17-629.Power of corporations to hold stock in and aid
similar corporations.
Any corporation or association which has power to construct, maintain or
operate a dam, reservoir, sluices, ditches or canals, or either of them,
for the purpose of irrigation, shall have the power to acquire, hold and
dispose of shares of stock in any corporation or association organized
for the same or similar purposes; and to aid such other corporation,
association, or any county or other municipality or public corporation
of any kind which has similar powers, in the construction, maintenance
or operation of such works, by lending it money, or by guaranteeing, or
acting as surety, for its indebtedness, or any part thereof, or by
agreeing to pay in any manner or on any conditions, its indebtedness, or
any part thereof, contracted for the purpose aforesaid, and shall have
power in furtherance of any such guarantee, suretyship or agreement, to
pledge its property, real or personal, and its franchises to secure the
payment of any such debt, or any part thereof, of such other party.
The making of any such guarantee, suretyship, agreement, pledge or
mortgage by the obligor shall be required to be authorized by a majority
vote in favor of the proposition of the shares of stock in the
corporation, or of the members of the corporation or association, if
there be no shares of stock therein, making the same as such obligor,
and also by a majority vote of its board of directors, at meetings
called, upon at least ten days' notice, for the purpose of passing upon
the proposition.
17-629.Power of corporations to hold stock in and aid
similar corporations.
Any corporation or association which has power to construct, maintain or
operate a dam, reservoir, sluices, ditches or canals, or either of them,
for the purpose of irrigation, shall have the power to acquire, hold and
dispose of shares of stock in any corporation or association organized
for the same or similar purposes; and to aid such other corporation,
association, or any county or other municipality or public corporation
of any kind which has similar powers, in the construction, maintenance
or operation of such works, by lending it money, or by guaranteeing, or
acting as surety, for its indebtedness, or any part thereof, or by
agreeing to pay in any manner or on any conditions, its indebtedness, or
any part thereof, contracted for the purpose aforesaid, and shall have
power in furtherance of any such guarantee, suretyship or agreement, to
pledge its property, real or personal, and its franchises to secure the
payment of any such debt, or any part thereof, of such other party.
The making of any such guarantee, suretyship, agreement, pledge or
mortgage by the obligor shall be required to be authorized by a majority
vote in favor of the proposition of the shares of stock in the
corporation, or of the members of the corporation or association, if
there be no shares of stock therein, making the same as such obligor,
and also by a majority vote of its board of directors, at meetings
called, upon at least ten days' notice, for the purpose of passing upon
the proposition.
17-629.Power of corporations to hold stock in and aid
similar corporations.
Any corporation or association which has power to construct, maintain or
operate a dam, reservoir, sluices, ditches or canals, or either of them,
for the purpose of irrigation, shall have the power to acquire, hold and
dispose of shares of stock in any corporation or association organized
for the same or similar purposes; and to aid such other corporation,
association, or any county or other municipality or public corporation
of any kind which has similar powers, in the construction, maintenance
or operation of such works, by lending it money, or by guaranteeing, or
acting as surety, for its indebtedness, or any part thereof, or by
agreeing to pay in any manner or on any conditions, its indebtedness, or
any part thereof, contracted for the purpose aforesaid, and shall have
power in furtherance of any such guarantee, suretyship or agreement, to
pledge its property, real or personal, and its franchises to secure the
payment of any such debt, or any part thereof, of such other party.
The making of any such guarantee, suretyship, agreement, pledge or
mortgage by the obligor shall be required to be authorized by a majority
vote in favor of the proposition of the shares of stock in the
corporation, or of the members of the corporation or association, if
there be no shares of stock therein, making the same as such obligor,
and also by a majority vote of its board of directors, at meetings
called, upon at least ten days' notice, for the purpose of passing upon
the proposition.