Section 79. Floating elevators

Any person owning or leasing, in whole or in
  part, any floating elevator used for loading grain, coal, sand, or other
  material,  shall,  upon  application  to  and  in  the discretion of the
  corporation, be assigned a place for and permitted to keep said floating
  elevator in the waters of the canal system of this state, at such  point
  as  may  be  most  convenient  for and for such period of time as may be
  necessary for the transaction of the business of  loading  or  unloading
  grain,  coal,  sand,  or other material, shipped or to be shipped on the
  canals; provided, however, that such floating elevator  shall  cause  no
  obstruction  to  the  free  and uninterrupted use of the canal system by
  floats navigating thereon. While such elevators are in  operation,  they
  shall  be  equipped  with  such device or devices as the corporation may
  determine to prevent the material being loaded  or  unloaded  from  such
  float, from falling into such waters.