A member has no right relating to management, control, purpose, or duration of the nonprofit corporation, except as provided by:
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Terms Used In Utah Code 16-6a-611
Articles of incorporation: include :
(a)
amended articles of incorporation;
(b)
restated articles of incorporation;
(c)
articles of merger; and
(d)
a document of a similar import to the documents described in Subsections (3)(a) through (c). See Utah Code 16-6a-102
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.
Distribution: means the payment of a dividend or any part of the income or profit of a nonprofit corporation to the nonprofit corporation's:
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Mutual benefit corporation: means a nonprofit corporation:
(a)
that issues shares of stock to its members evidencing a right to receive distribution of water or otherwise representing property rights; or
(b)
all of whose assets are contributed or acquired by or for the members of the nonprofit corporation or their predecessors in interest to serve the mutual purposes of the members. See Utah Code 16-6a-102
Share: means a unit of interest in a nonprofit corporation. See Utah Code 16-6a-102
Shareholder: means a person in whose name a share is registered in the records of a nonprofit corporation. See Utah Code 16-6a-102
Water company: means :
(a)
the same as that term is defined in Subsection 16-4-102(5); or
(b)
a mutual benefit corporation, when the stock in the mutual benefit corporation represents a right to receive a distribution of water for beneficial use. See Utah Code 16-6a-102
(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.
