The Laws of Texas, 1822-1897 Volume 7 Page: 1,427
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Laws of the State of Texas.
727
Sec. 12. That this company may construct and cause this
canal to be of the width sufficient to pass such crafts as are
able to navigate the said Wilson creek to the aforesaid point
of junction.
Sec. 13. That this company shall have power to charge and
collect such rates of toll as may be deemed just and proper,
subject at all times to such rates and to such laws as are now
in force, or may be hereafter enacted in relation to canals for
navigation.
Sec. 14. The first meeting of this company shall be collected
whenever two thousand dollars of the stock shall be
subscribed, by giving thirty days notice to the stockholders;
and shall then proceed to elect directors, who shall hold their
offices until the annual election, which shall take place in
the city of Matagorda on the first Monday in November in
each year. No person can be a director unless he owns at
least two shares of the stock.
'Sec. 15. That the charter shall remain in force for the
period of fifty years from date; that the company shall receive
from the State such assistance as may be granted to
any canal company for a like number of miles of navigable
canal of equal depth and width in water, not to exceed in any
case sixteen sections of land for each mile of completed navigable
canal; provided, that no part of Wilson creek, or the
Colorado river now navigable, shall be included in the distance
for which aid may be granted by the State. And upon
the completion of said canal, it shall be the duty of said
company to report the fact to the Governor of the State,
who shall appoint some suitable person, at the charge and
expense of said company, which charge shall be paid in advance
by said company to said agent, and the said agent shall
proceed to inspect said canal, and if he find that the said
canal is in accordance with the requirements of this act,
he shall report the same to the Governor of the State, whose
duty it shall be to immediately notify the Commissioner
of the General Land Office, and the said commissioner shall
proceed to issue to the said company the number of land
certificates of six hundred and forty acres each, to which
it may be entitled under the provisions of this act; and the
said company shall locate said certificates in alternate sections,
the odd sections being set apart to said company,
and the even sections reserved to the school fund, as provided
by law; provided, that the State shall in no case be(1427)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 7, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6732/m1/1429/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .