C150171 Feasibility Study - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I sessment, and also the pro rata share or per centum thereof to be paid by the stockholder thus notified, and shall state the time or times required for the payment thereof, and in default of the pay- ment of such assessment, on notice given in the manner as provided by the laws of the state of Colorado in such case made and pro- vided, such stock may be sold for the payment of such assessment. ~l delinquent assessments shall bear interest at the rate determined from time to time by the board of directors. Section 2. Assessments levied, as aforesaid, shall be levied on all shares of the Company alike, for the purpose of keep- ing the property of this corporation in good repair for the proper operation thereof, as well as for the purpose of paying any claim against this company not otherwise provided for. Section 3. No assessment shall be made unless the ques- tion of making such assessment shall be voted upon by the stock- holders of said company at an annual meeting or at a special meet- ing called for that purpose, and a majority of the stockholders, either in person or by proxy, voting thereon, shall vote in favor of making such assessment. Provided, however, that if for any reason the stockholders shall fail or neglect to make a levy for the maintenance and operation of the canal system, or the payment of its maturing obligations, for any year, prior to the first day of April of that year, the board shall make such levy as may be necessary for such purpose, and this action in that year shall be final and binding on all stockholders and shall have the same force and effect as though made by the stockholders. x. DELIVERY OF WATER The Company will deliver water to any stockholder at the nearest feasible and satisfactory diversion point on any main canal or lateral maintained by the Company, all headgates and measuring devices at which deliveries are made, to be installed by the Com- pany and under the supervision of the Superintendent of the Com- pany, and according to such plans and specifications as may be adopted by the board of directors. Provided always, however, that the stockholder demanding water shall construct and maintain in a condition satisfactory to the board, or its superintendent, a head ditch or lateral leading from such headgate to and upon the lands of the stockholder. The Company will maintain all main canals and laterals which may be acquired by the Company from The Terrace Irrigation District; all head and lead ditches will be maintained by the stockholders using the same. No stockholder shall be entitled to demand or receive water from the irrigation system of the Company until he shall have paid all assessments due on the stock of the Company upon which the demand A-12