Section 486.314 – Officers of Company; Designation, Election, Bonding.
486.314 Officers of company; designation, election, bonding. Sec. 14. The officers of such company shall be a president, who also shall be a director, a secretary, a treasurer, and such other officers, agents and servants, as the board of directors shall deem necessary for the transaction of the business of the company; such officers shall […]
Section 486.315 – Ordinances of Common Council; Granting Use of Public Property; Rates of Compensation.
486.315 Ordinances of common council; granting use of public property; rates of compensation. Sec. 15. Whenever any such company shall have been duly organized, it shall be the duty of the common council of any such city or village or the proper authorities of any such town, by ordinance, to grant to such company such […]
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 486.301 – Waterworks in Municipalities; Incorporators; Powers.
486.301 Waterworks in municipalities; incorporators; powers. Sec. 1. That whenever the common council of any city or incorporated village, or the municipal authority of any town in this state shall, by resolution, declare that it is expedient to have constructed works for the purpose of supplying such city, village or town, and the inhabitants thereof […]
Section 486.302 – Certificate; Contents, Filing and Recording; Body Corporate, Name.
486.302 Certificate; contents, filing and recording; body corporate, name. Sec. 2. Any number of persons not less than 5, who shall associate according to the provisions of this act, under any name assumed by them, to form a company for the purpose of supplying any city, town or village, or the inhabitants thereof, with water […]
Section 486.303 – Corporate Power to Hold Property.
486.303 Corporate power to hold property. Sec. 3. Every such corporation shall, by their name, have power to acquire and hold all such real and personal estate as shall be necessary for carrying on the business of said corporation. History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;– CL 1871, 3357 ;– How. 3112 […]
Section 486.304 – Capital Stock; Fixed Amount, Increase.
486.304 Capital stock; fixed amount, increase. Sec. 4. The amount of capital stock in every such corporation shall be fixed by the stockholders in their articles of association, but shall in no case be less than 10,000 dollars; said stock may be increased from time to time as may be directed by the stockholders; and […]
Section 486.305 – Officers; Election, Term, Powers; Quorum of Stockholders; Right to Vote.
486.305 Officers; election, term, powers; quorum of stockholders; right to vote. Sec. 5. The officers shall be elected by the stockholders when 50 per cent of the stock shall be subscribed, and 10 per cent of the amount subscribed paid in, and after a notice of at least 2 weeks has been given in some […]