§ 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:

(1)(a) the articles of incorporation or the bylaws of a mutual benefit corporation; or
(1)(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:

(2)(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
(2)(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:
(2)(b)(i) the distribution method of the water company; or
(2)(b)(ii) an approved change application under Section 73-3-3.5.

Legislative History

Amended by Chapter 358, 2017 General Session