(1) A member has no right relating to management, control, purpose, or duration of the nonprofit corporation, except as provided by:
     (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.

Amended 2007, ch. 315. Amended 2015, ch. 240, eff. May 12, 2015, 2017, ch. 358, eff. May 9, 2017.