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<br />I-ltly lilt: fJ1t:llIJum on sucn Dond, as an expense incurred for this Corpor-
<br />ation; provided, if at any time the Board of Directors, on account of the
<br />large amounl of money held by such Treasurer for this Corporation, may
<br />deem a bond of such minimum amount insufficient, they may require an
<br />increased bond of such amount as may seem best.
<br />The Secretary shall furnish a like bond, concerning which the fore-
<br />going regulations shall also apply.
<br />And, if it seem best to the Board of Directors, they may require bonds
<br />from any or all olher o((jcers or employees, for such amounts as they think
<br />best, the premiums on which bonds shall be paid as above provided.
<br />
<br />VI.
<br />DUTIES OF OFFICERS
<br />
<br />A. PRESIDENT. The duries and powers of the President shall be those
<br />usual to the executive o({jcer of a corporation.
<br />B. VICE PRESIDENT. The duties and powers of the Vice President shall
<br />be the same as those of the President, but they shall be exercised only in
<br />the absence, resignation, death or removal or other inability of the Presi-
<br />dent.
<br />C. SECRETARY. The duties of the Secretary shall be the usual duties of
<br />such an officer in a corporation of this kind and nature, as modified by
<br />these rules.
<br />In case of the absence or inability of the Secretary to discharge the
<br />usual duties of a Secretary at any lime or place, the Board of Directors may
<br />appoint a Secretary pro lem, or may supply the vacancy by appointment.
<br />D. TREASURER. The Treasurer shall be the custodian of such money as
<br />from time to lime shall be deposited with the Treasurer by the Secretary or
<br />other officers or agents of the Corporation, or by individuals or Corpor-
<br />ations for the account of this Corporation, and shall payout such money
<br />only on properly dra.:.vn orders or checks, countersigned by the President
<br />Or Vice President and Secretary or Treasurer of the Corporation, and shall,
<br />as often as may be required by the Secretary or President, or Board of
<br />Directors, make a wrillen statement of the sums received on behalf of the
<br />Corporation since the Treasurer's last report, the amount paid out on
<br />orders as above provided, and the sum remaining to the credit of the Cor-
<br />poration.
<br />E. OTHER OFFICERS. The duties of the other officers and employees
<br />of the Company shall be as from time to time prescribed by the Board of
<br />Directors.
<br />
<br />Vl/.
<br />COMPENSATION OF OFFICERS AND EMPLOYEES
<br />
<br />The o((jcers and employees of this company shall receive such salary
<br />and compensation or remuneration for their services as the Board of Direc-
<br />lors, in their discrelion, shall from lime to time determine.
<br />
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<br />
<br />:I
<br />
<br />VIIJ .
<br />ISSUE AND TRANSFER OF STOCK
<br />Certificates of the capital stock of the Corporation shall be numbered
<br />and registered as they are issued. They shall exhibit the holder's name,
<br />post office address or residence when known, and the number of shares,
<br />and shall be signed by the President and countersigned or allested by the
<br />Secretary, and shall bear the corporate seal.
<br />The total number of shares outstanding shall never exceed the author-
<br />ized capital stock of the Corporation, Guaranteed signatures shall normally
<br />be furnished for the transfer of stock on the books of the Corporation and
<br />shall be furnished whenever North Poudre so requires. Transfers of stock
<br />may also be made in the presence of the Secretary or President, by the
<br />holder, either in person or by an allorney-in.fact, or by a legal representa-
<br />tive who shall surrender the certificate for cancellation, which certificate
<br />shall be cancelled and a transfer fee as set from time to time by the Board
<br />of Directors paid to the Secretary, before a new certificate shall be issued
<br />in lieu thereof. Other transfer requirements shall be as required by the
<br />Board of Directors. The surrendered certificate shall be kept on file in the
<br />Secreta ry' s office.
<br />The mere possession of a certificate of stock as between the Corpor-
<br />ation and the holder shall not be regarded as vesting any ownership of the
<br />same in any person other than the registered owner until transfer ther'~of
<br />is made on the books of the Corporation.
<br />Unless waived in writing by the Board for good cause shown, no trans-
<br />fer of slock shall be made or shall be valid, until all assessments against the
<br />same have been fully paid. However, if any portion of the stock is being
<br />reissued without any change in ownership, or reissued to add or delete a
<br />spouse's name, with the spouse's approval, and wrillen proof is furnished
<br />as to who is to pay assessments, the assessments as to such stock need to
<br />be paid only if delinquent. Assessments do not have to be paid when any
<br />slockholder creates a voluntary lien against the stock, (or examplp, by
<br />security agreement or deed of trust.
<br />Except (or shares now issued which may be transferred as existing, no
<br />certificates of stock shall be issued or transferred in any multiple other than
<br />one-half share, and the owner of the stock according to the records of the
<br />Company shall be liable for all assessments.
<br />On a transfer of stock or preferred water right in Fossil Creek Reservoir
<br />other than through a regular assignment without the necessity of support-
<br />ingdocumentation the North Poudre Irrigation Company will charge such
<br />allorney fees and expenses as are necessary to satisfy itself as to the suf.
<br />ficiency of the transfer documents and may also require an indemnity
<br />agreement as a condition of transfer.
<br />Certificates for rights in Fossil Creek Reservoir shall be issued or trans-
<br />ferred only on the basis of one preferred right per certificate. No fractional
<br />certificates are allowed.
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