Kentucky Statutes 96.090 – Sale of gas company stock owned by first-class city
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(1) Any city of the first class that owns stock in a gas company carrying on business within its boundaries may dispose of the stock upon such terms as may be prescribed by ordinance, but the stock shall not be sold for less than par.
(2) The proceeds of the sale of the stock shall be applied solely to the construction of public sewers, but the purchaser of the stock shall not be required to look to the application of the purchase money.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 2783a-1, 2783a-2.
(2) The proceeds of the sale of the stock shall be applied solely to the construction of public sewers, but the purchaser of the stock shall not be required to look to the application of the purchase money.
Terms Used In Kentucky Statutes 96.090
- City: includes town. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 2783a-1, 2783a-2.