it shall appear by the said return under the oath of the president and directors, that the profits arising from tolls, divided, do not amount to twelve and a half per cent on the capital expended, the corporation shall be authorized to add to the tolls for the succeeding years, until the nett profits arising from tolls, after deducting all expenses, repairs and improvements, shall amount to twelve and a half per cent per year; that should it appear that the nett profits arising from tolls exceed twenty-five per cent per year, after deducting the expenses, repairs and improvements, the General Assembly reserve to themselves the right so to reduce the rates of toll, that the profits from the tolls to be divided shall not exceed twenty-five per centum.
AN ACT to incorporate the Alabama and Tennessee canal company.
SEC. 1. Be it enacted by the Senate and House or Representatives of the State of Alabama, in General Assembly convened, That William D. Stone and Thaddeus Sanford, and their associates and successors, be and they are hereby constituted and appointed a body corporate, by the name and style of the "Alabama and Tennessee canal company;" and by that name, shall be and they are hereby made able and capable in law, to have, purchase, receive, possess, enjoy and retain to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects of whatever kind, nature and quality; and the same to sell, grant, demise, alien and dispose of, to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in any suit, action, matter, or thing depending in any court of law, or equity, and also, to make, have, and use a common seal, and the same to break, alter and renew, at their pleasure, and also to ordain, establish and put in execution, such by-laws, ordinances and regulations, as they shall deem necessary and convenient, for the government of the said corporation; not being contrary to the constitution or laws if the United States
or the state of Alabama: and generally to do and execute all and singular the acts, matters and things, which to them may appear necessary, or which to them it may appertain to do as incident to bodies corporate: Provided always, That it shall not be lawful for the said corporation to use or employ, any part of its capital for banking purposes, or exercise banking powers in any manner whatsoever: And provided further, That all contracts for the payment of money by the said corporation shall be under the seal of the same, and shall be taken to operate as specialties at law.
Sec. 2. And be it further enacted, That the capital stock of said corporation shall not exceed one million dollars.
Sec. 3. And be it further enacted, That said corporation shall have power to open and construct a canal, with locks and other necessary appendages and appurtenances from any point or place on the waters of the Tennessee river in the state of Alabama, across to any point or place on the waters of Coosa, or Alabama rivers, and to open and improve the water courses aforesaid so that they may be navigable for flatbottom boats, or other water craft, and also to remove the obstruction therein, and to open canal or canals, or in such other mode or way as they may deem expedient: Provided, no such improvement shall be made on the property of others without making compensation therefor, in manner herein after pointed out and pescribed: And provided also, That the said corporation shall on or before the meeting of the legislature in November eighteen hundred and twenty-eight, furnish to his excellency the governor of the state of Alabama, or deposit in the secretary of states office a report or survey of the intended canal and improvements, thereof.
Sec. 4. And be it further enacted, That if said corporation cannot obtain the consent of the owner or owners, proprietor or proprietors of land through which said canal or improvements may be necessary, it shall be lawful for said corporation to apply to the clerk of the circuit court and obtain a writ of an quod damnum, as in other cases, directed to the sheriff of the county in which said land may be situated, whose duty it shall be to summon a jury to twelve freeholders in said county and cause an inquest to be taken or the damages sustained by the owner or owners, proprietor or proprietors, of said land, by reason of opening said canal or other improvements thereupon made or to be make or erected by said corporation; and it shall be the duty of the said sheriff to notify the proprietor or proprietors of said land in writing, of the time and place at which said jury will assemble, at least five days previously, which inquest shall be returned to the circuit court of said county at the next succeeding term, and the clerk of said court shall issue a summon the owner or owners, proprietor or proprietors of said land to shew cause why judgment should not be rendered by said court in pursuance of the verdict of the jury as aforesaid, and the said court
at the request of either party shall permit the merits of the case to be investigated by a jury: Provided, That no continuance shall be granted to either party.
