The board of directors may acquire by purchase or condemnation the irrigation system, canals and works through which lands in the district have been or may be supplied with water for irrigation or drainage works or equipment by which lands in the district have been or are being drained, and may exchange bonds of the irrigation district for such system or canals or works or for any portion thereof, or any interest therein, or for the capital stock of any corporation owning such system or any portion thereof, upon such terms and conditions as the board deems advisable, but such exchange shall be first approved by the state certification board.

Terms Used In Arizona Laws 48-2983

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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