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 prescribed 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 net 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 so 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 And be it further enacted,That all acts, and parts of acts, contravening this act, be and the same are hereby repealed.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 said river, and on the first day of February, in each year, have the same made up, and the balance of the 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 authorised 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 toll to be divided shall not exceed twenty-five per centum. Approved, January 10, 1827.

AN ACT to improve the navigation of the Tennessee river.

SEC. 1. Be it enacted by the Senate and House of Representatives of the State of Alabama, in general assembly convened, That a

company shall be established for improving the navigation of the Tennessee river, the capital stock of which shall not exceed the sum of one hundred thousand dollars, unless hereafter enlarged by law, exclusive of such sum as the general assembly may authorise to be taken for and in behalf of the State; the right to make such subscription being hereby reserved to the State.

SEC. 2. Be it further enacted, That subscriptions for stock, in shares of fifty dollars each, shall be opened on the first Monday of June next, at the town of Huntsville, under the superintendence of Thomas Fearn, William Patton and Alexander G. Morgan; at the town of Athens, on the first Monday of June next, under the superintendence of James W. Walker, Beatty and John D. Carroll; at the town of Florence, on the first Monday of June next, under the superintendence of John McKinley, George Coulter and James Jackson; at the town of Tuscumbia, on the first Monday of June next, under the superintendence of Anthony Winston, John J. Winston and Thomas Limerick; at the town of Courtland, on the first Monday of June next, under the superintendence of Benjamin Sherrod, John P. Hickman and Charles McClung; at the town of Somerville, on the first Monday of June next, under the superintendence of Edward Richardson, Robert Tabscott and Thomas McEldery; and at the town of Bellefonte, on the first Monday of June next, under the superintendence of George W. Higgins, James Russell and Robert C. Hawkins.

SEC. 3. Be it further enacted, That one-tenth part of each share shall be paid at the time of subscribing, and the remainder payable by instalments not to exceed the rate of one-tenth for every sixty days thereafter; the time of payment to be published in some of the newspapers at Huntsville and Florence every week for one month before the respective payments shall be required to be made; such times of payment to be determined by the directors. The superintendents shall place the moneys in the nearest bank, or other secure hands, for safe-keeping; and shall, immediately after the term of subscription, give notice in writing to the superintendents, at Huntsville, of the names of subscribers, the number of shares subscribed by each, and the moneys paid in; and, in case the aggregate amount of subscriptions amount to ten thousand dollars, then the superintendents at Huntsville shall publish a day and place for the election of thirteen directors, every share to be entitled to one vote, and stockholders to be entitled to one vote by proxy; the said superintendents, at Huntsville, to have full power and authority to appoint managers for holding such election.

SEC. 4. And be it further enacted, That in case the whole amount of subscriptions shall not amount to the sum of ten thousand dollars, the superintendents, at Huntsville, 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 or removal of those previously appointed, or to direct the re-payment to subscribers the sums respectively subscribed and paid..

SEC. 5. Be it further enacted, That the company hereby estab

lished shall be, and the same is hereby, made a body politic and corporate, under the name and style of the "Tennessee Navigation Company,' "and shall so continue until one thousand eight hundred and fifty-two, and by that name shall be and 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, to an amount not exceeding in the whole two hundred thousand dollars, including the amount of capital stock, and the same to sell, grant, demise, alien or dispose of, to sue and be sued, plead and be impleaded, answer and to be answered unto, defend and be defended, in any suit, action, matter or thing, in any court either of law or equity, or 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 by-laws, 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 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.

SEC. 6. Be it further enacted, That the directors shall meet and organize and appoint such officers as may be necessary for conducting the business of this company. They shall keep regular accounts, and make an annual report of their proceedings and finances 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 October, in each and every year, at Huntsville. The directors shall have power to change the place of election of directors, giving public notice thereof in some newspaper at least two months before the election. SEC. 7. Be it further enacted, That the directors, a majority being present, shall have power to determine upon all plans of improvement relative to the contemplated improvement, and may authorise a committee or agents to contract for or to superintend the execution of such plan, and to make contracts for necessary supplies, or for such engineers and laborers as may be required, not to exceed in amount or value the sums appropriated by the board of directors. SEC. 8. Be it further enacted, That the directors shall have the power to enforce the payment of stock subscribed, either by making a failure amount to a forfeiture or otherwise.

SEC. 19. Be it further enacted, That when the improvement of Colbert's shoals, in the Tennessee river, shall be deemed, by the directors, to be completed, and the directors shall desire liberty to receive tolls 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 and safe ascent and descent of boats of thirty tons burthen, then he shall certify the same to the directors; whereupon they shall be authorised to make regulations for receiving toll not exceeding the rates hereinafter mentioned, that is to say: for each hundred pounds, one cent..

