Stockholders

stockholders

To download the Stock Purchase Letter, please click HERE or on the image above.

Every person (which word as used herein includes any legal entity) who is a record owner of a fee or undivided fee interest, or having a substantial possessory interest, in a property served by the water system is eligible to become an owner of a share of stock of the corporation.

To view the WWC By-laws in their entirety, please click HERE to download.

Eligibility of Stockholders

Section 1.  Every person(which word as used herein includes any legal entity) who is a record owner of a fee or undivided fee interest, or having a substantial possessory interest, in a property served by the water system is eligible to become an owner of a share of stock of the corporation.  He must sign such applications and agreements for the purchase of water as may be provided and required by the corporation and pay, in addition to the par value of the stock, such connection fees as may be imposed by the board of directors.   Only one share of stock at a time may be held for each property served regardless of the number of persons holding interest in said property. The board of directors shall cause to be issued appropriate stock certificates and ownership thereof shall not be denied because of the applicant's race, color, creed, or national origin.  The issuance of shares may be denied if capacity of the corporation's water system is exhausted by the need of its existing users, or, if the proposed use of the applicant is such that it would interfere with existing uses previously authorized by the board of directors.
a.  A substantial possessory interest is one where the person or persons have a legal right to control and occupancy of a property but do not have a legal or the equitable ownership of the property.  It may be under a lease or similar right to possession.
(1)  Before a share of stock is issued to one or more persons claiming such an interest, the corporation will endeavor to obtain the application for a share of stock from the owner of such property.
(2)  Where a share is issued to one or more persons having a substantial possessory interest the corporation as a condition to the issuance may require such applicant to post such collateral or bond as the directors determine necessary to fully protect the corporation from any additional risk that may be involved to the corporation by reason of the lack of legal ownership in the applicant.

Section 2.  No person shall be permitted to own more than one share of stock regardless of the number of service connections he may obtain to serve his property.  Each stock certificate shall represent one vote.  When more than one person holds the interest in a property served, the vote shall be exercised by the person in whose name the certificate is registered or by such person  as the several persons may designate, but in no event shall more than one vote be cast with respect to any property.

Section 3.  Certificates of stock shall be transferable, but the transfer will be effective only when noted on the books of the corporation.  Such transfer will be made only to a person who obtains a qualifying interest in the property.  A stockholder will transfer his stock certificate to his successor in interest as part of the transaction whereby he disposes of his interest to said property.  The secretary, upon request, will make note of such transfer upon the records of the corporation but need not issue a new certificate to the successor in interest of the previous existing stockholder.

Section 4.  When a certificate of stock is not transferred, it may be canceled upon the disposition or other termination of the holders' interest in the property, regardless of whether or not the certificate is surrendered to the corporation.  A certificate also may be canceled by action of the board of directors where the use of the property is changed so as to materially increase the amount of water consumed to the prejudice of other existing stockholders or to the prejudice of the orderly operation of the system
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Section 5.  The cancellation of a stock certificate shall not disqualify for stock ownership any other person who has or obtains an interest in the property represented by the canceled certificate and who otherwise meets the requirements of these by-laws.

Section 6.  In the event a stockholders' property interest is divested other than by voluntary means, his  stock certificate will pass to the trustee, receiver, executor or the like who will be entitled either in person or through a designated representative to exercise all of the rights incident to such certificate, but subject to such duties and liabilities also applicable to the stockholder.  The trustee, receiver, executor or the like, may cancel such certificate by written notice to such effect delivered or mailed to the secretary of the corporation.  Upon the final disposition of such property rights, the owner thereof shall be entitled to the certificate in like manner as if it had been transferred to him by the original member as set forth in Section 4 above.

Section 7.  Upon the transfer of a certificate, the corporation will not look to the successor in interest for the payment of any past due amounts.  The corporation will seek collection only from the individual who incurred such charges or assessments or from the property itself if a judgment lien had been duly perfected against such property.