50-1803. ASSIGNMENT OF WATER STOCK TO CITY. Where the inhabitants of a city own stock in irrigation or canal companies supplying them with irrigation water for use therein, and desire to receive the benefit of the provisions of sections 50-1801 through 50-1835, it shall be necessary for such owners of irrigation and canal companies’ stock to assign the same over to the city in trust for their use and benefit. Thereafter such city will represent such inhabitants or owners at all stockholders meetings of such irrigation or canal companies, pay all assessments levied against such assigned stocks by such canal or irrigation companies for upkeep or maintenance expense thereof, and thereafter assume full control of conveying, apportioning, regulating and distributing such water to the inhabitants of such city.
If said city subsequently constructs a substitute system whereby irrigation water is supplied to all or a part of said properties from another source, or said city council determines that all or a part of the system need not be continued, then such city may sell, in accordance with chapter 14, title 50, Idaho Code, or lease all or a part of such canal or irrigation company’s stock so assigned to it in trust so long as said water can be physically transferred in accordance with the statutory requirements governing water transfers by irrigation and canal companies. All proceeds from any sale or lease shall be used by said city for the benefit of its inhabitants.
History:
[50-1803, added 1967, ch. 429, sec. 358, p. 1249; am. 1972, ch. 300, sec. 1, p. 748.]
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