1. Any number of persons, not less than five, may form themselves into a company under the provisions of this Act for the purpose of acquiring or constructing and maintaining any dam, slide, pier, boom or other work necessary to facilitate the transmission of timber or pulpwood down any river or stream in Québec and for the purpose of blasting rocks or dredging or removing shoals or other impediments, or otherwise of improving the navigation of such streams for the said purpose.