Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-04-15
AN ACT.

AS ACT to authorize the formation " companies
for the construction of Water works IN and for Z
Incorporated cities, 70 enable such cities TO sub
scribe STOCK m such conf AnieSY aEd "a iKsue-i
and sell bonds for the paym thereof. APP
proved March s. 1865
sEcTroE /. Be 70 saasted bE tie General Assembly \
Fl ne STATE q indiana, That whenever the city
Council Of any Incorporated city in the STATE Of 1
Indisna, gaaiI by reseutiOa declare that IL Is
pedient to have CONSTRUCTED works fer the purpose
Of supplying such city and the Inhabitants there
cify-under tho psEers granted in its act of in Z
coFporatfon-to build such works, it shall be Law
ful for the Inhabitants OF any such city I
others, to organize company fer the eoHstruc- |
ton OF such Water Works.
SEC. 2. Amy number Of persons not less than
twelve, DESTROYS Of forming company for such
purpose shall make, sign and ack uowatdge before
some Officer authorized 10 take Acknowledgements
Of deeds, certificate in writing, which shall state
the corporate name adopted BY the company, the
amount Of the capital stock, the term Of its ex-
istence-not, hoNev-r, 10 exceed hfiy years,-the
number Of Directors the names u thOfe who
shall manage the affairs Of the company for the
fret year or uhtft their elected and
qualified and the name o. the city in or for which
I such works 10 be constructed, and the bust
ness Of the company carried on such eeTtiheats
shall be fled IN the Office OF the Recorder OF the
county In which such city is stu ate, and shall be
l then placed upon record and duplicate thereof
shall be filed in the ofhse OF the Secretary Of
! s ate.
SIC When the certificate shall have been
filed as aforesaid, the persons who shall have
1 signed and acknowledged the same, ana their aug
eessors, shall be body polite add corporate aud
by their corporate ame may take, hold aud con.
vey all such real estate as shall be necessary 20
carry the operations and effect TIE Objects and
purposes Of said company; and IL shall te laval
Tor such company 70 enter upon any lands for the
purpose Of examining and surveying the same for
the ate or sites Of Watsr Works, reservoirs and
line Of water pipes Of suen company, and TO take
| aud appropriate much thereof "a may DO
deemed necessary for the same, and 20 that end
add purpose said Company shall Be entitled 10 Il o
! go tIfd I'd law
| SIC 4. The business Of said company shall be
nanhg ed by Board Of not less than nine nor
more than thirteen Directors, who shall be stock
holders therein, and majority Of shOm shall be
! residents Of such city, and q majority Of the
| Directors chosen shall be a quorum There shsli
be- an election Of Directors within year from
the fling of the articles Of association, and an-
uuaiIy thereafter at such times shall be fixed
: by the claws Of such company tHree weeks
| notice thereof shall be given By publication in a
| newspaper Of general circulation In such city
the stockholders shall To entitled TO vote either ~
| person or by roxy.
, president, who shall be one Of the Direet9rs;
| Secretary and Treasurer d euch other officers
1 agents aud servants the Board Of Dircctsrl
" snail deem necessary Tor the Transaction Of thu
, business OF the company; such officers shall b
elected annual by the Directors, aid shall all b
i required - give bond, with penalty and surety, q
u the approval Of sad Board OF Directors, coldi
toned for the faithful Of their respect
i've duties, ana shall als9 take an cath OF office.
q SEC g. The amount Of the capital stock shal
b. fixed by tho Company Dut may Be iucfs aSeu y
vote Of the stock holders 81 any annual me ting
and sueh capital stock be divided into shares o
not more THAI Ona hundred dollars each
sec. Z. Any such city may become sstockhold
4 | en- IN ANY such company whenever this Commo
"a Council shall so direct by resolution, duly enere
i. upon the minutes. such resolution shall specii
the number a shares to be taken aud shalt r.
azure the Mayor TO carry out the direction by sui
scribing for the humber of shares Indicated upe
~ the boOks Of the company, aud any railroad con
pany of this state may subscribe for and ew
stock In such company, and shall le. entitled I
ALI the rights and privileges Of other stoekholt
Or ers aud provide for the pa ment " ouch stoc
snbscription, it shall be lawful for any such cit
- To issue bonds payable "A such times the Con
IN mon Council shall direct and bearing Interest
nj any rate not exceeding seven per ce1t per ahnun
and to negotiate the SAME upon the beot tern
they can obtain.
