Section 486.316 – Purchase of Corporate Rights and Property by Municipality; Arbitration.
486.316 Purchase of corporate rights and property by municipality; arbitration. Sec. 16. From and after the expiration of 25 years from the time of the organization of such company, the common council of the city, town or village, for which the said company may have erected its works, shall have the right and privilege of […]
Section 486.317 – Municipality as Stockholder; Issuance of Bonds, Interest Rate Limit, Tax Levy; Certain Corporations as Stockholders.
486.317 Municipality as stockholder; issuance of bonds, interest rate limit, tax levy; certain corporations as stockholders. Sec. 17. Any such city, town or village may become a stockholder in any such company whenever the common council shall so direct, by resolution duly entered upon its minutes, after the question of so doing shall have been […]
Section 486.318 – Company Fully Organized; Qualification, Powers, Financial Arrangements.
486.318 Company fully organized; qualification, powers, financial arrangements. Sec. 18. Any such company shall be deemed to be fully organized whenever half the capital stock named in its articles of association shall have been in good faith subscribed and 10 per cent. thereof paid in and may thereupon enter on the work of construction; and […]
Section 486.306 – Corporate Powers.
486.306 Corporate powers. Sec. 6. Any corporation formed under this act shall have power to introduce water into any town, city or village in the state named in their articles of incorporation, and where the said corporation is located, for public or private buildings or for other purposes; and for that purpose they are authorized […]
Section 486.307 – Acquisition and Use of Lands for Purposes of Act; Survey and Map, Signing, Filing; Right of Entry.
486.307 Acquisition and use of lands for purposes of act; survey and map, signing, filing; right of entry. Sec. 7. Before entering, taking or using any lands for the purposes of this act, the directors of the company shall cause a survey and map to be made of the lands intended to be taken, or […]
Section 486.308 – Condemnation Proceedings.
486.308 Condemnation proceedings. Sec. 8. In case said company cannot agree with the owners or occupants of any lands or water, intended to be taken or used as aforesaid, for the purchase thereof, said company may, for the purpose of acquiring the necessary title and right to said lands or water, present a petition to […]
Section 486.309 – Stock Deemed Personal Property; Certificates of Stock, Transfer; Report to Assessing Officer.
486.309 Stock deemed personal property; certificates of stock, transfer; report to assessing officer. Sec. 9. The stock of every such corporation shall be deemed personal property, and certificates of stock shall be issued to each stockholder on the full amount of his subscription being paid in; the said certificates of stock may be transferable, but […]
Section 486.310 – Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; Rights of Purchaser.
486.310 Capital stock; subscriptions, calling in; sale, procedure, proceeds; rights of purchaser. Sec. 10. The directors may call in subscriptions to the capital stock of such corporation, by installment, in such portions as they deem best, by giving notice thereof as provided by the by-laws; and in case any stockholder refuses or neglects to pay […]
Section 486.311 – Stockholder’s Liability; Recovery Prerequisites; Contribution to Creditor.
486.311 Stockholder’s liability; recovery prerequisites; contribution to creditor. Sec. 11. The stockholders of all corporations organized under this act shall be individually liable for any labor or services done or performed for said company, and they shall also be liable, as aforesaid, for the payment of all other debts or obligations contracted or incurred by […]
Section 486.312 – Contract Between Municipality and Company; Obligations.
486.312 Contract between municipality and company; obligations. Sec. 12. It shall and may be lawful for the municipal authorities of any city, village or town in which any company is or shall be formed for the purpose of supplying such city, village or town and the inhabitants thereof with water, to contract and agree with […]