OCR Text |
Show bonds therefor, or condemnation proceedings; and it may, with that ultimate object in view or by way of expediting or assisting in bringing about the acquisition of the water rights and plant from the corporation itself, or from the corporation and the stockholders as provided in the previous subdivision, purchase or contract to purchase, or procure options, for the whole or any part of the stock of said mutual water company from time to time, or may institute and prosecute condemnation proceedings for that purpose until all of the stock is acquired or all of the properties of said mutual company are acquired as herein before provided; but before any stock of said company is purchased or contracted to be purchased, the question of the value thereof must be carefully investigated by the board of trustees, with the assistance of competent appraisers, and no stock shall be purchased at a price in excess of the maximum amount found by the trustees to be the reasonable and fair value thereof. But, within the price so fixed, the district through its board of trustees, may purchase or contract to purchase any part of the stock, but nothing herein contained shall in any manner impair the right of the district to maintain condemnation proceedings for the acquisition of the stock or water rights of the stockholders of said water company, at any time, and such acquisition is likewise hereby declared to be a beneficial public use. Subdivision 3. If after negotiation and in- ^yesat|^of . . . ',' r i • and water vestigation or at any time it is tound imprac- rights. |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |