The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-03-03
president, shall be one of the said trustees

the Illinois and Michigan canal, when
duly appointed and elected as aforesaid,
shall apportion their respective duties
among themselves, and so far as is rot in
compatible with this act, shall possess all
the powers. and perform all the duties
conferred upon the board of commission
ners Of the Illinois and Michigan canal,
by the act entitled san act for the con.
struciion of the Illinois and Michigan ca.
nal" approved January ninth, eighteen
hundred and thirty-siy, and the acts sup
Elementary and amendatory thereto; and
shall take an oath, or affirmation, and
give bonds, with security, for the faithful
discharge of the duties imposed upon
them by this act.
SEC. 0. 1.-THE holders Of any ofthe said
canal bonds, or other evidences of indeb.
tedness issued for the purpose of aiding in
the construction of the Illinois and Michi-
gan canal, shall become subscribers for
the said loan, or any part thereof, they
shall, at the time of subscribing, file, or
cause TO be fled with the governor, a
brief description of said bonds, or other
evidences ofindebtedness aforesaid, owned
by them which description shall be de-
posted by the governor in the Office of
auditor of public accounts, in order that
the evidences may be preserved TO dis
criminaie the holders who subscribed for
the said loan, and TO identify the said
bonds, or other evidences of Indebtedness
aforesaid. that may in consequence be en-
titled to priority of payment ont of pro-
perry and assets granted to the board of
trustees, as hereinafter provided.
y SEC. 10. For the purpose of placing in
the hands of trustees full and ample secu-
ri,y for the payment Of said loan, author
lied by this act, and the interest thereon,
as well as for securing preference in the
payment of such of the canal bonds and
other evidences of indebtedness issued by
this state. for the purpose of aiding in the
construction of the Illinois and Michigan
canal, rs may be owned by the subscri-
bers to the said loan, the state does hereby
irrevocably grant to the said board of trus-
tees of the Illinois ard Michigan canal.
the bed of the said Illinois and Michigan
canal, and the land over which inc same
passes, including its banks, margins, tow
paths, feeders. basins, right Of way, locks,
dams, water power, structures, stone ex-
cavated, and stone and materials quarried
purchased. procured or collected, for its
construction and all the property, right
title and interest, of the state, Of, in and
to, the said canal, with all the heredta-
mens and appurtenances lhereunto be-
longing, or in anywise appertaining; and
also, all the remaining lands and lots be-
longing to the canal fund, or which here
after may be given, granted, or donated
by the general government to the state, to
aid in the construction Of the said canal,
and the buildings and ereclions belonging
to the state thereon situated. The said
board Of trustees 10 have, hold, possess,
and enjoy the same as fully and as abso-
lutely, in all respects, as the state now
can, or hereafter could do, for the uses,
purposes and trusts, hereinafter mention
ed bu, il is to be understood that all ca
nal lands, and lots heretofore sold by the
board of commissioners. upon which
moneys are now due, or may hereafter
become due, whether the said lands and
lots be now forfeited or relinquished, or
hereafter become forfeited or reinqushcd,
shall be exempt from the aforesaid proyi.
sions Of this act; and the trustee herein
provided TO be appointed by the COVER
por, or any other officer, or officers, hav-
ing the management Of the affairs of the
canal, until said trustee be appointed on
the part of the state, is hereby authorized
and required to settle all accounts due to
contractors and others, Except for such
damages as are hereinafter provided for
by issuing certificates OF indebtedness,
which, together with the certificates OF in
debiedness, scrip end accoptances hereto
fore issued by the said canal commissio.
ners, shall be received by said trustee, or
other officer or officers aforesaid, in paw
ment for said lots aud lands whenever
hey may be presented for that purpose
the said lands and lots hereby reserved,
shall, within three months after the pas
sage of this act, be appraised, as is provi-
ded by the thirteenth section Of this act,
and sold in accordance with the laws of
this state regulating the sale ofcanal lands.
SEC. /. The subscribers to the said
loan shall execute an agreement to, and
with. the governor Of this state, to pay the
amount by them respectively subscribed,
to tho said board Of trustees, at such
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