The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-03-03
THE CANAL LAW,
Passed by the Illinois Legislature, Feb. Ii

Uhereas, it has been represented tn at
certain holders Of the bonds of this State
are willing to advance the necessary funds
for the completion of the Illinois and Mi.
chigan Canal, upon being secured the pay
ment of their said advances, and Of their
said bonds, by aves,ed lien upon the said
canal, lands and revenues for this pur-
pose, therefore, of accomplishing an object
so desirable and beneficial to the said bond
holders and the State:
SEC. l. BE 1t enacted by the people Of
the State of Illinois represented in the
General assembly, That for the purpose
Of raising fund for the completion of the
Illinois and Michigan canal, the governor
of this be, and hereby is, fully au-
thorzed and empowered TO negotiate a
loan solely on the credit and pledge of the
said canal, its tolls, revenues and lands, to
be granted to trustees, as hereinafter pro-
vided, ofone million six hundred thousand
dollars, for a term not exceeding six
years; and at rate of interest not ex-
ceeding six per cent. per annum, payable
out of the first moneys to be realized from
the said canal, its lands. tolls and ieve-
nues; the payment of interest and reim-
bursement of principal. to be at such
place, within, or without, the United
States. and payable in such currency as
may be agreed on.
Sec. 2. The holders Of canal bonds,
! nd OtI aT mt Df
this state, issued for the purpose of aiding
in the construction of the Illinois and Mi
chigan canal, or hereafter to be issued for
work done. per centage, scaleage, or da-
images, shall be first entitled to subscribe
in proportion to the amount of bonds, or
Indebtedness held by them. and take the
whole of the said loan; but if within
reasonable time, TO be determined by the
governor, any oflhe said holders of canal
bonds, or Indebtedness, shall neglect or
refuse TO subscribe as aforesaid, the whole
Of the said loan may he subscribed for, and
taken by other holders of canal bonds or
Indebtedness but, if within a reasonable
time, to be determined upon by the gov
ernor, the holders of the said canal b1u;,s,
or other evidences Of Indebtedness arore-
said, shall not subscribe for, and take the
whole of the said loan, then, and in that
case, any other person, or persons, body
polite, or corporate, shall be entitled to
subscribe for, and take so much of the
said loan as may remain unsubscribed for,
by the said holders of bonds or other evil
denccs of deb, aforesaid.
\~SEC. 3. After the SAID loan shall be sub
scribed for, as aforesaid, there shall be ap-
pointed three discreet persons TO constitute
u board, to be known by the style and de-
scription of the " board of trustees of the
Illinois and Michigan canal !" one of the
said trustees shall be appointed by the
governor of this state, and the other two
shall be elected, or appointed by the sub
scribers to the said loan, or the holders of
the certificates authorized by this act, in
manner and form as hereinafter mentioned.
Whenever any vacancy shall occur in the
said board of trustees, either by death or
resignation, or from any other cause, said
vacancy shall be filed by the governor, or
holders of said certificates, to whom be.
longed the appointment of the trustees,
whose seat shall have become vacant, as
:. the case may be.
Sec. 4. The first election of trustees
by the subscribers to said loan, under this
act, shall be held at the canal Office, at
Lockport, at such time as the governor of
this state shall appoint, under the direc-
ton of one of the judges Of the supreme
court of this state, who is hereby appoin-
ted inspector Of the frs, election, and the
two persons then elected as trustees BY
the said subscribers, and the person APP
pointed trustee by the governor shall hold
their offices for two years from the
time Of their said election, or appoint
men., and until others are elected.
SEC. 5. Subsequent elections shall be
held every two years, at such time and
place, and under the direction of such
persons as majority Of the trustees, for
the time being, shall, by resolution to be
entered on their minutes, appoint, and
shall hold their Offices for two years, and
until others are elected in their stead.
SEC. 6. At the election Of trustees un.
der this act, each stakeholder shall be en-
titled to one vose for each and every one
thousand dollars of stock held by him;
and in all elections votes may be given in
person or by proxy.
SEC. 7. All elections shall be BALLOT,
and the two who shall have The creates,