CHAPTER 36
S.P. 547 - L.D. 1665
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, in order for the customers of the Hebron Water Company to have safe drinking water, the company must incur certain capital costs immediately and converting to nonprofit status will allow the company to access the necessary financing; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. P&SL 1899, c. 46, §8 is repealed.
Sec. 2. P&SL 1899, c. 46, §10 is amended to read:
Section 10. The said corporation may issue its bonds for the construction of its works, of any and all kinds, upon such rates and time as it may deem determine expedient, not to exceed the amount of its capital stock, and secure the same by mortgage of its franchise and property.
Sec. 3. P&SL 1899, c. 46, §§11-A to 11-D are enacted to read:
Section 11-A. Nonprofit status. Hebron Water Company, upon approval of its sole shareholder, has the authority to convert its status from a for-profit business corporation to a nonprofit corporation, the conversion to be effected by filing with the Secretary of State an amendment to the corporation's articles of incorporation. The amendment must provide that the corporation retains its original incorporation date of February 21, 1899 and retains all of its rights, powers, duties, authorities, privileges and obligations as now exist. Upon filing of the amendment all outstanding shares of the corporation's stock are canceled and the corporation's status automatically converts into that of a nonprofit corporation governed by the Maine Revised Statutes, Title 13-B to the extent consistent with this Act. The Secretary of State shall maintain records of the conversion showing the continuous existence of the corporation under state law.
Section 11-B. No members. After converting to nonprofit status pursuant to section 11-A, Hebron Water Company may not have shareholders.
Section 11-C. Board of directors. Hebron Water Company must be run by a board of directors appointed from time to time in accordance with its bylaws. The board of directors of the Hebron Water Company consists of 5 members. The members are the chair, vice-chair, treasurer and headmaster of Hebron Academy and one customer of the water company to be chosen by the 4 other members.
Section 11-D. Form of amendment. The board of directors, acting through the corporation's officers, has authority to file the amendment authorized under section 11-A in a form it determines appropriate and to make further amendments to the articles of incorporation consistent with this Act.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective May 28, 1997.
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