Stock in a mutual irrigation company. Many irrigation companies exist in Utah which own water rights used by their share holders. The amount of water the company allows each share holder to divert is usually determined by the company stock shares owned or rented. Shares in an irrigation company are not water rights. The company collectively owns the water right(s), the benefits from which are distributed to the share holders. This is evidence of the holder’s right to a portion of the water delivered by the company.
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