C150150 Feasibility Study

• Contract/PO #: C150150
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Bent
• Loan Projects - Doc Type: Feasibility Study

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B. Transfer of Shares. The transfer of shares shall be
allowed, but only upon approval of the Board of Directors in
accordance with t:lre bylaws of the corporation and such rules, if
any, as the Board of Directors may determine from time to time.

C. Authority. . The corporation is authorized to issue
shares of stock. Such issuance is consistent with the Colorado
Nonprofit Corporation Act, pursuant to Title 7, Article 42 of the
Colorado Revised statutes.

ARTICLE VIII
Use. of Water

A. Management. The Board of Directors shall have the
exclusive authority to set policies and procedures and the
exclusive authority to make decisions regarding the use of water,
water r~ghts, augmentation plan and related resources controlled by
the corporation for the benefit of the membership including, but.
not limited to, the authority' to detennine the amount of
replacement water available each year, the timing and location of
releases to replace depletions caused by its members' wells and the
specific water and water rights to be used to replace said
depletions. Such policy and procedures may be set out in the
bylaws and in rules, if any, as the Board may determine from time
to time. The water and water rights controlled by the corporation
shall be .managed to assist its members in complying with the rules
and regulations of the Colorado State Engineer and other such
applicable law governing the pumping of the members' wells.

B. Members Responsibili ty. Members are solely
responsible for their compliance with any and all laws governing
the pumping of their wells, including compliance with orders issued
and rules and regulations promulgated by the Colorado State
Engineer and with any other laws applicable to the pumping of their
wells. Membership in the corporation does not guarantee compliance
with said rules and regulations, orders, or other laws and neither
the corporation nor the Board of Directors shall be responsible or
liable for members' noncompliance.

ARTICLE IX
Amendment

Amendment of Articles of Thcorporation. These articles
may be amended by a vote of a maj ori ty of the total membership of
the corporation at any regular or special meeting for which prior
notice was duly given a to the general nature of the amendment. To
the extent of any inconsistency, the provisions of the Co lorado
Nonprofit Corporation Act shall prevail.

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