Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1847-02-16
A BILL for Improving the Khnkakes & IrO-
minis Rivers.

SEC. Il ne % e76CLeG Oy Inc people 81
JSfdte of Illinois represented an the Gen
eral assembly That all persons who
shall hereafter become stockholders, un..
der,the provisions ofthis act, are hereby
created body polite and corporate, and
shall have existence for the full end and
tenn Of fifty years, from and after the
passage ofthis act, and shall be known
by the name and sIile, ofthe Kankakee
and Iroquois Navigation and Manufactur-
ing Company. The purposes and objects
of said Company, shall be the improves
rnent Of the navigation of the Kankakee
and Iroquois Rivers, the creation of water
power on said streams, and the building
and erecting Mills and machinery of all
kinds on and near said streams, all which
Improvements and erections are to be
made in the way deemed best for the
public good by said Company. The said
company shall have power to improve al
aforesaid, the navigation of said streams
from the point on SAID Kankakee river
which is intersected by the Kankakee
feeder for the Illinois and Michigan Ca
nal, up the said river to the Indiana state
dine; and from the mouth of said Iroquois
Tever, up the same to the Indiana state
line, and also from, and to any points on
said streams, intermediate the extremes
hereinbefore mentioned; the first improve
however, to be made in the navigation of
said streams shall be, to perfect the nav.
igation of the Kankakee river from the
said feeder to the Town of Whining on on
said last named river.
Sec. 2. The sail stockholders and
their SUCCESSORS by the name and style
aforesaid, shall have power to contract
and be contracted with, and be capable
in Law and equity, to sue and be sued,
TO plead and be impleaded, to answer and
be answered unto, to defend and be de-
Tended in all courts and places, and in
all matters whatsoever, said corporation,
may have. a common seal, which they
may alter at pleasure.
Sec. 3. The capital stock of said company
shall be one hundred tnousani dollars, which
shall be divided into shares of fifty dollars each;
and said capital stock may be hereafter ihc:eas-
red 20 any Amount not exceeding two hunured
thousand dollars, should the stockholders deem
ss.fch an increase necessary. The sail capital
shall be expended by said company in improv-
ing the navigation Of the said KaHkdkee and
paths and such other device as may be necessary
so as 10 make slackwater navigaton; in the
ereciion nf mills, buildings and mechanical or
manufacturing works, aud in the creation of
water pow r., when and where, and near said
streams. the said Company shall deem the same
useful ond necessary the said capital stock shall
be held an1 considered as personal property, and
and the same may be ahsiered IN such way as
said company shall drecI.
SEC d. Books for the subscription of the cap
itnl stock of said company shall be opened on the
first monday May A. ID. IS47, soon
thereafter as it can be done, and continue open
at least two weeks unless the atockis soOnet SUBJ
scribe d fJr, at Wilmington, Joliet, ano LocLpor
in Will Comfy, aud at Chicago III Coo' County |
after giving least three weeks previous notice
of the time and place cf opening said books, in
three Of the newspapers published in Will aid |
Cook Counties. Saonld the whole Of said cap
tal stock Of said company not be subscribed for 1T
the time and pace before m Inioned, then the |
commissioners hereinl Utter named, the pfes |
deHt aud directors hereinafter provided for, shai
have power TO adopi snch measures for the fur |
Their disposition Of said capital stock, as to them
ehall seem most advisable. TIE sum of five |
dollars lii each and every share Of said stock,
silH be paid at the Tina of SUBSCRIPTION, and |
Ihs residue at such times and in s!ch .n:talmsnts
as the president and Board of Directors herein
after created shall call for the same, and unless
the instaments shall be SO pail when called for
by said directors, said stock subscribed shall be
forfeited TO said company. But when additional
jn2a!Inents, after the first payment at the time
of subscription as aforesaid, shall be called for
aforesaid thirty days previous noli-e shall be given
TO said Stockholders
Sec. S. Fe.sr Stewart, Jsha S. Wilson, Frank,
lin Mitchell, Edmund AL len, Albert w. Bowen,
Thomas Cox, II. D. Risley, Hiiam To6A, VIM.
A Chotheld, and j. w. Wanncter, of the County
Of Will and John Wilson, Henry Tr6vp and
Charles Gardener Of Iroquos County, are hereby |
appointed Commissioners, majority of whom
shall constitute "a forum, and have power to act,
supefiHtend the subscription to the capital |
stock nftho company her3by created; aud as
soon az three hunlred shares of the said stuck
shall have been subscribed for, and the FIRST in
stalment of Ave dollars each share shall have
been paid in aforesaid, the said commissioners
on q majority Of them, shall give pablir notice OF
at least ten days. thai an election will be held iii
the town OF Wilmington by said Stockholders for |
the purpose OF eleeting seven directors to manage
&he affairs of said company, at which election The |
said commissioners, or INA ority OF them, shall !
act as judges and manage said election. Zach |
share shall de entitled to vote, which may be |
given in person or by proxy, and the seven persons
voted for who shall have the highest number of
votes shall bs duly elected, shall be dire etors
i0f said company, until others are elected, and
qualified, and the said directorsso elected, sh ii,
choose one of their number president of said |
company, and shall have power to appoint such |
ather officers Bnd agents as they may deem ne |
.cessary for the good management Of their business
ul.d Inc said commissioners shall certify to the |
names Of those thus elected directors, and shall
deliver over to them all subscription moneys, |
books, papers, aud other property belonging AMI
relating to,the affairs of said company, ana shall
appoint the tine and place of holding the frst
mseIirg Of said directors The said directors |
shall hold rhe Office for the term Of one year |
from the time Of these election aforesaid, and |
until their successors are duly elected and quail
I6ed The said board ofdirectors shall have the |
exclusive management aud conuole of the affSirs |
of said company, and shall have power to make /
aud establish such bye-laws rules, and regulation