§ 10.   [Operation of waterworks.]
   The town is empowered to acquire, establish, enlarge, maintain and operate such waterworks and systems as the council deems necessary for the purpose of providing an adequate supply of water to consumers within the corporate limits of the town and within such adjacent territory as the council deems it expedient or proper to serve at such rates as the council prescribes, any or all of which rates the council may alter at any time without notice.
   The council may discontinue serving water to any consumer who defaults in payment for such service within the time prescribed by the council for the payment thereof, for so long as such default continues.