South Mesa Water Company is a mutual water company and a corporation. Our customers are shareholders in the corporation. Being a shareholder has its responsibilities.
Annual Shareholders’ Meeting
Each year, on the 4th Tuesday of February, the annual shareholders’ meeting is held. The purpose of the meeting is to elect a board of directors for the coming year and for such other business as may properly come before the meeting. All shareholders are urged to attend. A 20% representation is required to have a quorum in order to conduct business and hold an election.
Meeting notices and proxies are mailed to shareholders on February 1st each year.
On February 1st each year proxy cards are mailed out to the shareholders. Our shareholders’ vote is very important to us! If you cannot be present at the meeting, please fill out your proxy card and return before the date specified.
Annually, on March 1st , an assessment is levied on each share of stock. Effective March 1, 2018, the assessment is $50.00. This assessment maintains the assets of the Corporation. Annual assessments will be added to the water account and will appear on the first billing cycle after March 1st .
The assessment becomes delinquent on the 1st Friday in September and subject to a 100% penalty. If the assessment and penalty are not paid by the 1st Monday in November, the stock is forfeited to the Corporation and the property loses its right to water.