| | Emergency preamble. Whereas, Acts of the Legislature do not become | effective until 90 days after adjournment unless enacted as | emergencies; and |
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| | Whereas, in order for the customers of the Small Point 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 |
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| | 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, |
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| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. P&SL 1893, c. 479, §7 is repealed. |
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| | Sec. 2. P&SL 1893, c. 479, §9 is amended to read: |
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| | Sec. 9. Said The corporation is hereby authorized to issue | bonds not exceeding in amount one-half of its capital stock, the | same to be the first lien upon and secure the same by mortgage of | its franchise and property. This act shall become null and void | in two years from the time when the same shall take effect, | unless the corporation shall have organized and commenced the | construction of its works under this charter. |
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| | Sec. 3. P&SL 1893, c. 479, §§9-A to 9-D are enacted to read: |
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| | Section 9-A.__Nonprofit status.__Small Point 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 March 9, | 1893 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. |
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