Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1901-02-07
DOUBLES ITS STOCK.
Electric Light Co. Meets-chanses its Name
and Character and Doubles its Stock,

and Character and Doubles its Stock.
Friday evening pursuant to call OF
Secretary Wipperman, the stock.
holders of the Twin City Electric Co
met at the city hall on the west side.
The meeting was more largely
attended than any meeting of the
company since its organization.
There being 1927 shares of stock
represented out of the total number of
1890 issued by !he company. 1t was a
| most harmonious and enthusiastic
gathering Everybody had time to
| consider the subject of enlarging the
| power of the company and appeared
| to have their minds fully made up as
to how they should vote on the mat
ter. The vote was taken by ballot
and was almost unanimous, only 4
shares out of the 1927 voting against
the resolution changing the name.
character and capital stock of the
company. The only other matter of
| business transacted was the vote
| formally accepting the water works
| franchise rendered the company bv
the city of Grand Rapids. The
following is the resolution adopted
and it explains subject fully and
concisely:
Be it resolved, That the article of
incorporation of the Twin CITY
Electric company be amended as
| follows:
First, That article l be amended SO
as to add to the purposes and business
of the organization the right to
furnish water, to build and operate
water works system in addition to
electric light and motor power
services, to the citizens of Grand
Rapids, SO that said article when
amended shall read as follows:
ARTICLE l. The undersigned have
associated and do hereby associate
themselves together for the purpose
of forming d corporation under
Chapter S6 of Wisconsin Statues, and
the acts amendatOry thereof and
supplementary thereto. The business
and purpose of which corporation,
shall be to furnish electric light,
motor power, and water to it's own
stockholders, and TO such other
patrons as it may have within the
city of Grand Rapids, which said
business is to be carried on within
| the state Of Wisconsin, and especially
within the county of Wood, in said
state.
And the article be amended SO as
| to change the name from Twin CITY
Electric Company" to Electric and
Water Company" so the amended
said article shall read as follow:
ARTICLE 2. The name of said
| corporation shall be Electric and
Water company, and its location
no of pa,,iIC
County, Wisconsin.
And article 3 be amended so as to
change the capital stock of said
corporation from $40, 10000 to $40, 600.
| 90, and when amended shall read as
| follows:
ARTICLE 3. The capital stock of
said corporation shall be $40, 100000,
and the same shall consist of 1000
shares, each of whtch said shares
| shall be of the face or par value of
$1,000.
And that article be amended, to
read as follows:
ARTICLE 6. Only persons holding
stock according to the regulations of
this corporation, shall be members OF
| it. And the stock of this corporation
shall be sold only to such persons as
rent light, water, or power service of
it. And two and One-half dollars
annual rental paid or agreed to be
paid by patron, shall be the rental
unit upon which stock may be sold or
held. And the corporation shall sell
its stock only to renters of It's service,
selling one and only one share of
stock for each rental unit paid OF
agreed to be paid by such patron.
And this corporation reserves the
right or option, to call in and cancel
as many shares of stock as may be
held by any person in excess of the
number of rental units paid by him
to said corporation for rental service,
by refunding to him the par value OF
said stock
And article shall be amended tc
read as follows.
ARTICLE I. This corporation shall
at all times hold its unSold stock fOl
sale, at par. to residents of the city of
Grand Rapids who rent light, water,
or power service from it to an amount
equal to the number of rental units
agreed to be paid by such person.
and shall increase it's capital stock
from time to time, as may be neceS.
Sary to meet such demands for stock
but the amount of stock issued shall
never exceed the actual cost of the
plant. less four per cent annum fol
depreciation.
And article shall be amended to
read as follows:
ARTICLE 8. This corporation shall
never declare dividend greater than
twelve per cent per annum to its
stock holders. When the net earn
ingS exceed the amount, the surplus,
| if not needed for extending the plant
or paying existing Indebtedness, shall
| be extinguished by reducing the
rental rates charged by this corpora