16-6a-611. Property rights.
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/ut/title-16/chapter-6a/16-6a-611A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
16-6a-611. Property rights.
(1)A member has no right relating to management, control, purpose, or duration of the nonprofit corporation, except as provided by:
(a)the articles of incorporation or the bylaws of a mutual benefit corporation; or
(b)other applicable law.
(2)Unless otherwise provided by agreement, articles of incorporation, or the bylaws of a water company, and subject to the general liabilities and obligations of the water company, a shareholder in a water company has:
(a)an equitable, beneficial interest in the use of the water supply of the water company, proportionate to the shareholder's shares in the water company, which is an interest in real property; and
(b)the right to have the shareholder's proportionate share of the water delivered through a diversion structure, ditch, canal, storage and distribution facility, or other appurtenance of the water company, in accordance with:
(i)the distribution method of the water company; or
(ii)an approved change application under Section 73-3-3.5 .
Amended by Chapter 358 , 2017 General Session