Sec. 5. And be it further enacted, That whenever said canal or water communication shall be rendered navigable for boats of twenty tons burthen, and so long as said canal or water communication shall be kept thus navigable, it shall be lawful for said corporation to demand and receive toll on all boats, barges or other watar craft of whatsoever kind navigating the same, at such rates as the said corporation may think proper to fix, not exceeding ten dollars every ton of freight, or five dollars per ton burthen, and each boat or other water craft not having on board at least twenty tons of freight for the whole length of said canal and improvements, and in like proportion for any shorter distance, which said boats or other water craft plies: Provided, That no toll shall be charged on boats navigating the Coosa river, until the falls of said river shall be improved by said corporation so as to admit the passage of boats of twenty tons burthen at all times, and in case the owner or commander of any boat, barge, or other water craft, navigating said canal, shall neglect or refuse to pay such amount of toll as may be assessed or fixed on the same by virtue of this act, it shall be lawful for the agent of this corporation to detain such vessel, boat, or other water craft until the toll is paid and discharged: Provided, that nothing in this act contained, shall imply the right of said corporation to charge any thing by way of toll for the navigation of the Alabama river or Coosa River below the Wetamkee falls of Coosa river: And provided, That the nett revenue or profits of said corporation accruing annually from the tolls to be charged and collected as aforesaid shall not exceed twenty-five per cent per annum on the amount of money expended in making and constructing the said canal and improvements, and that said corporation may so increase the tolls on boats or freights navigating said canal and improvements, or any part thereof, as to produce to said corporation a net revenue of twelve and a half per cent per annum from the opening of said canal.
Sec. 6. And be it further enacted, by the authority aforesaid, That if any person or persons shall obstruct said canal or other improvements, the property of said corporation, by felling trees in said canal or otherwise obstruct the same or any of the appendages, or appurtenances there unto belonging, he, she, or they, so offending shall forfeit and pay in said corporation double the amount of damages, which may be assessed by a jury in any court of record having jurisdiction thereof.
Sec. 7. And be it further enacted, That the said corporation shall at the expiration of forty years from the completion of said canal and other improvements, or at any time within ten yards thereafter, be compelled to sell an transfer to the state of Alabama, at her option, the whole or any part of the stock in said canal, and other improvements by them owned,
at the fair selling price at that time, to be paid by said state to the corporation aforesaid.
Sec. 8. And be it further enacted, That if the said canal, and the necessary improvements therewith connected, shall not be commenced and unceasingly prosecuted within four years, and completed within ten years from the passage of this act, then this law shall be considered as obsolete.
Sec. 9. And be it further enacted, That said corporation shall keep regular accounts, and make an annual report of all its expenditures and recepts to the legislature of this state, and its first annual report shall be made within one year after the commencement of said corporation to receive tolls.
Sec. 10. And be it further enacted, That our Senators and Representatives in the Congress of the United States be requested to use their endeavors to procure the passage of an act besting in the Tennessee and Alabama Canal Company so much of the public lands as may be proper and adequate, in the completion of said canal and improvements, and also to obtain for the benefit of said company the consent of the Cherokee nation of Indians to the opening and constructing of said canal and other improvement through their territory: and particularly to obtain the consent of Congress to the provisions of this act, so far as the same may be necessary.
AN ACT to incorporate the Muscle Shoals Canal Company.
SECT. 1. Be it enacted by the Senate and House of Representatives of the State of Alabama, in General Assembly convened, That Benjamin Sherrod, Benjamin B. Jones, Wm. H. Winter, John Hogan, James Jackson, John Coffee, Thomas D. Crabb, Nicholas Davis, Waddy Tate, John Boardman, Thomas Fearn, Clement C. Clay, John Lindsay, Wm. I. Adair, and Jacob Swoope, with their associates, be, and they are hereby made and constituted a corporation and body politic, by the name, style and title of the Muscle Shoals Canal Company, for the purpose of opening and constructing a canal navigation, with suitable locks, docks and basins, around or through the muscle Shoals, including the Little Muscle Shoals and Calbert=s Shoals, in the Tennessee river: and they with their associates and successors, shall so continue and have perpetual succession: Provided, That it shall be lawful for the state, sat any time within five years after the thirty-first day of December, 1856, to possess itself of the whole or any part of the capital stock of said corporation, at the par value thereof; and by that name are hereby make as capable in law as natural persons to contract and be contracted with, to sue and be sued, plead and be impleaded, answer and be answered, in all the courts of law or equity in this state and elsewhere; to make, have and use a common seal, and the same to break, alter or amend at pleasure: They also have the power to purchase and hold as much real estate as shall be necessary for the site of said canal, roads, warehouses and
other buildings, docks, basins, and the proper application of the water power or use of water that may arise from the construction of the said canal, or any part thereof, with power to made as may wet and dry docks as they may deem advisable: Provided, the said lock, dams, &c. shall not interfere with or in any manner obstruct the free navigation of said shoals in the channels now in use, nor charge any tolls for the navigable unimproved parts thereof; and also to borrow money, and to pledge the stock of the said company for the payment thereof; and that said company be authorized to draw, buy, sell, and endorse bills of exchange to any amount nor exceeding one thousand dollars, for the purpose of raising money to complete said canal, during the progress of the work, until it is completed, not to exceed five years, and afterwards to purchase (but not draw) bills of exchange to the amount of their dividends, for the purpose of making remittances to distant stockholders: And provided also, That said company shall at no time draw a bill or exchange for a less sum than two thousand dollars; and in no instance shall said company buy bills of exchange at a discount, or sell them at a premium; also to establish such by-laws, ordinances and regulations as shall be necessary for the well-being and government of the concerns of the said corporation, not contrary to the constitution and laws of this state, or of the U. States.
