That any corporation now in existence, or which may hereafter be organized under any law of this state, having as its object the clearing out and improving of any river or stream navigable only for the purpose of driving logs and floating timber within the state, for the purpose of driving, sorting, holding and delivering logs thereon, which has taken possession of such stream, and made permanent and valuable improvements thereon by clearing and straightening the channels thereof, closing sloughs, erecting sluiceways or building dams, as may be required; or where individuals have made such improvements, with the intention of subsequently incorporating, such corporation or individuals shall have the right to control such stream, under such restrictions and in the manner following: Provided, That in all cases where individuals have already made improvements upon any stream or streams they shall proceed to incorporate under the laws of this state, within 4 months from the passage of this act.

     Every corporation and all individuals desiring to avail themselves of the provisions of this act, shall file with the board of control of the St. Mary's Falls ship canal company a map or plan of the section or sections of the stream or streams which have been so improved, accompanied by the affidavit of the secretary of any such corporation, or any 2 individuals intending to thus incorporate, setting forth fully the nature and value of said improvements, and also generally what further improvements, if any, are contemplated, and the estimated cost of the same, whereupon such corporation or individuals shall have the right to control said stream and collect tolls for running, rafting and driving logs, as hereinafter provided: Provided, however, That where individuals have improved any stream, upon failure to incorporate and file due proof of the same with the said board of control of the St. Mary's Falls ship canal company, within said period of 4 months, all their rights under this act shall be forfeited by mere operation of law without notice.

     Upon complying with the foregoing provisions of this act, such corporation shall be vested with all the rights, powers and franchises now conferred upon corporations organized under chapter 111 of Howell's annotated statutes, and shall in every particular be governed thereafter by the provisions and restrictions of said chapter.