The Western Inland Lock Navigation Company, to operate between the Hudson, and Lake Seneca and Lake Ontario, was to be capitalized at $25,000; one thousand shares of twenty-five dollars each, no stockholder being allowed more than ten shares. The subscription books were ordered to be opened at New York and 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 were ordered to make semiannual reports to the public. After ten years an abstract record was to be published for the inspection of the legislature, and if the profits were found to exceed fifteen per cent, the excess above this amount they were to turn over to the state treasurer. The act of incorporation also stipulated that the company's charter became void if work was not undertaken in five years; if the work was not completed in fifteen years, all rights, so far as the residue was concerned, were to be forfeited. The state of New York promised to give, as a free gift, to both the Western and the Northern companies, $12,500 as soon as both had invested $25,000 in the work on which they were starting. On December 22, 1792, the act was amended as the lessons of the season seemed to indicate that there was necessity. The principal amendments were that the locks built on the company's works should have a breadth of not less than ten feet at the base and should have a length of not less than seventy feet between gates. The company was to be allowed, in the future, to take up land without first having paid for it--settlement to be made afterward in proper legal form. The land under all locks was vested in the company owning the locks.[7]