73-11-1 - Powers and duties of School and Institutional Trust Lands Administration -- Consolidation -- Purpose.
73-11-1. Powers and duties of School and Institutional Trust Lands Administration-- Consolidation -- Purpose.
(1) The School and Institutional Trust Lands Administration of the state is herebyauthorized to merge and consolidate the properties, rights, privileges, and franchises acquired bythe state through foreclosures of the mortgage of the Carbon Water Company to the state withthe properties, rights, privileges, and franchises of the Price River water conservation district, theWellington Canal Company, Bryner Plantz Ditch, Bryner Hansen Ditch, Lyn Ditch, Spring GlenCanal, Oberto Ditch, Marchello Ditch, Stowell Canal, Cook Ditch, Price Water Company,Pioneer Ditch Number Two, Allred Ditch, Pioneer Ditch Number One, Carbon Water Company,Tidwell Canal, Snyder Ditch, being all corporations of a similar nature, and others having orowning storage rights in the reservoir of the Price River water conservation district, situated inCarbon and Emery Counties, Utah, pursuant to Title 16, Chapter 5, Utah Code Annotated, 1953,to the end that greater efficiency in the preservation and distribution of water and greatereconomy of management may be accomplished, and in order to effect the merger andconsolidation the School and Institutional Trust Lands Administration is authorized to join in theexecution of proper articles of merger and consolidation, providing all of the other constituentparties are duly and regularly authorized to join in the action.
(2) The School and Institutional Trust Lands Administration may take and accept stock ofthe consolidated corporation of sufficient amount and of proper class in full payment for theproperties, rights, privileges, and franchises transferred and conveyed to the consolidatedcorporation.
Amended by Chapter 299, 1995 General Session