Section 393.827

Title XXV INCORPORATION AND REGULATION OF CERTAIN UTILITIES AND CARRIERS

Chapter 393

Effective - 23 Dec 1997, see footnote   

  393.827.  Conversion of wastewater disposal or treatment corporation to nonprofit sewer company, requirements for conversion — term "articles of incorporation" includes articles of conversion. — Any corporation organized under the laws of this state for the purpose of, among others, wastewater disposal, or wastewater treatment, may be converted into a nonprofit sewer company and become subject to sections 393.825 to 393.861 and section 393.175 with the same effect as if originally organized under sections 393.825 to 393.861 and section 393.175 by complying with the following requirements:

  (1)  The proposition for the conversion of such corporation into a nonprofit sewer company and proposed articles of conversion to give effect thereto shall be first approved by the board of trustees or the board of directors, as the case may be, of such corporation.  The proposed articles of conversion shall recite in the caption that they are executed pursuant to sections 393.825 to 393.861 and section 393.175 and shall state:

  (a)  The name of the corporation prior to its conversion into a nonprofit sewer company;

  (b)  The address of the principal office of such corporation;

  (c)  The date of the filing of the articles of incorporation of such corporation in the office of the secretary of state;

  (d)  The statute or statutes under which such corporation was organized;

  (e)  The name assumed by such corporation;

  (f)  A statement that such corporation elects to become a nonprofit, membership corporation subject to sections 393.825 to 393.861 and section 393.175;

  (g)  The manner and basis of converting either memberships in or shares of stock of such corporation into memberships therein after completion of the conversion; and

  (h)  Any provisions not inconsistent with sections 393.825 to 393.861 and section 393.175 deemed necessary or advisable for the conduct of the business and affairs of such corporation.

  (2)  The proposition for the conversion of such corporation into a nonprofit sewer company and the proposed articles of conversion approved by the board of trustees or board of directors, as the case may be, of such corporation shall then be submitted to a vote of the members or stockholders, as the case may be, of such corporation at any duly held annual or special meeting thereof, the notice of which shall set forth full particulars concerning the proposed conversion.  The proposition for the conversion of such corporation into a nonprofit sewer company and the proposed articles of conversion, with such amendments thereto as the members or stockholders of such corporation shall choose to make, shall be deemed to be approved upon the affirmative vote of not less than a majority of the members of such corporation, or, if such corporation is a stock corporation, upon the affirmative vote of the holders of not less than a majority of the capital stock of such corporation.

  (3)  Upon such approval by the members or stockholders of such corporation, articles of conversion in the form approved by such members or stockholders shall be executed and acknowledged in duplicate on behalf of such corporation by its president or vice president and its corporate seal shall be affixed thereto and attested by its secretary.  The president or vice president executing such articles of conversion on behalf of such corporation shall also make and annex to each copy thereof an affidavit stating that the provisions of sections 393.825 to 393.861 and section 393.175 with respect to the approval of its trustees or directors and its members or stockholders, of the proposition for the conversion of such corporation into a nonprofit sewer company and such articles of conversion were duly complied with.  Such articles of conversion and affidavit shall be submitted to the secretary of state for filing as provided in sections 393.825 to 393.861 and section 393.175.  The term "articles of incorporation" as used in sections 393.825 to 393.861 and section 393.175 shall be deemed to include the articles of conversion of a converted corporation.

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(L. 1997 2d Ex. Sess. H.B. 1 merged with S.B. 3)

Effective 12-23-97