under this article 42 acquires water in excess of its own needs or becomes the owner of water or rights capable of use for other purposes than those for which it was organized, without impairing or injuring such use, it may lease the water or rights for use within or without the district for any beneficial use permitted by decree or applicable law, upon affirmative vote of the board of directors authorizing the lease, and the rentals derived from the lease shall be paid into the general fund of the district. At its option the board of directors may cancel any lease upon which any rental is past due and unpaid.
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