(1) (a) Subject to Subsection (2), all shares subject to assessment shall be assessed equitably. (b) Different classes of shares, and shares with different rights or benefits, may be subject to differing assessments.
(a) Subject to Subsection (2), all shares subject to assessment shall be assessed equitably.
(b) Different classes of shares, and shares with different rights or benefits, may be subject to differing assessments.
(2) Shares may also be assessed on any basis required by: (a) any existing or future contract between: (i) the United States and a water company; (ii) the United States and the shareholders of a water company; or (iii) a water company and one or more shareholders of the water company; or (b) any contract of subscription for shares in a water company contracting with the United States.
(a) any existing or future contract between: (i) the United States and a water company; (ii) the United States and the shareholders of a water company; or (iii) a water company and one or more shareholders of the water company; or
(i) the United States and a water company;
(ii) the United States and the shareholders of a water company; or
(iii) a water company and one or more shareholders of the water company; or
(b) any contract of subscription for shares in a water company contracting with the United States.
(3) For purposes of Subsection (2), "contract" does not include the articles of incorporation or the bylaws.
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