Sec. 2. And be it further enacted, That the capital stock of said company shall consist of eight hundred thousand dollars, divided into shares of one hundred dollars each, to be subscribed for in the manner hereinafter mentioned.
Sec. 3. And be it further enacted, That any time before the first day of October, 1826, the persons herein before named, or a majority of them, shall cause public advertisements to be made, at least sixty days previously, of the times and places in the state of Alabama, of opening books for the subscription of the stock of said company: which books shall be kept open, under the direction of one or more of the aforesaid persons, not less than six days, nor more than thirty days: Provided, however, at the closing of the subscription, it shall be found that a greater number of shares shall be taken than the number of six thousand shares, then the persons before named, or a majority of them, shall proceed to reduce the subscriptions in an equitable proportion, taking off from the larger subscribers, and not reducing any one below ten shares if practicable; but if four thousand shares shall not be subscribed for, then the above named persons, or a majority of them, shall be permitted at any time, and from time to time, before the first day of October, 1829, to cause public advertisements to be made in a similar manner, for further subscriptions of the said stock, under similar restrictions, in other cities and states, and the surplus subscriptions, if any, shall be reduced in the manner above mentioned.
Sec. 4. And be it further enacted, That whenever one thousand shares of the said stock shall have been subscribed for,
the persons aforesaid, or a majority of them shall advertise a meeting of the stockholders in Courtland, giving at least thirty days notice of such meeting in some newspaper at Florence, Tuscumbia, Courtland and Huntsville, if any newspaper be printed in those places, and shall thereupon proceed to the election of a president and six directors, share-holders of said company, and also fix their compensation, if any, and ordain and adopt such other permanent by-laws, for the organization of said corporation, as they may deem needful, in which meeting, as at all future meetings or elections, each share-holder shall be entitled to one vote for every share he may hold, to the number of ten, and one vote for every five shares over to ten; but no person who is not a citizen of the United States shall vote on any shares in said company either in person or by proxy: at all subsequent elections, no shares shall be voted on that have not stood in the name of the person claiming to vote at least three months previous to the day of election: shares may be voted on by proxy, duly recorded, and conforming to the foregoing qualifications: Provided, That the president directors, nor either of them, shall be authorized to represent any stock holders by proxy, nor become interested, either directly or indirectly, in any contract for the doing and performing any part of said work.
Sec. 5. And be it further enacted, That the president and directors first chosen shall hod their offices until the first Monday in October, 1829, and until others shall be duly chosen in their places. On the first Monday of October, in each year after the said first election, the stockholders of the said company shall meet at some place within the Tennessee valley, to be designated by the president and directors, and there proceed to the election of a president and six directors, who shall be share-holders of said company, and resident citizens of the United States, and who shall hold their offices for one year, and until others shall be elected in their places: public notice of such meetings and elections shall be given by the secretary of the company in some newspaper printed in Huntsville, Courtland, Tuscumbia, and Florence, if any be printed in those places, thirty days previous to any such meeting or election. At the annual meetings, a statement of the affairs of the company shall be made out and presented to the meeting by the president and directors, and such dividends of the profits declared as they may deem advisable.
Sec. 6. And be it further enacted, That the concerns of said corporation shall be under the control and superintendence and management of the said board of president and directors, a quorum of which to do business shall consist of the president and three directors, or in the temporary absence of the president, of four directors, who may appoint one of their number as president pro tempore. The president and directors may make such assessments and calls on the shares subscribed, and payable at such periods as they may deem proper, with such conditions of forfeiture for non-compliance,
not exceeding the amount of the stock delinquent, as they may deem advisable: Provided, the president and directors shall give sixty days notice of such call: They may open or renew the subscription for the shares not already subscribed for, or dispose of them in any manner they may think for the interest of the company: Provided, however, that they shall not sell any share for less than the par value thereof; and also that sixty days notice of such subscription or sale is given in one or more of the public newspapers of the place where such subscription or sale shall be made.
