486.1 Water power companies; incorporators; notice of formation; articles of association, contents. Sec. 1. That any number of persons, not less than 5, may be formed into a corporation, for the purpose of maintaining, repairing and improving, any canal with water-power appurtenant thereto, constructed and used for the transmission of water, and the creation of […]
486.10 Assessment; mortgage lien; preference. Sec. 10. All assessments made under the provisions of this act shall be and remain a mortgage-lien upon the interest so assessed, from and after the completion of the work for which such assessment was made, until paid, together with interest and the cost of publishing notice, if notice shall […]
486.11 Mortgage lien; certificate, contents, recording. Sec. 11. After such mortgage-lien shall have attached to such interest in such canal and water-power, the secretary of such association shall make a certificate in writing, to be signed by him, and countersigned by the president, which certificate shall state First. The amount of such assessment or assessments; […]
486.12 Mortgage lien; foreclosure. Sec. 12. Such mortgage-lien created as aforesaid shall be in the nature of a mortgage on real estate, and may be foreclosed and collected the same as a mortgage is now enforced and collected in equity, and shall be subject to all laws of this state in relation to the foreclosure […]
486.13 Mortgage lien; commencement of suit after 60 days. Sec. 13. Suits may be commenced for the foreclosure of such mortgage-lien at the expiration of 60 days from the time the certificate shall be recorded as mentioned in section 11 of this act. History: 1863, Act 232, Eff. June 22, 1863 ;– Am. 1871, Act […]
486.14 Meetings of members of associations; notice, proof of service, filing. Sec. 14. Meetings of the members of the association may be called by any director, and it shall be the duty of any director to call a meeting of the members of said association on the written application of 3 members thereof. In all […]
486.15 Watchman; appointment, duties, compensation. Sec. 15. The board of directors are also authorized, in case they deem it expedient for the safety and well-being of the property under their control, to employ a competent watchman to watch during the night to see that the canal or its appurtenances receive no injury from breaks in […]
486.16 Contracts made by board of directors. Sec. 16. The said board of directors shall have power to make all necessary contracts in the name of the corporation to carry out the duties imposed upon them by this act, which contract shall be signed by the president of the board, if in writing, in the […]
486.17 Treasurer; duties. Sec. 17. The treasurer of said board shall receive all moneys paid to him on assessment, and hold the same, to be paid out on the order of the said board, certified to the president thereof. History: 1863, Act 232, Eff. June 22, 1863 ;– Am. 1871, Act 90, Imd. Eff. Apr. […]
486.18 Assessment; recovery, interest. Sec. 18. All sums due from any person upon any assessment authorized by this act may be recovered with interest in an action of assumpsit brought in the name of the corporation, in any court of competent jurisdiction, or as provided in section 12 of this act. History: 1863, Act 232, […]
486.19 Disposition of funds at annual meeting. Sec. 19. At the annual meeting of the members of said association, held for the election of officers, pursuant to the by-laws thereof, the members representing the majority of interest in such water-power may by vote make disposition of all the funds shown by the report of the […]
486.2 Articles of association; signing, filing, evidence; body corporate, powers. Sec. 2. Each subscriber to such articles of association shall subscribe thereto his name and place of residence. The said articles of association shall be filed in the office of the secretary of state, and thereupon the persons who have so subscribed, and all persons […]
486.20 By-laws of association; regulations, promulgation, publishing, enforcement; meetings. Sec. 20. Said association shall have power by its by-laws to regulate the use of the water transmitted through the canal under its control by the several owners thereof; to determine the absolute or average head of said water; for the measurement of the quantity to […]
486.21 Stockholder’s liability. Sec. 21. The stockholders of all corporations or associations formed under the provisions of this act, shall be individually liable for all labor performed for such corporation or association. History: 1863, Act 232, Eff. June 22, 1863 ;– CL 1871, 2765 ;– How. 3894 ;– CL 1897, 6787 ;– CL 1915, 8887 […]
486.22 Tenants in common; consent for improvements and repairs, liability. Sec. 22. All owners of water-power afforded by any canal or its appurtenances which is under the control of any association formed under this act, who are tenants in common of the water, water-power, or easements or canal and appurtenances with the members of said […]
486.3 Board of directors; annual election, notice; officers, treasurer’s bond; vacancy. Sec. 3. The business of said company shall be under the management and direction of a board of directors, composed of not less than 3 nor more than 7, who, after the first year, shall be elected annually, at such time and place, and […]
486.4 Membership in association; procedure, rights. Sec. 4. Any person owning any interest in the canal and water-power under the control of such association, may become a member thereof at any time by subscribing his name to the articles of association. And any person or persons who shall purchase an interest in said water-power of […]
486.5 Repairs; permanent improvements, approval of members; expense. Sec. 5. When the canal or any of its appurtenances under the control of such association may need to be repaired or rebuilt, the directors of said association may cause the same to be done at the expense of the owners thereof: Provided, That in all cases […]
486.6 Repairs; statement, filing, contents. Sec. 6. Whenever the board of directors shall make any repairs not authorized at any meeting of said association, it shall be their duty to file with the clerk of the said association a statement containing: First. A description of the work done; Second. The expense thereof; Third. The amount […]
486.7 Assessment for repairs or improvements. Sec. 7. For the purpose of defraying the expenses of such repairing, rebuilding or permanent improvement, and such contingent expenses as may be incurred in the discharge of their duties as directors of such association, the said directors may make from time to time, as the work progresses, an […]
