Equitable assessment.

1. Law
2. Utah Code
3. Corporations
4. Share Assessment Act
5. Assessments
6. Equitable assessment.

• (1)
  • (a) Subject to Subsection (2), all shares subject to assessment shall be assessed equitably.
  • (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:
  • (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 the United States.

• (3) For purposes of Subsection (2), "contract" does not include the articles of incorporation or the bylaws.

Download our app to see the most-to-date content.