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<br />have the power to inde:T1nify him against such liabjl;ty under provisions of this <br />Bylaw. <br /> <br />SECTION 16 <br />CHANGE OF WATER RIGHT <br /> <br />1, Any stockholder ("applicant") desiring a change of water right as defined in the <br />Water Right Determination and Administration Act of 1969, Colorado Revised <br />Statutes 937-92-101 through 37-92-603, including, but not limited to, a change in <br />point of diversion or place of use of any water that the applicant is entitled to receive <br />as a result of stock ownership must first make a written application to the trustees <br />of the Company. A change of water right shall include the use of water the <br />shareholder is entitled to as a result of stock ownershilJ as augmentation water in <br />a plan for augmentation or exchange, The request should detail the requested <br />change and inctude adequate terms and conditions to prevent injury to the <br />Company and its shareholders, If, in the reasonable opinion of the trustees, such <br />change may be approved without injury to the Company and all of its stockholders, <br />the trustees shall then approve the change application subject to necessary terms <br />and conditions, In evaluating whether the requested change of water rights can be <br />made without injury to the Company and its shareholders, the Company may obtain <br />an engineering and legal analysis of the requested change by the applicant and the <br />terms and conditions offered by the applicant. <br /> <br />2, The Company shall evaluate the application for change of water right within a <br />reasonable amount of time, <br /> <br />3, No application for approval of a change of water right or plan for augmentation as <br />described above may be made to the District Court for Water Division No.1, State <br />of Colorado ("Water COLlrt"), unless the same has been approved by the Company. <br />If an application has been approved by the Company, the applicant must include <br />terms and conditions at least as stringent as those app;-oved by the Company in an <br />application to the District Court for Water Division No, 1, State of Colorado. <br /> <br />4. An applicant for a change of water right must reimburse the Company for the <br />Company's reasonable costs and fees, including a charge for time spent by the <br />trustees and Company employees in analyzing the application to the Company and <br />in any judicial litigation that follows. This specifically includes a challenge to the <br />Company's denial of an application, Prior to analyzing the proposed change, the <br /> <br />14 <br /> <br />. - t-- ..- ,. ---- <br />