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tractors how mado.
located and established, and unless the same shall be approved of by him, np contract for the construction of said Canal shall be given out.
Sec. 16. The Acting Commissioner shall, under the direction of the Board, examine and approve all contracts made with the Canal Company for the supply of materials and the performance of labor, and in case the Canal Company shall refuse to submit to such
examination and approval or in case any such contract shall not No money to be paid to contract be approved by the board, no money shall be paid over to such tract shall be ap- contractor for materials furnished or labor performed, out of said proved.
Capal fund. Payments to con
Sec. 17. All monthly or stated payments to contractors on behalf of the Territory, for work done on the Canal, or materials furnished therefor, shall be upon checks, drawn by the Register of the Canal Land Office upon the Receiver, or such other depository as the Governor shall from time to time appoint and direct, which check shall be based on the certificate of the chief Engineer, setting forth what amount of work has been performed by said contractor, for which he has not received payment, and said check shall be for a sum less by ten per centum than is the amount of said certificate of the chief Engineer, Provided however, that whenever it shall be deemed expedient' by a majority of the commissioners, said check may be made for a sum less by fifteen per centum, than is the said certificate, and upon the delivery of said check, a receipt shall be taken by the Register from said contractor, showing the amount thereof, which check and certificate being atlached together, and delivered to said contractor, shall be his authority for receiving, and the voucher in the hands of the receiver or other holder of Canal funds, for paying the amount of said check. Prorided however, that when the chief Engineer shall give a final certificate, stating that the whole ainount of work specified in any contract has been completed according to the provisions thereof, and if the Register be satisfied that said statement is true, it shall be his duty to give his check in manner aforesaid, for the whole amount stated to be due on such contract, including the sum which may have been retained on former payments on said contract, as security for its faithful performance; and said Register shall state in a note on said check for final payment, the reason why said check exceeds in amount, the certificate on which it is bilsed, and both check and certificate shall be presented together, in manner aforesaid, to enable the holder thereof to receive payment thereon, and for all duties performed under the provisions of this section, the Receiver shall be entitled
lands valuablo for
to receive as commission, a sum equal to one per centum of the amount so disbursed.
SEC. 18. The Commissioners shall cause any tracts of said Canal lands, not registered as occupied or improved, particularly Unimproved valuable for town sites or other purposes, and especially lands at town sites may the termination of the canal, which they may deem it inexpedient bond word. to offer for sale in the legal sub-divisions, designated on the land office plats to be again sub-divided into smaller tracts or laid out into town lots, and shall make a separate scheduleiand valuation thereof, and copies of the same to be made and disposed of in the same manner as the other schedules of the Canal lands, Provided, that no lands shall be reserved from sale that were occupied or improved lands, prior to the twenty-sixth of July, 1838.
Sec. 19. At every sale of the Canal lands the Register and Receiver shall keep open and continue the same from day to day,
Public salo hem (Sandays and the fourth day of July excepted) during the term of long held. not less than one, nor more than four weeks, unless all of the lands then offered for sale shall be socner sold.
Sec. 20. All sums df money which may be obtained on loan by the Governor for the purposes expressed in this act, shall be Loans to be do deposited in some place of safe keeping in the city of New York, city of New subject to the order of the Governor, for transfer to some suitable place of deposite in this Territory, at such times and in such manner as may be necessary for the current operations of the Canal, and the Governor is hereby authorized and empowered, for the purposes aforesaid, to appoint such agents as may be
necessary and proper, for obtaining any loan by this act authorized, and for the purpose of keeping and transferring the same at such time and to such places as he may prescribe, and all sums paid for principal or interest on sums due for lands sold, shall be set apart as a Canal fund for the payment of interest and principal of any sums of money which may be obtained on loan by the Governor, as hereinbefore prescribed, and the Governor is hereby authorized How paid. to draw for any sum which may be in the hands of the Receiver, or which may be otherwise in deposite, belonging to the Canal fund for the purpose of paying said principal or interest whenever the same may become due, and it shall be the duty of the Secretary of the Territory to countersign all such drafts of the Governor, and enter the same in a book to be by him kept, showing the state of the Canal fund, including loans made by the Governor, and report the condition of said fund, annually to the Legislature, on or before the third day of its session.
Sec. 21. The board of Commissioners shall quarterly, to wit, on
port to the Legislature.
Who may not
the first Monday in March, June, September and December in Commissioners each year, make a minute and particular report to the Governor, shall make quarterly reports to which report shall set forth in a plain and intelligible manner all the Governor and an annual re. of their acts and doings in relation to said Canal or Canal fund,
the situation of the Canal lands, all the money received and expended, the work done, the contracts made or approved, and the security given, the dumber of cíficers or agents of every description by them employed, and the amount of compensation paid to each, the progress of the Canal, and shall in like manner, make an annual report to the Legislature during the first week of its regular session, embracing the same statements contained in their quarterly reports to the Governor, and such other suggestions and views as may relate to the interest of the Territory in the progress and conduct of the work of the Canal.