Sec. 7. And be it further enacted, That is shall be the duty of said president and directors to appoint a secretary, a treasurer, and such other officers or agents as they may think needful for prosecuting said undertaking, and allow them such pay or compensation as they may agree on; to make contracts, and do all things necessary for carrying the same into effect; and to require and take such bonds or other security, in their corporate name, from any person or persons they may so appoint or contract with. In case of the death, resignation, or vacancy from any other cause, in the said board of president and directors, the remaining members may proceed to appoint a stockholder or stockholders to supply the vacancy or vacancies of a president, director or directors, for the unexpired term for which he or they were elected.
Sec. 8. And be it further enacted, That the president and directors of the said company, by themselves, or their agents or workmen, shall have full power to enter into and open any lands in the vicinity of the proposed canal, and to survey and lay out such route or tract as shall be deemed by them most practicable for effecting a sage and easy navigation; and also for suitable locks, feeders, wet and dry docks, warehouses and other buildings, suitable for such objects as are within the contemplation of this act, and the organization of this company, doing as little injury to the adjoining lands and enclosures as possible in the prosecution of the proposed undertaking: and it shall be lawful for the owners of the lands to contract and agree to, and with the said president and directors for the conveyance of so much of the said lands as will be necessary and requisite for the purposes aforesaid, if the said president and directors can agree with said owners; but in case of disagreement, said company may proceed and lay out their works on such grounds as they may deem best adapted for the purposes of navigation, water works, wet and dry docks, and basins connected with them, and upon application of either party to the circuit court of the county wherein the lands lie, the said court shall appoint twelve disinterested freeholders to view and assess the damages and advantages arising to the said owner by the location of the said works, and make report thereof to the said court; which report, when received and duly admitted to record, shall be final; and on the payment of the money, if any is awarded, shall vest in the said company the fee-simple to the land. The
president and directors shall have power to sell or lease, for a term of years, mill sites, the privilege of erecting docks, warehouses, or other locations, on the said canal or its appendages.
Sec. 9. And be it further enacted, That it shall and may be lawful for the said president and directors by themselves, their workmen or agents, to enter with such force as they may employ for that purpose, upon the lands contiguous or near to the proposed canal; and from thence to take and carry away any earth, stone, gravel, timber, &c. being most convenient for making or repairing the said canal and appendages, making proper compensation therefor to the owner of said land, if they can agree thereon, but in case of disagreement, then it shall be settled by valuation in the manner before recited: and when the said canal shall be completed suitable for the purpose of boats drawing four fee of water, in low stages of water, the said president and directors by themselves, their agents or servants, shall have power and authority to demand and receive from the owner or owners, master, or agent of all vessels, craft, barges, or other craft, entering the said canal, the following rates of toll, to be paid before the said vessel boat, barge, or craft, shall be suffered to pass through the same, to wit: for steam boats, barges, or keel boats, twelve and a half cents per ton, united States measurement: and for each flat boat, three dollars; for passing through that part of the canal constructed through or around Colbert=s shoals, and for steam boats, barges, or keel boats, ten cents per ton, U. States measurement, for every mile, and for each flat boat, one dollar for every mile; such steam boats, barges, keel boats and flat boats, pass through the canal constructed around or through the Muscle shoals and little Muscle shoals: Provided, That all steam boats, barges or keel boats, descending the river, and all that part of the cargo of boats ascending the river which is composed of salt, iron, castings and flour, shall only be subject to five cents toll per mile, on the canal around the Muscle shoals and little Muscle shoals, and the same for passing Colbert=s shoals; for every ton of the said boats descending as aforesaid; all tolls to be paid in gold and silver coins of the United States, or other current money. The said president and directors shall establish and fix such sums as they may deem advisable for the use of the docks, basins, and other appendages of the said canal, which rates with the foregoing rates shall be posted up at conspicuous places on said canal, and no other or greater rates shall be demanded than those so posted up: Provided, That they shall at all times keep some person or persons of each and every gate erected on said canal for the purpose of letting such boats or water craft through the same without delay or detention: and for every such failure or neglect shall forfeit and pay to the owner, master, or agent of such boat, or water craft, the sum of five dollars for each hour such boat or water craft may be there-
by detained, recoverable before any tribunal having competent jurisdiction thereof: Provided, however, That no such penalty shall be incurred for any detention arising from unavoidable accident, or from any temporary derangement of the works.
