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<br />
<br />Slllu U)Cu'~ent NO.:),/j:50.aM for the purpose of a single aM oonti"lUous
<br />tl.1toh,~he b~ of Cattle oreek "here stiid water flows,to be oO!isiderl!rl
<br />ilS IL p&rt aM paM~l of this j1toh so to be aoqUired by t.his oorpora..-
<br />tion "8 !\forest\.id; all of g'.1d dito~ 'oe1ns situate in Ga.rfield oounty
<br />ColoTMo.
<br />Third. The oap1 tl\l st.oak of o'J.r s&1d ootPorationaha.ll be Se~>l
<br />".: '. TA.cu.s~:""J.'''t..,.., ~~ Dol' ~ "8, to be divided 1nto $"{ J-*-eMl hUndr<<1 .'
<br />,~ r shares of 't.he par .,l\lue of Five Dollars for each share. Said
<br />stool!: shall be sold only to the owners of the land lying' under s&id
<br />ditoh to he 1rrigated there:from and theM!bY,and the town of Glenwood
<br />Sprinr,s,Color8do,for irr1gu,tion purposes within s"1d town,but by the
<br />word atmer is mea.nt any person or oorpora.tion heving an interest in
<br />~uoh land a1 tua t e Wi thout the limi. t.! of said t.own; suoh stook shall
<br />mt1tlelt the owner to a proportionate share of the oarrying oapao1 ty .
<br />of .at~xttt.1I water of seoid ditoh,suoh propo,.tionate share being based
<br />upon the estimated oape.oity of sa1d d1toh,t(l-wit,~Ooubio feet of ,
<br />water per second of time,so t.h.t one share of suoh stook w1ll entitle
<br />. the owner t.o I-IJOO of suoh oapacity whio'", is oonsidered. IlS, calling
<br />for a sutfioi ent quanti ty of wat er t-: i'rop erly irrigate one &Ore of
<br />land,for use on his l&nd; suoh stook Ilnd e8.0h and ~erY share thereof'
<br />snaIl be SUbject to Iln annual and, equitable IlSsessment for imProve-
<br />ment3,bettements,repa1rs and mll1ntenanoe of the ditoh,and tn faot .for
<br />all exp ens es needed 1n keeping said d.i toh up and ut1lizing t'he sam~
<br />for the purpos es flJr whioh 1 t is 1nt ende1 ,but not 1nalcJ1ing el11arge-
<br />. mcnts thereof. nor extensions of the same nor the \1~nstNot10n of aux-
<br />. illa.ry or collat.eral works suoh 808 re,ervoirs and th~ like,and. 1n
<br />,
<br />&rr1ving at the amount of ass essnent. in each YeB.r to whioh any stook
<br />1 s to b esubj eoted, the exp ens-es for that year oonneoted wi. th the d.1 toh
<br />from and including the head-gate 'her~f to the last point where the
<br />owner of any sue h s took is p en".i. t t ed th er eund e!" to tak e out wat er,
<br />shall be taken into oonsideration and not the expense oormeote:1 with
<br />said di tOh from such point on towa.rds 1 t,3 end; the stoak of th~ .:~r-
<br />POI'llt1on. shall designate on i'~s faDe ~he land With which it. is oonncot
<br />-ed and the water to whioh tht' owner of SUOh stook 1s mti tled,1s t.n '
<br />be applied,exot!Pt in the case I)f t.he town of Glemrood. Springs ,and suoh
<br />water shall be usai on suoh land and not elsewhere except upon oonseot
<br />of the board of direotors' of J..he oompaJ1Yj no water she.ll be furnished
<br />b~. virtu e of any stoak or otl1erw1s e until aft er all ass essments due
<br />. thereo!l shall hav e been. pa11 1n full e1 th er 1n money ,mat ei':lals or work
<br />. as the board of <lireators thall d~ne,e.Dd the us e of the water
<br />oalled for by any RUoh de1in<.1Uent stoak by others than the owner
<br />thereof While suOh del1nQ\J,eno~' shall oontinue,on t.he order of the
<br />board of direotors,3ha,1.l give such delinquent O1l"!l!r no right of BOUon
<br />or o"~1it !V;A.inst fitither the oompanY or suah user,a.nd further When
<br />assest.rnents on any such stock ahal t oontinue delinquent am unp&id
<br />for two oonseouti',e yea.rs,t.Mt faot of itself shall oause a forfeiture
<br />of thI'Lt stook to the ool1'orat1on for its so 1 e us e and benef1 t and the
<br />8811\8 m8.Y t"~,..eupon be sold and re-iasued to others,but the COmplll\V
<br />.' need not aca ept of suah forf e1 ture and in ll. eu thereof J'!1ay bring 1 ts
<br />ao tion for a reoo" ery a8&i.nst suoh d el1nquent O1t'I1er; 1111 ass essrnents
<br />shllll be mfld-e by t.he board of directors of the eorTanv at. sUOh time,
<br />in suoh 8r.'lount and payabl e at suoh times and in suoh instalments ,P lac e
<br />
<br />a.r.d ma:.ner,33 ~i'1a bO&I-..i m~:i see ii:',but irj an 8Mount not exceedinp,' the
<br />
<br />necessities of the oa.se for the purposes sfore~a1d,a.nd 3.1.1 stook shall
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