16-4-203 - Equitable assessment.

16-4-203. Equitable assessment.
(1) (a) Subject to Subsection (2), all shares subject to assessment shall be assessedequitably.
(b) Different classes of shares, and shares with different rights or benefits, may besubject to differing assessments.
(2) Shares may also be assessed on any basis required by:
(a) any existing or future contract between:
(i) the United States and a water company;
(ii) the United States and the shareholders of a water company; or
(iii) a water company and one or more shareholders of the water company; or
(b) any contract of subscription for shares in a water company contracting with theUnited States.
(3) For purposes of Subsection (2), "contract" does not include the articles ofincorporation or the bylaws.

Enacted by Chapter 367, 2007 General Session