Any nonprofit corporation, cooperative, or association engaged in the treatment, distribution, or sale of water or the collection, treatment, or disposal of wastewater to a rural area may, by majority vote of the membership voting in an election on the question, transfer all of its assets, liabilities, contracts, and other obligations to a water user district as defined in § 46A-9-2 , sanitary district authorized to operate a water system under § 34A-5-41 , or a municipality. No such action may be taken unless approved by majority vote of the water user district or sanitary district membership voting in an election on the action.
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