The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-05-06


mine and remove, for the full term Of
thirty years, from the beds of the navi-
gable streams aud wators within the ju-
risdiction Of the State Of South Carolina,
the phosphate rocks and phosphate de-
posts Provided, That the persons
named, and their associates, shall not in
any way interfere with the free nayiga-
ton of the navigable streams and waters
of this State or the private rights of any
citizen or citizens residing upon or own.
ing tho lauds upon the banks Of the
said navigable rivers and waterr Of the
State.
Sec. That this gift and grant is made
upon the express condition that said
grantees shall pay to the State of South
Carolina the sum of one (1) dollar per
ton for every ton of phosphate rock and
phosphate deposits dug, mined and re-
moved from the said na,isab.e rivers
and waters of the State ; aud, further,
that the said guarantees shall pay into
tho Treasury of the State the sum of
five hundred dollars, as u license fee, be-
fore commencing business under said
grant.
Sec. 3. Before commencing opera.
tions under authority of this Act, said
grantees and their associates shall file
OF cause TO br fled, in the office of the
State Auditor, a bond in the penal sum
of fifty thousand dollars 100000 do
lars, conditioned that said grantees aud
their associates shall make true and
faithful returns to said s.a'e auditor,
annually, on or before tho first day OF
October, and o%ftener, if required by IT,
said State Auditor, of the number Of
TONS Of phosphate rocks and phosphate
deposits dug, mincn and removed by
them from the bees of the navigable
streams and waters of the State; and
shall pnnctaal!y psy to the State Treas
urer, annually, on the first day ofOcto-
Der, one CD dollar per tor for every ton
for query ton of phosphate rocks and
phosphate deposit by them dug, mined
and removed from the beds of the nav
gable streams and waters of the State
during the year preceding; said bomb to
be renewed annually, aud approved by
the Attorney-G General. The books Of
said grantees and their associates shall
be opened to the inspection of the State
Auditor, or agent duly appointed by him
for that purpose.
Sec. 4. That the capital stock of said
company shall consist of two million
(2,o00,O00 DO dollars, to be divided in
shares of one hundred dollars, each, with
tho privilege Of increasing the same to
al amount not exceeding five millioA
dollars; aud when the sum Of three hun
dred thousand dollars shall have be-
subscribed, the said company may lie
organized and so into operation.
SEC. 5. That the profits of said company
may, from time to time, be divided
among the stockholders according to such
rules aud regulations as they my pre-
scribe, not repugnant to the laws of the
State
SEC. 6. That the stock of said company
may be transferred in such manner and
form as may be directed by the bylaws
of the Company.
SEC. z. The said company shall be en-
titled to all the rights and privileges ac-
corded to other corporations incorporated
by the laws of this State: Provided. that
nothing in this Act shall be construed us
giveing to the said Souh Carolina Phos-
phate and Phosphate River Mining COM
pany the exclusive right to dig and mine
in the navigal lie rivers and waters of the
State.
SEC. 8. All Acts and parts of Acts
inconsistent with this Act arc hereby
repealed.
Approved March 8, 1871.
An Act to Amenu An Act cnttIe0"A
act TO Incorporate Tie Enterprise Rail
road Company Of Charleston South