C150171 Feasibility Study

• Contract/PO #: C150171
• Contractor Name: Terrace Irrigation Company, The
• Contract Type: Loan
• Water District: 0
• County: Conejos
• Loan Projects - Doc Type: Feasibility Study

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is made and all charges on the books of the Company for mainte-
nance, and shall have placed his head ditch in condition to receive
the same and in condition satisfactory to the superintendent of the
Company.

All headgates and measuring devices shall be of as nearly
uniform specifications as possible, and no headgate shall be in-
stalled in the canal of this company, or its laterals except under
the direct supervision of the water superintendent or engineer of
the Company, or such person as the board may designate to represent
the board, and no water shall be diverted from the irrigation sys-
tem of the Company except through headgates approved by the super-
intendent or the board of directors.

XI. DEBTS

No debts shall be contracted against this company except
on order of the board of directors. Provided, however, the board
is authorized to incur such indebtedness as it may deem necessary
for carrying out the objects and purpose of this company, and may
authorize the president and secretary to make the notes of the
Company with which to pay the-indebtedness so incurred. Provided,-
always, that no mortgage or trust deed shall be placed upon the
property of this company, or any part thereof, until authorized by
the majority vote of a meeting of the stockholders of the Company,
at which a quorum is present.

XII. USE OF WATER

Section 1. Each share of stock of this company shall
entitle its holder of record on the books of the Company, to the
use each year of its pro rata share of all the water stored in,
carried by and distributed through the irrigation system of said
company.

IXXX. BOARD OF DIRECTORS

Section 1. Powers. The board of directors shall have
power to appoint a superintendent to whom may be delegated such
powers relative to the distribution of water and the maintenance of
the irrigation system as the board of directors may by resolution
direct.

Section 2. To appoint and remove at pleasure, all em-
ployees and agents of the Company; prescribe their duties; fix
their compensation, and require of them such security of the faith-
ful performance of their duties as they may deem best.

Section 3. To make rules and regulations, not inconsis-
tent with the statutes of the State of Colorado, the Articles of
Incorporation or the By-laws, for the guidance of the officers and
employees of the Company in the management of the Company, and

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