The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-01-30

y :
necessary to secure the State the whole
amount of royalty now due from said
company.
SEC. 6. That upon payment of the said
sum of money, the charter of the said
company and the right which it has here
tofore had to dig, mine and remove phos-
phate rock and phosphate deposits from
the beds Of the navigablc streams and
waters of the State be, and the same are
hereby, confirmed: Provided, That moth
ing in this act shall be construed to give
the said company the exclusive right to
mine IN any Of said streams.
Sec. 7. That the said company be, and
it is hereby, authorized to reduce its
capital stock to fifty thousand dollars
whenever majority of the stockholders
present at any general meeting of the
board of directors by their authority shall
determine. That upon such reduction in
the capital stock being made, the said
companies shall have power to call in all
outstanding certificates of stock and to
issue new certificates to the amount Of
the reduced capital, which shall be di-
vided among the stockholders in proper
ton to the shares held by them in the
capital stock of the company at the time
of such CALL From and after the day
fixed for such reduction, no one shall be
considered or held to be stockholder Of
said company until he shall have surren-
dered his old certificates and received
new certificate in lieu thereof.
SEC. s. That after the said reduction
shall be completed, the said company
may increase its capital stock 20 an
amount not exceeding two hundred and
fifty thousand dollars, and books may be
opened fer the purpose of obtaining sub
scribers to suca increased capital stock in
such manner as the company may deem
expedient.
SEC. 9. That the comptroller-geperal
be, and is hereby, required from lime to
time to inspect the works and examine
into the workings of all companies or in
dividuals digging, mining or removing
phosphate rocks or phosphate deposits
from any of the navigable streams or
waters of the State under any grant or
license of the State, and whether the ter
ritory occupied by such companies or in
diyiduals are being developed to the best
Interest of the State, and that he report
the result of such examination to the
General Assembly at its next session,
and thereafter annually.
Sec. 10. That the Governor be, and he
is hereby, authorized to appoint special
Inspector, whose duty it shall be to super
wise and inspect all navigable rivers and
streams of this State containing phos-
phate rocks or phosphate deposits, and
the work of all persons and bodies cor
porate mining or gathering therein such
rocks or deposits under license or other
wise, and to protect the interests of the
State therein, not only by preventing un-
licensed persons to dig, mine or remove
said rocks aud deposits from any such
streams and rivers, but also in securing
prompt and accurate returns of the guam
tity dug, mined or removed, and the pay
ment OF all royalty thereon.
| Sec. IL. That for such services said in
spector shall receive the salary of twelve
hundred dollars per annum, payable out
of the phosphate royalties.
Sec. IL. That said inspector shall have
his principal Office in the Town of Beau
fort, but that he shall not confne his
operations to any special locality.
SEC. l3. That commission, consisting
of three persons, shall be appointed by
the Governor, who are hereby authorized
and empowered, and whose duty it shall
be, to inquire into the rights and inter.
ests of the State in the phosphate rocks
and phosphate deposits in the navigable
waters, streams and marshes OF the State,
and to report to the General Assembly
at its next meeting, and at the same time
they report the best system that can be
adopted in the present condition of the
subject for the protection of the rights Of
the State and the granting of rights to
dig, mine and remove the phosphate
rocks ami deposits from the said naviga-
BILE waters, streams and marshes of the
State. That the compensation of the
members of the commission shall be five
dollars per diem, not to exceed ninety
days.