Devore Water Company is a mutual benefit, non-profit, shareholder owned, private Water Company. All property owners using water in our service area own shares of stock, and are thus shareholders in this company. Shareholders are issued stock certificates which entitles them their right to water, and their right to vote. Our corporate by-laws state that each water meter must have a minimum of one share of water stock in order to receive water.
This water stock is made appurtenant (attached) to the land and will remain with the property as long as all bills are paid. Should the bill become delinquent and unpaid for a specific period of time, the share of stock will be forfeited back to the company, and the water service will be discontinued at the service address, in accordance with the state regulations and company by-laws.
Please note that DWC stock has no speculative trading value. For example, Company stock is not bought and sold on the New York Exchange. Company stock shares entitle the owner to two rights: water service, and voting for the company directors at the annual shareholders meeting.
Transferring Water Stock
A water stock certificate is considered real property, and a legal document that requires proper legal documentation to remove one party and add another.
When property is bought or sold and escrow is opened, the Escrow Company will send us a request for a demand. In return, DWC will fax a demand letter to include the stock transfer in the escrow.
The items required to complete the transfer are:
- Assignment of Stock – or – Trustee’s Deed Upon Sale
- Copy of new Grant Deed
In addition to the required paperwork, the closing water bill and applicable fees must be paid before stock can be transferred.