to time, and in such amounts as they may think fit, a sum not exceeding two million five hundred thousand dollars, by the creation of a public fund or stock, to be called, " The Water Stock of the City of New-York," which shall bear an interest not exceeding five per cent, per annum, and shall be redeemable at a period of time not less than ten, nor more than fifty years, from and after the passage of this act. 9. It shall be lawful for the said Mayor, Aldermen and Commonalty to determine what shall be the nominal amount or value of each share of the said stock, and of what

122, MEMOJROFTHE number of shares the same shall consist and they are hereby authorized to sell and dis- ;

pose of such shares, at or above the par value thereof, either at public auction or private sale, or to raise the said sum of money by subscription for such stock, in the mode in ." which the stocks of banking and insurance companies are usually subscribed for.

10. The provisions of the act entitled " An act to regulate the finances of the city of New- York," passed June 8, 1812, which are not repugnant to, or incompatible with any provision in this act contained, shall apply to the said stock. 11. The moneys to be raised by virtue of this act, shall be applied and expended to and for the purpose of supplying the city of New- York with pure and wholesome water, according to the plan so adopted and ratified, with such immaterial alterations as may be necessary, and by and under the direction of the said Commissioners. 12. The said Commissioners are hereby authorized to enter upon any land or water, for the purpose of making surveys, and to agree with the owner of any property which may be required for the purposes of this act, as to the amount of compensation so paid to such owner. 13.