Sec. 10. And be it further enacted, That if any person or persons, shall wilfully and knowingly, do any act or thing whatever, whereby the said navigation, or any lock, gate, dam, engine, machine or other thing thereto belonging, shall be injured or damaged, or impeded, or shall commit any wilful trespass, or take, carry away, or conceal, any material, instrument, tool, or other thing, belonging to, or used in, or about the said works, or shall open, or cause the locks to be opened, or attempt so to do, or to pass or repass, without the knowledge of the agent, or manager of the said canal, he, she, or they, so offending, shall forfeit and pay to the said canal company, their tenant or agent, three times the amount of the cost or damage sustained by means of, or through such wilful act, together with costs of suit, to be recovered before any court of competent jurisdiction; and in case of clandestinely taking and carrying away, be liable to a prosecution for theft as in other cases.
Sec. 11. And be it further enacted, That the President and Directors shall keep a true account of the cost and expenditure of the said canal and appendages, on the first Monday of October in each and every year have the same made up, and the balance of profit struck, and divided among the Stockholders, and report the same to the next succeeding General Assembly of this state; and if it shall appear by the said return so made under the oath of the president and directors, that the profits arising from tolls divided, do not amount to twelve and a half per cent on the capital expended, the corporation shall be allowed to add to the tolls for the succeding years, until the nett profits arising from tolls, after deducting all expences, repairs and improvements, shall amount to twelve and a half per cent per year; that should it appear that the nett profits arising from tolls exceed twenty-five per cent per year, after deducting the expenses, repairs and necessary improvements, the legislature reserve to themselves the right and shall so reduce the tolls, that the profits arising from the tolls to be divided, shall not exceed twenty-five per cent.
Sec. 12. And be it further enacted, That the state of Alabama shall have a right to subscribe for and take any amount of stock in this company, not exceeding one thousand shares; and that the state of Tennessee shall have a right to subscribe for and take any amount of stock in this company not exceeding one thousand shares, and that whatever sum may be so subscribed for and taken by the states, not exceeding one thousand shares each, shall not be reduced by any thing in the third section of this act contained; and that the said states shall be entitled to the same votes as other stockholders, and not otherwise; which votes may be so given by any person
appointed by the legislatures of the states: Provided, That such subscription be made within two years from the time the books of subscription are opened.
Sec. 13. And be it further enacted, That the stock in said canal company shall and may be transferable in whatever manner the president and directors may, by their by-laws, ordain and appoint.
Sec. 14. And be it further enacted, That unless four thousand shares of the said stock shall be subscribed for, on or before the thirty-first day of March, 1830, and notice thereof given to the Governor of the state, and unless the said company shall within ten years from the passage of this act have the main object of this charter, to wit, the canal itself, completed, the corporate powers hereby granted shall cease and determine, and all rights and privileges become null and void, to all intents and purposes, as if this act had not passed.
Sec. 15. And be it further enacted, That the agents, tenants, managers, superintendents and workmen, employed in and about said canal and its appendages, shall be exempted from working on the streets and highways of the respective districts in which they may be located, and also from serving in the militia, except in the time of war or insurrections.
Sec. 16. And be it further enacted, by the authority aforesaid, That no higher tax shall either directly or indirectly be imposes upon the capital stock of said company than is now or may hereafter be imposed upon the capital stock of the banking institutions of this state generally, or other incorporated companies.
Sec. 17. And be it further enacted, by the authority aforesaid, That it shall not be lawful for the said corporation to use or employ any part of its capital for banking purposes, or exercise banking powers in any manner whatsoever; and that all contracts for the payment of money by the said corporation shall be under the seal of the same, and shall be taken to operate as specialties at law.
Sec. 18. And be it further enacted, That the said corporation shall not, directly or indirectly, deal or trade in goods, wares or merchandize, in any manner whatsoever: Provided, if the said corporation shall do any act which is not authorized by this act, or contrary to the provisions of the same, then and in such case the charter of said corporation shall be considered as forfeited.
Sec. 19. And be it further enacted, That it shall be the duty of the president and directors of said corporations to lay before the General Assembly, within the first week of every session, statements of the amount of capital stock subscribed and actually paid in, the manner in which it is employed, particularly noticing the amount engaged in dealing in bills of exchange; and the state hereby reserves to herself the power of examining all books and papers, of what nature or kind soever they may be, by any person or persons the general assembly may appoint for that purpose, and provided the
president and directors of said corporation shall refuse to submit all books and papers belonging to said corporation to the person appointed as aforesaid, it is hereby declared that said charter shall be forfeited: Provided, however, that in case of any forfeiture of the charter of said corporation, the said corporation shall be liable in their corporate capacity for all debts due from the same: And provided further, that nothing herein contained shall exonerate the members of said corporation from liability in their individual capacity.