LPPD000411

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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2.3. Payment for Shares. The consideration for the issuance of

shares may be paid, in whole or in part, in money, in other property,

tangible or intangible, or in labor or services actually performed

for the Corporation, according to the laws of the State of Colorado.

In the absence of fraud in the transaction, the judgment of the Board

as to the value of the consideration received for shares shall be

conclusive. No certificate shall be issued for any share until such

share is fully paid.

2.4. Certificate Representing Shares. Each, holder of shares

shall be entitled to a certificate signed by the President or a Vice

President and the Secretary of the Corporation, certifying the number

of Shares owned by him. This certificate shall comply with the laws

of Colorado on the date of its issuance.

2.5. Transfer of stock. Shares shall be transferable only on

the books of the Corporation upon surrender of the certificate or

certificates representing the Shares, properly endorsed. The

Corporation may charge a reasonable transfer fee and all costs

incurred in any transfer.

ARTICLE III - MEETINGS OF SHAREHOLDERS

3.1. place of Meetings. Meetings of the Shareholders

Corporation shall be held at the registered office of the

ration, or at such other place as the Board shall determine.

3.2. Annual Meetings. The annual meeting of the Shareholders

shall be held at 10:00 a.m. on the first Tuesday in February of each

year. If that day is a legal holiday, then the meeting shall be held

of the
Corpo-

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