been organized under the provisions of this ae
and after at least half If the capital stock a
b. thorized by articles Of association shall ha
!, been subscribed 1t shall b, the duty Of the Cor
IN mon Council Of the city In and for which su,
+, | company m propose TO er ct water works,
"a resolution duly passed and enaered upon its mi
srt utes 10 grant to such company such right to q
use Of the streets. alleys, wbaFyes and publ
OF grounds such city as shall De necessary to en-
=, Die such company TO construct the proper wor
On for the supply OF water for the use Of sech CT
n and its Inhabitants. PrOgided, that the Comm'
u council OF such city may in 6peh grant fmpo
at such Just and reasonable TERMS restrictions al
limitations upon such company In reference
nd the manner in which such streets alleys, WHARF
:. and public grounds to be nstds an J ia BE
~ euce the charging and collecting OF tols, al
M rents, other compensation for the supply
water to be furnished by such company to Sc
lat city aud its inhab itants, shall be neos sary
of s1sTa @baqyey ana public grounds, and to pr
of teet said city and its Inhabitants from the imF
VI sition Of any undue excessive rates or chare
for the supply of Wa or, but no restriction sh'
- be imposed by said Common Council which "
III prevent such company realizing upon its eapii
ole stock an annual income or dividend of ten
'n' cent after paying cost OF all necessary rePa
~ and expenses.
az sEc o. That from and after the expiration
19Id twenty-five years from the time Of the organic
itn IN tion Of any sRoh company, the Common Uoun
oi of the city in and for which such company N
oh have erected it's WORKS, shall have the right q
,Pe | privilege of purchasing from such company
MSS the buildings fixtures, apparatus aud property
~ ! such company, with all its corporate rigats a
zee privileges, at such price as may be agreed up
20 between the Common Council Of such city and 1
me Board of Directors of such company and in ca
ar of disagreement between the parties the price
be asceTtAined and determined by five disint,
OF ested persons, residents of uch scityt two
~ whom TO he chosen by said Common Council a
y two By the Board of Directors Of such compaI
rs and the fifth by the four 80 chosen prorded tt
we the right OF such city to purchase such wor
IN shall accrue immediately, if at the end OF twe
ue- wears from ths time of the organization Of su
Pr company, at the expiration OF any yer the1
after, il shall appear that such company has j
en' posed.a collected such rates r charges for
rs supply Of water shall have causet the aver
- annual income dividends Of such couipar
an upon its capital stock to exceed ten per cent.
gu ter paving cost of all necessary repairs =
expenses and exclusive Of one aud one-half
I'VE cent. per annum, winch may be SCI apart and
. served as a surplus contiugen fund.
Tor SEC. 10 sHch company shall have power
authority 10 charge and collect iron such G
as and the inhabitants thereof and all others 81
-, rates for the water furn isbed, shsll be ia
by its bylaws rules and regulations, SUBJECT OF
1t TO the restrictions imposed by such Comm
Council a. aforesaid. .fs4s q IA 4.
arn SEC. II. Such company shall aDnualy, &C iss
ten days before h. election OF Directors, ma
out full and complete exhibit Of s1ttse ope
tions of the company during the current Sc
containing current account of all the receil
and disbursements thereof; also showing
amount of capital stock subscribed,
amount Of such capital stock actually paid in,
rty amount paid out during the year in the constr
ton and repair OF the works, the amount p
TO out in the ordinary expenses Of the compai
- classifying the expenditures, and giving
eeu amount paid out uuder erch elassIfcation, a.
oaa same appears on the books OF the company
amount COLLECTED from such city and the amoJ
ess collected from individuals for water supplied,
| amount placed to the or dit Of the reserve ful
by the amount Of DIVIDENDS declared and the amou
a.; | Of such dividends drawn. which exhibit shall
- verified by the oath of the Presid MT and Sec
mas tAry, and published in some public ne sspaper
! general circulation in such city, ten days succe
lie lively, before such annual election. rfr--r-s
. sec j. 1t is hereby declared that an ernergsi
70 exists for the immediate taking effect of this 9
and that the same shall take effect and be in fal
from and after its passage.