Chapter 196: An Act To incorporate The North Conway Water And Improvement Company
Be it enacted by the Senate and House of Representatives in General Court convened:
§ 1. Corporation Construction - That Lycurgus Pitman, Alfred Eastman, Moses A. Davis, Willis A. Weeks, and William B. Tasker, and their associates, successors, and assigns, shall be and are hereby made a body corporate by the name of the North Conway Water and Improvement Company, for the purpose of bringing fresh water into North Conway in subterranean pipes for domestic and mechanical use and for fire purposes, and to construct and maintain a system of sewerage ; and by that name may sue and be sued, prosecute and defend to final judgment and execution, and are hereby vested with all the powers and subject to all liabilities incident to corporations of a similar nature.
§ 2. Capital - The capital stock of said corporation shall not exceed fifty thousand dollars, and be divided into shares of one hundred dollars each.
§ 3. May hold real and Personal Estate; Privileges in Highway - Said corporation is empowered to acquire real estate by purchase or otherwise, as herein provided, not to exceed the amount of its capital stock, and may hold personal estate necessary for the carrying into effect the purposes of this act; and said corporation is authorized to enter upon, break ground, dig ditches, and make excavations in any street, square, passway, highway, or common, through which it may be deemed necessary for said company to lay and maintain its pipes and works, and to re-lay, rebuild, and repair the same, subject to such regulations as to the safety of public travel as may be prescribed by the selectmen of the towns through which said pipes are to be laid.
§ 4. Eminent Domain - Said corporation is authorized to enter upon and appropriate any streams, ponds, or springs, not belonging to any water company, and to secure, by fence or otherwise, such streams, ponds, or springs, and dig ditches, canals, and construct reservoirs through, over, or upon any land or inclosure through which it may be necessary for said company to pass or exist, for the purpose of obtaining, holding, preserving, or conducting such water, and placing its pipes and other material as may be necessary for the construction and maintenance of the company's works: provided, if it shall be necessary to appropriate any streams, ponds, springs, or any land for the purposes of this act, or to raise or lower said ponds or streams, and said corporation does not agree with the owners thereof for the damages that may be done by said corporation, or such owners shall be unknown, either party may apply to the supreme court at the trial term thereof, to have the same laid out and damages determined; and the court shall refer the same to the county commissioners for the county, who shall proceed in the same way now provided by law in the laying out of highways, and the court may enter judgment accordingly. If either party desires, upon application to said court before reference to the commissioners, they shall be entitled to a trial by jury, in such manner and under such regulations as such court may prescribe.
§ 5. May Condemn Other Water Companies - Said corporation shall acquire, by purchase, the stock, rights, and franchises of any other water company in North Conway, and, as the public good requires a better supply of water in said North Conway for fire purposes and domestic use, if said corporations are unable to agree upon the purchase of such stock, property, rights, and franchises, said North Conway Water and Improvement Company may apply by petition to the supreme court to appraise the value of said water company's stock, property, rights, and franchises, and the interest of the stockholders therein.
§ 6. Assessment of Damages - The said petition shall be referred by said court to a Assessment of committee consisting of three disinterested persons. After due hearing, said committee shall make report to said court, and the court may order judgment and issue execution thereon; but if either party, at the term said report is filed, is dissatisfied with said award of damages, then such party shall be entitled to a trial by jury in such manner and under such regulations as said court may prescribe.
§ 7. May Borrow Money and Issue Bonds - Said corporation may borrow money for the purpose of carrying into effect the provisions of this act, and issue its bonds or other obligation therefor, and secure the same by mortgage upon the property, rights, and franchises of said corporation.
§ 8. First Meeting - Any two of the corporators named in this act may call the first meeting by ten days' notice in writing to each of the corporators of the time and place of such meeting. At said meeting, or any subsequent one, associates may be elected, and such by-laws and regulations adopted as may be necessary to carry into effect the provisions of this act.
§ 9. Subject to Repeal; takes effect - The legislature may alter, amend, or repeal this act whenever the public good requires it, and this act shall take effect upon its passage.
[Approved March 12, 1891.]