The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-02-17


side, has been granted to the company by the
owner, and the company shall have good
right and title to 1t, and shall hold 1t, unless
| the owner, or some one claiming under hlm,
shall apply for The assessmens OF the value OIL
| the land, as before directed, within five years
after the construction OF Inc WORK on or
through the said land. II within that time no
application be made for assessment by the
owner, or some one claiming under him, her,
or they, shall be barred forever from recovering
| the same, or having any compensation; but this
| limitation shall not effect the right OF feme
coverts, infants or lunatcs until two years
after the removal of their several liabilities:
Provided, nevertheless, That should the COM
missioners aforesaid give any compensation In
damages to the owner or owners Of any land
or private rights OF the way taken and occu-
pied, as aforesaid by the Charleston Water
Company, the said company shall be- held
| liable for the costs of the proceedings, and
| should such owner or owners, as aforesaid,
| fail to recover any compensation, as afore-
said, from said company, that such owner or
owners shall In like manner be liable for the
costs of the proceedings, and either party may
enforce, by execution, the collection Of the
costs aforesaid; or should the jury. on appeal,
as aforesaid, give no greater compensation IN
damages to the owner or owners OF any land
or private rights Of way taken and occupied
as aforesaid by said company, than was given
therefor by the commissioners aforesaid, with
interest added thereto, then such owner or
owners shall be liable for, and payable,
costs and expenses Of the proceed
ings and appeal; but If such owner or owners
recover greater amount OF compensation IN
| damages than was given by The commission
ers. aforesaid. with The costs, expenses of The
| proceedings before said commissioners, and
interest added, then such owner or owners
shall recover all the costs and expenses OF
| said proceedings and appeal OF said company.
SEC. 8. That the said company shall have
full power and authority to establish reser-
and squares of said city, with the consent OF
the City Council of Charleston first had and
obtained, or adjacent thereunto, or elsewhere,
to be connected with the works, as they may
| think proper, and to extend TO all persons
WhomsoeVer, and to all bodies corporate and
polite, the privilege Of using said water, to be
| introduced In such manner, and on such terms
aud conditions, and in quantities, respective
ly, as they may think lt; the said waters
| 10 be introduced, together with all reser-
voirs, cana's, DAMS docks, conduits,
tunnels, engine, buildings, and. machines
to be by them made and used @ for
tributing said water, to hold to them, their
successors and grantees forever, as their sole
and exclusive property.
SEC. 4. That the said shares OF the capital
stock aforesaid of the said corporation to be
| deemed personal estate, aud be transferable
only on the books of said corporation; and no
part of the said capital shall, at any time, or
under any pretence whatever, be loaned or
divided among the stockholders until the lia-
| bilities of said corporation, other than the
| bonds hereinafter authorized, have been law
fully paid.
SEC. s. That If the proprietor of any share
shall neglect or refuse to pay instalments
| assessed thereon for the space of (30) thirty
DAYS after the time appointed for the payment
thereof, the treasurer Of the company may,
by order OF the board of directors, sell, by
public auction, a sufficient number OF any
shares held by such defaulter, or to pay all
iutailments then due by him, together with the
necessary aud incidental charges; and the
treasurer shall give notice OF The lime and place
of such sale, and Of the sum due on each share,
by advertising the same for two successive
weeks previous 10 such sale, In some news
paper In the City of Charleston, and q bill OF
sale of the shares so sold shall be made Dy the
treasurer of the company 10 the purchaser
thereof, who shall thereupon be entitled to
have the same transferred to him on the books
of the company, and shall be liable for all
future installments of the stock he may pur-
chase.
SEC. g. That at any time after the orgniza-
tion Of said company, as provided for In the
next section Of this act, the said company
may issue bonds of such denomination and
| ment of-the company, bearing Interest not
| exceeding ~ seven per cent. on the dollar.
| PAYABLE at such times, manner and places as
may be deemed expedient, to an amount not
| exceeding three millions OF dollars, and may
make, execute and deliver mortgage, in
such manner, form, and TO such trustee or
| trustees, or otherwise, as may be deemed
best, upon all the property, assets and
effects, and rights, privileges and franchises
| oil said company then owned by said company,
or which may be at any time acquired or
| owned by said company, and to which 1t may
| be entitled 10, TO secure the payment OF the
principal and interest upon each and all Of
said bonds, according to their tenor and
effect; ana upon such mortgage being re-
corded in the Office OF registrar Of mesne
conveyance, in the City Of Charleston, In the
Slate OF South Carolina, the same shall be
and become lease upon all property, assets
and effects, and all the rights privileges en-
franchises, the said company. by which COM
paDy, all to which 1t is entitled 10 at the date
Of said mortgage, or which said company may,
at any time thereafter, require, or own, or be-
come entitled 10.
SEC. Z. The said Daniel Tyler, Daniel NJ.
Porter, James 81. Taylor. Charles H. Simonton,
| Edwin Parson, Timothy Hurley, Alva Gage,
and their associates, may open books and take
pany, In such manner as they may deem ex-
pedient; and whenever such subscriptions shall
amount 10 the sum of one hundred thousand
dollars, the stockholders having had two
weeks notice In writing or In one OF the pub
lie newspapers in the City of Charleston, may
meet and elect president, treasurer, and
| board of directors, or such other officers as
| they may deem necessary for organizing The
said company, and conducting the affairs
thereof; lhereupon the rights, franchises,
power and privileges granted by this act, shall
| become vested under ibis act, and the COM
pany shall be- q body corporation therein pro.
Vided; and the said board Of directors shall
continue In Office until their successors shall
have been duly elected; and, ultil otherwise
provided by the bylaws of the said corpora
tiop, shall have power to dispose OF the resi-
due of the capital stock of said company not
subscribed for, in such manner, and at such
time as they may deem ht; and at the said
election Of officers, and at all meetings OF the
said company, any stockholder shall be entitled
to one vote for every share held by him: that
the directors shall submit to the stockholders,
annually, written statement under oath
or affirmation of the treasurer of the
corporation, setting forth the amount of capt.
tai stock paid In, and of the general assets OF
the company
Sec. 8. That if any person or persons shall
wantonly, negligently or maiclOusly divert
th&water, or any part thereof, OF any ponds.
streams, springs or water sources which shall
be taken by said company in pursuance Of the
provisions of this act, or shall corrupt the
same or render 1t impure or offensive by
mlngling other substances with 1t, or by wash