SEC. 10. Be it further enacted, That when the several shoals above Colbert's shoal, embracing all that part of the Tennessee river, from Florence to the head of the Muscle shoals, shall be deemed improved so far as to allow the easy and safe ascent and descent of boats of sixteen tons, then the directors may apply to the governor of this State, and obtain a certificate in like manner, as is provided in the last preceding section of this act, and shall, thereupon, be authorized to make regulations for receiving toll not exceeding the rates hereinafter mentioned, viz: For each hundred pounds, four cents: Provided, The said company shall commence the same within ten months from the passage of this act, and complete the same within five years thereafter: And provided, also, That said company shall not interrupt or obstruct the present channel or navigation of the said river between the points, as aforesaid.

SEC. 11. Be it further enacted, That when the directors shall certify to the governor of this State that any shoal or shoals is, or are in a partial state of forwardness so as to admit of the safe ascent and descent of boats of sixteen tons, the governor shall, on being satisfied with the state of improvement of the said river, or any part thereof, grant liberty to receive toll at such rates as from the state of the works he shall deem proper.

SEC. 12. 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 Mondays of March and September, in each and every year, of nett proceeds, after defraying the expenses of all necessary repairs and improvements.

SEC. 13. Be it further enacted, That stock shall be transferable only on the books of the company.

SEC. 14. And be it further enacted, That A. G. Morgan, and his associates, are hereby authorized and empowered, to construct locks, dams, &c., in any shoal in the Tennessee river above the Muscle shoals, within the limits of this State, so as to render the said shoals navigable for steamboats: Provided, The said locks, dams, &c., shall not interfere with, or in any manner obstruct, the free navigation of the said shoals in the channels now in use.

SEC. 15. And be it further enacted, That the said A. G. Morgan, and his associates, shall be entitled to the exclusive use of such locks, dams, &c., as they may construct by the authority herein granted, for the period of twenty-nine years: Provided, That nothing, herein contained shall be so construed as to prevent the State from making such improvements in the navigation of the said river, as it may from time to time think proper.

SEC. 16. And be it further enacted, That unless the said A. G. Morgan, and his associates, shall accomplish the construction of the said locks, dams, &c., within the period of two years from the

date hereof, they shall be, and are hereby, debared from all rights, privileges, and immunities granted to them by virtue of this act.

SEC. 17. And be it further enacted, That flat bottomed and keel boats, ascending or descending the said river, shall be permitted to pass through said locks, dams, &c., free of toll.

Approved, December 31, 1823.

An act, supplemental to and explanatory of two acts, one to improve the navigation of the Coosa river, and to aid in its connexion with, the Tennessee waters, and the other to improve the navigation of the Tennessee river.

Be it enacted by the Senate and House of Representatives of the State of Alabama, in general assembly convened, That nothing in either of said acts shall be so taken or construed, as to prevent or obstruct the free navigation of either of said rivers so far as they are now navigable streams, until the assent of Congress shall be obtained authorizing the same. Approved, December 31, 1823.

ALABAMA.-December 30, 1823.

AN ACT to improve the navigation of Coosa river, and to aid in its connexion with the Tennessee waters.

Whereas, the utility of uniting the waters of Mobile and Tennessee rivers is a subject of the highest importance, and the practicability of the measure being admitted by every reflecting mind, to afford the facilities of commerce between different sections of the country which eminently depend upon each other, to open an extensive market for our merchandize, and receive in return the produce of one of the finest portions of the United States, we deem it advisable to adopt such rules and regulations as are most likely to give success to the undertaking.

SEC. 1. Be it therefore enacted by the Senate and House of Representatives of the State of Alabama, in general assembly convened, That a company shall be established for improving the navigation of the Coosa river, and co-operating with such company as may be incorporated by the legislature of the State of Tennessee, for opening a communication between the waters of Tennessee and Alabama rivers.

SEC. 2. Be it further enacted, That the capital stock of said company shall not exceed the sum of one hundred thousand dollars, unless hereafter enlarged by law, exclusive of such sum as the general assembly may hereafter think proper to subscribe; the right to make such subscription is hereby reserved to the State to an unlimited

amount.

SEC. 3. And be it further enacted, That subscriptions for stock, each share to consist of fifty dollars, shall be opened on the first Monday of October next, at the town of Montgomery, under the superintendence of John D. Bibb, C. C. Billingsley, and William Sayre.