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The owners thereof shall have no right to dispose of them without at the same time disposing of the land for the bene­fit of which water is carried through the canal. The applications contemplate the limitation of the use of the canal to the stockholders of West Riverside Canal Company. This Company has been organized not as a mutual company, but as a public utility. Being a public utility, the corporation, obviously, must assume all the responsibilities of a public utility, and as such cannot limit the use of the canal to its stockholders. I believe that the right to have water carried through the canal should he governed by an agreement, separate and apart from the stock sertificate. Before a final order can he issued inthis proceeding, West Riverside Canal Company, shall submit to this Commission for approval a copy of its proposed stock certificate, and a copy of the proposed agreement with those entitled to the use of the canal. Applicant asks authority to execute to the Peoples Trust <& Savings Bank of Riverside, a mortgage or deed of trust se­curing the payment of $66,000.00 face value of 6jo serial bonds. Bonds in the amount of $3000.00 are to mature August 1, 1921, and a like amount thereafter annually to and including August 1, 1942. The deed of trust, however, provides that on August 1, 1917, and annually thereafter to and including August 1, 1941, the Company will pay to the trustee for sinking fund purposes, the sum of $2000,00. The annual Interest accruals on the sinking fund shall be added thereto. The sinking fund payments shall be applied to the payments of bonds. When bonds are called for redemption, they shall he paid in order of serial numbers commencing with the highest number of the bonds issued and outstanding, and then going hack consecutively to the lowest number. Bonds are 5