2006 Utah Code - 16-4-4 — Assessments -- Provision by statute or in articles of incorporation necessary.

     16-4-4.   Assessments -- Provision by statute or in articles of incorporation necessary.
     The stock of any corporation organized after March 8, 1894 and prior to January 1, 1962 under the laws of this state shall not be assessable for any purpose whatever, except to such extent and in such manner as may be expressly provided by statute or in the articles of incorporation; provided, that, if such stock is made assessable and the manner of levying the assessment is not provided for, it shall be levied in the manner and form hereinafter prescribed. The stock of any corporation for profit organized under the laws of this state after December 31, 1961, shall not be assessable for any purpose except as expressly provided by statute and except that water companies, water users associations, irrigation companies, canal companies, ditch companies, reservoir companies and other corporations of like character and purpose whose articles of incorporation provide for the assessment of shares may levy assessments at the times and in the amounts as may be prescribed by its articles of incorporation, or, if not so prescribed, then as provided in this chapter.

Amended by Chapter 29, 1961 General Session