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Reservoirs and Navigation
Companies may be formed under this Act to provide Funds and receive Profits (not exceeding 10 per Cent.) from Reservoirs or Navigations constructed by the Commissioners under Provisions of recited Acts and this Act.
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XIX. ‘And whereas the Construction of Reservoirs for the Prevention of sudden Floods, and maintaining a constant Supply of Water for Mills, Factories, Navigation, Irrigation, or Warping of Lands, the Supply of Towns, and other suck Purposes, and also the Construction or Improvement of Navigation in connexion with Drainage, under the Provisions of the said recited Act or this Act, may be promoted or encouraged by the permanent Investment of the Money expended in the Construction of same, and by allowing the Parties investing their Money for such Purpose to receive and apply to their own Use the Profit, not exceeding Ten per Centum on the original Outlay, arising out of the Rates, Taxes, and Tolls to be levied by the said Commissioners under the Provisions of the said recited Acts or this Act: And whereas an Act was passed in the Session of Parliament holden in the Seventh and Eighth Years of the Reign of Her present Majesty, intituled An Act for the Registration, Incorporation, and Regulation of Joint Stock Companies, and it is expedient to apply the Provisions of the said last-mentioned Act to the Formation of Joint Stock Companies for providing Funds to be permanently invested in, and receiving the Profits to arise, from, the Construction off such Reservoirs, and the Construction or Improvement of such Navigations as aforesaid, by the said Commissioners, under the Provisions of said last-recited Acts or this Act;’ be it therefore enacted, That it shall and may be lawful from Time to Time for any Number of Persons, with the Consent and Approbation in Writing of the said Commissioners, to form themselves into a Company for the Purpose of raising and providing Funds to be permanently invested, by or under the Control or Super-intendence of the said Commissioners, in Construction of any such Reservoir or Embankment for any of the Purposes aforesaid, or the making or improving any Navigation under the Provisions of said recited Acts or this Act; and every such Company shall be subject to the several Provisions and Regulations, so far as the same are applicable, contained in the said recited Act of the Seventh and Eighth Years of the Reign of Her present Majesty, and shall and may, subject to the Terms and Provisions of the said Act, be incorporated and have a Common Seal, and sue or be sued by their registered Name, and possess and enjoy the Powers and Privileges in the said Act given, as and subject to the Regulations in the said Act respectively provided and mentioned: Provided always, that no Shareholder in any such Company shall be liable for or charged with the Payment of any Debt or Demand due by or from any such Company beyond the Extent of his Share in the Capital of such Company not then paid up.
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