Any water users' association which is organized in conformity with the requirements
of the United States under said act of congress, and which under its articles of incorporation
is authorized to furnish water only to its stockholders, shall be exempt from the
payment of any incorporation tax, and from the payment of any annual franchise tax;
but shall be required to pay, as preliminary to its incorporation, only a fee of twenty
dollars for the filing and recording of its articles of incorporation and the issuance
of certificates of incorporation. Whenever, with the consent of the secretary of the interior of the United States,
the stockholders of any such association shall adopt any other form of organization
to manage the affairs of such reclamation project in connection with which any such
water users' association has been organized, such association may dissolve or disincorporate
itself by the procedure and subject to the laws relating to the disincorporation of
corporations in this state when such dissolution is authorized by a vote of two-thirds
of all the stockholders represented at a meeting of the stockholders called for such
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