Thoroughgood v. Georgetown Water Co.

Citations

• 9 Del. Ch. 330
• 82 A. 689
• 1912 Del. Ch. LEXIS 29

Syllabus

<p>An amended bill for a receiver of a water company alleged insolvency, and that the income of the plant for supplying water for municipal and private purposes was about $1,900, while the annual expenses of operation were about $600, leaving a margin for necessary repairs and improvements of $1,300, which was more than absorbed by interest payable on bonds of the company, etc. It also charged that the plant was in great need of repairs, which could not be made because there was no one within the State with authority to provide therefor, and that a failure to appoint a receiver would result in great detriment and loss to stockholders and creditors, and would leave the city without adequate water supply, etc. Held, that the bill was sufficient to justify the appointment of a receiver with limited powers.</p>