Sec. 22. No canal commissioner, director, or stockholder of the purchase lands canal company, or engineer employed on said canal, shall purchase or be interested
or be interested in the purchase of any of the lands authorised to be sold by virtue of any of the provisions of this act, nor shall be interested in any contract for the construction of any portion of the canal or furnishing materials therefor, nor shall the Receiver herein designated make use of any of the monies deposited in his hands or under his control, for any other than the purposes mentioned in this act, but every such commissioner who shall violate any of the provisions of this section, shall be deemed guilty of a misdemeanor, and on conviction thereof before the district court, shall be sentenced to imprisonment in the State prison for a term not exceeding three years in the discretion of the Court, and shall moreover forfeit to the use of the canal fund the anıount of his bond as such commissioner or Receiver.
Sec. 23. Nothing in this act contained, shall be construed to Act how con
copfer any powers, rights or immunities upon the president, directors and company of the Milwaukee and Rock River canal company, in addition to such as may be granted in and by their act of incorporation, nor shall it be construed to imply any pledge that the Legislature may not at any time hereafter by law, declare in what manner the moneys borrowed, or the amount to be received on sale on [of ] the lands herein provided for, shall be appropriated or expended, but the Legislature may at any time alter, amend, or repeal this act or any of its provisions, except so much thereof, as relates to the reimbursement of the several sums of money which may have been borrowed in pursuance of and in accordance with the provisions of this act.
Sec. 24. In case the amount of money which may be annually
received in payment of interest, or the principal soms due for lands sold as herein before provided, or for Canal tolls, or for water rent, shall exceed an amount sufficient to meet the annual accruing interest payable on the loan made agreeably to the provisions of this act, such surplus shall be applied to the purchase of the Eurp!us coney bonds issued by the Governor on account of said loan at the market in be applied in price, or otherwise, shall be invested in some productive stock until the bonds given the said bonds shall become payable, as the Gorernor and Legislative Assembly may deem most for the interest of the Tciritory.
Sec. 25. This act shall take effect and be in forco from and after its passage.
Approved, February 26, 1839.
AN ACT to amend an Act entitled "an Act to authorize the President and
Trustees of the town of Milwaukee on the west side of Milwaukce river, to borrow money for the purposes therein mentioned.
10 what purposes
SECTION 1. Be it enacted by the Council and House of Repre. sentatives of the Territory of Il'isconsin, That it shall be lawful for the Trustees of said town to apply the funds of said town in Funds oinwn, making such improvements, not enumerated in the general chasier toay be powers, as shall be voted for by a majority of the legal voters residing in said town.
Sec. 2. In order to maintain a communication between the said comme town and the lake, it shall be lawful for the Trusteos thereof to hetween towa adopt such measures as they may think most expedient for the interest and convenience. of said town, when such measures shall have been sanctioned by a majority of its legal voters.
Sec. 3. This act shall take cffect from its passage.
AN ACT to amend an an act entitled "An act to incoporate the Milwaukee
and Rock River Canal Company.
Section 1. Be it enacted by the Council and House of Representatives (of the Territory of Wisconsin,) as follows: That in case any stockholder in said company shall refuse or neglect to pay any instalment which shall be ordered by the board of directors at the time when the same shall be required to be paid,
it shall be lawful for the directors or any person by them appointed be sold and how. for that purpose to offer at public sale any shares of stock on which
such delinquency of instalment may occur, after having given at least thirty days public notice of the time when said shares will be offered for sale, and in case the said shares shall sell for a sum greater than the instalments then due, the overplus shall be paid to the person in whose name said shares were sold after deducting therefrom the cost of advertisement and sale: Provided, however, that if said surplus shall be more than sufficient to refund to the holder of said shares the amount which had been previously paid thereon, together with seven per centum per annum interest on such amount, the excess of such surplus shall belong to said company, and so much of the fifth section of the act to which this is an amendment as is inconsistent with the provisions of this section, is hereby repealed.
Sec. 2. That the purchaser of any share in the capital stock of said company at any public sale as provided in the foregoing section of this act, shall be liable for all instalments which
thereafter become due by requisition of the directors.
Purchaser of stock liable for instalments.
Sec. 3. That it shall be lawful for any stockholder to appoint
any other stockholder to represent him or her at any meeting of may vote by
stockholders of said company, and to vote by proxy at any such meeting the number of votes to which such stockholder would be entitled if present in person.
Sec. 4. That in case any vacancy shall happen in the board of
directors, by death, resignation or otherwise, it shall be lawful for Directors may fill the remaining members of the board to fill such vacancy by the
appointment of some other stockholder in the company, or by calling a meeting of stockholders for that purpose.
Approved February 20, 1839.