Utah Code 16-4-203. Equitable assessment
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(1)
Terms Used In Utah Code 16-4-203
- Contract: A legal written agreement that becomes binding when signed.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Water company: means a corporation in which a shareholder has the right, based on the shareholder's shares, to receive a proportionate share of water delivered by the corporation. See Utah Code 16-4-102
(1)(a) Subject to Subsection (2), all shares subject to assessment shall be assessed equitably.
(1)(b) Different classes of shares, and shares with different rights or benefits, may be subject to differing assessments.
(2) Shares may also be assessed on any basis required by:
(2)(a) any existing or future contract between:
(2)(a)(i) the United States and a water company;
(2)(a)(ii) the United States and the shareholders of a water company; or
(2)(a)(iii) a water company and one or more shareholders of the water company; or
(2)(b) any contract of subscription for shares in a water company contracting with the United States.
(3) For purposes of Subsection (2), “contract” does not include the articles of incorporation or the bylaws.