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The record does not show the character of the corporation Wutchumna Water Company, nor of the purposes for which it was incorporated, nor is there any evidence of the terms upon which it acquired the right to make use of the Curtis ditch, or whether there is any relation between it and the Curtis ranch. Neither was it shown that there is any limitation upon the character of its capital stock, or any restriction upon the power of its stockholders to dispose of the same.

The shares of its capital stock are declared by statute to be personal property, and in the absence of any restriction upon their alienability, either in its articles of incorporation or in its by-laws, they are transferable by the indorsement of the owner and delivery of the certificate. If it should be assumed that the corporation is the owner of the Wutchumna ditch, and also of the Curtis ditch, it does not follow that the shares of its capital stock held by Curtis were appurtenant to the Curtis ranch.

There is nothing inconsistent between his being the owner of the stock and also having a right to receive water from the company by virtue of a contract independent of such ownership; and for all that appears in the record there may be other rights incident to the shares of stock than that of receiving water from the ditch.

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The stockholders of a corporation have no estate in the land or other property of the corporation, and the transfer by a stockholder of the stock owned by him, does not transfer any of the property of the corporation, or affect any right or obligation of the corporation in reference to the property held by it. Whether Curtis purchased the five shares owned by him in the open market, or accepted them in compensation for the right to use the Curtis ditch, is not shown.

For all that appears in the record, the corporation may have been formed for the purpose of constructing the Wutchumna ditch and selling the waters therein for irrigating the lands along its course. Its stockholders may or may not be the owners of any of those lands. There was therefore no evidence before the court in support of the demand of the plaintiff. Whether the plaintiff has the right to receive water from the Wutchumna company for the purpose of irrigating its land, either by virtue of contract or from previous use, or as an appurtenance to the land, or for any other reason, is a question which is not presented upon this appeal and is not determined.

All that is here decided is, that upon the evidence presented to the superior court the plaintiff failed to show that it is the owner of the shares of the capital stock of the Wutchumna Water Company held by Curtis in his lifetime, or entitled to a transfer of them to itself upon the books of the corporation. The judgment and order denying a new trial should be affirmed. For the foregoing reasons the judgment and order denying the new trial are affirmed.


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