Thaanum v. Bynum Irrigation District

In 1906 the Teton Co-operative Reservoir Company, a corporation, was organized -under the laws of this state, and ever since has maintained its corporate existence. Its capital is represented by 1,000' shares of stock, and under its by-laws the owners of a share of this stock is entitled “to the use during the irrigating season of each year, of a one-thousandth part of the waters, water rights and irrigating facilities and systems of this company, including the right to lease, pledge, sell and dispose of such use.” The company constructed a reservoir in which it impounds a large quantity of…