The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-01-20
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certain holders of the bonds of this state
are willing to advance the necessary
funds, for the completion of the Illinois
and Michigan canal, upon being secu.
red the payment of their said advances.
and of their said bonds, by Il vested lien
upon the said canal its assets, lands
and revenues for the purpose, there
fore, Of accomplishing an object so de-
sirable and beneficial to the said bond
holders of the stale:
See. /. BE IL enacted By the People of
the STATE ofWinoiS IN General assembly,
That for the purpose of raising fund for
the completion of the Illinois and Michi-
gan canal, the governor of this state be,
and hereby is, fully authorized and en-
powered to negotiate a loan on the credit
and pledge of said canal, its assets, tolls,
revenues and lands, to be granted to trus-
tees, as hereinafter provided, Of one mil
lion, six numbered thousand dollars, for a
term not exceeding years, and at rate
Of interst not exceeding per cent. per
annum, payable out of the first moneys 10
be realized from the said canal, lis tolls,
lands, assets and revenues; the payment
of interest, and reimbursement OF princi-
pal, 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 bonds of this
state, issued for loans heretofore made, for
the purpose of aiding i'll the construction
of the Illinois and Michigan canal, shall
first be entitled to subscribe for and take
the whole ofsaid loan but if within rea-
sonable time, to be determined upon by
the governor, the holders Of the said canal
bonds shall neglect to subscribe for the
whole of said loan, then, and in tina! case,
the holders Of the bonds Of this state, is
sued for loans heretofore made under, and
by virtue of an act entitled " an act to es-
tabish and maintain general system Of
internal Improvements, and the acts sup
Elementary thereto, shall be entitled to
subscribe for, and ioke the residue of said
loan. But if within a reasonable time TO
be determined upon by the governor, the
holders of the said internal Improvement
bonds shall neglect to subscribe for and
take the whole of the residue of the said
loan, then, and in that case, any other
person or persons, body polite or coypo-
rate, shall be entitled to subscribe for and
take so much Of the said loan, as may re-
main unsnbscrbed for by the said bond
holders.
Sec. 3. After the said loan shall be sub
scribed for as aforesaid, there shall be APP
pointed three discreet persons, to cons,l-
tute board, to he known by the style and
description Of the Board of Trustees of
the Illinois and Michigan Canal" One
of the said trustees shall be appointed by
the governor eff this state, and the other
two shall be elected or appointed by the
to said loan, or holders of the
certificates authorized by this act in man
ncr and form as hereinafter mentioned.
Whenever any vacancy shall occur in the
said board of trustees, either by death or
or from any other cause, said
shall be filled by the governor, or
holders of said certificates, to whom be-
'onged the appointment of the trustee
whose seat may 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 Us 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 first 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 appointment, and
until others are elected.
Sec. 8. 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 under
this act, each stakeholder shall be entitled
to one vote for each and every one thou
sand 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 by ballot,
and the two who shall have the greatest