The present article is a legal analysis of the functioning of Państwowe Gospodarstwo Wodne Wody Polskie (Polish Waters state company) under civil law in the field of entering into contracts and exercising limited property rights for the benefit of the State Treasury. The entry into force of the Act of 20 July 2017 – Water Law centralized water management by establishing a state legal person: Państwowe Gospodarstwo Wodne Wody Polskie. There should be no doubt that Państwowe Gospodarstwo Wodne Wody Polskie is responsible for representing the State Treasury in respect of resources which are listed in the act, including land covered witch streams and rivers, an analysis of the remaining provisions of law, in particular of the Civil Code, the Real Estate Management Act, and the Act on Rules for the Management of State Treasury Property, does not lead to an unequivocal conclusion that Wody Polskie company holds full and exclusive powers to control State Treasury property. The following paper is an attempt to answer the question whether, under the generally applicable laws, we can establish that the powers of Wody Polskie include freedom to enter into contracts and the authority to exercise the owner’s rights in respect of State Treasury property, as referred to Book II of the Polish Civil Code.