Albany on the first Tuesday of May, 1792, and kept open until the last Tuesday. If five hundred shares were taken the organization became effective. Thirteen directors were to control its affairs and they were to be elected annually. Article VII authorized " . . each of the said corporations . . [to] enter into, and upon all and singular the land and lands covered with water, where they shall deem it proper to carry the canals and navigation hereinbefore particularly assigned to each. . ." The stipulations usually made in such cases, as to the company's right to enter land by paying damages, were nominated. The controlling officers were empowered to name the per cent of stock the stockholders were to be required to pay. They were also to decide upon the rates of toll to be charged to boats for the enjoyment of benefits of navigation; the one restriction was that the charge for one ton of freight from Ontario or Seneca lakes to the Hudson should not exceed twenty-five dollars, and other tolls were to be pro rata. The directors were to be allowed to increase the capital stock at discretion, and
