(1) If the applicant does not begin the proposed work in good faith within one (1) year from obtaining the leave, and within three (3) years so far finish it as to have the mill or factory in good condition for use, or if it is destroyed and made unfit for use, and the rebuilding or repair thereof be not so begun within a year, and finished within three (3) years from the time of such destruction or getting out of repair, the title to the land so obtained under the condemnation shall revert to the former owner, his heirs or assigns, and all the privileges obtained under the leave shall cease, subject to subsection (2) of this section. (2) If the owner of the mill and privileges is, at such time, an infant, imprisoned, or of unsound mind, he shall be allowed the same time after such disability is removed, if the time so excepted does not exceed seven (7) years.
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