Explanation:

- Option 1: For theft to occur, the property must indeed be movable. Theft involves taking any movable property out of someone's possession without their consent, with intent to permanently deprive the owner of it.

- Option 2: Water running through pipes is technically immovable because it is part of the land until it is drawn. However, once it is collected or extracted, it can be stolen. Therefore, in some contexts, water may be subject to theft once extracted.

- Option 3: Both (a) and (b) are correct. Movable property is necessary for theft, and water can be subject to theft once it becomes movable.

- Option 4: None of the above is incorrect because both (a) and (b) are true.

Correct Answer: Option 3 - Both (a) and (b).