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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
486.313 Stockholders; annual and special meetings. Sec. 13. There shall be an annual meeting of the stockholders at such time and place as the by-laws of the corporation shall designate, for the election of directors and the transaction of business of the corporation; special meetings of the stockholders may be called by the directors. History: […]
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 […]
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 […]
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 […]
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 […]
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 […]
