PROJ01877

• Contract/PO #: C150012
• Contractor Name: Model Land and Irrigation Company, The
• Contract Type: Loan
• Water District: 19
• County: Las Animas
• Loan Projects - Doc Type: Feasibility Study

III.. To acquire all lands. rights of way, ditches, canals. laterals. reservoirs. and reservoir sites,
necessary to the use and operation of said canal and reservoir system, and of the rights. privileges. franchises.
and appropriations connected therewith;

iv.. To contract with any person. corporation or association for the storage and carriage of water
or for rights of way therefor:

v.. To acquire by gift. grant, devise or otherwise all real and personal property usual and
necessary in the conduct of the business for which said company is incorporated and do any and all things
necessary and usual in the diversion and use of water for- irrigation, domestic or manufacturing purposes;

vi.. To buy, sell, rent, lease, convey, exchange, barter. and generally deal in water, water rights,
priorities of right to the use of water, appropriations, franchises, rights of way, and privileges appertaining to
water and water rights;

vii.. To buy, own. sell, exchange, lease. and generally deal in land. tenements, hereditaments, and
real properties; to make and obtain loans on real estate, improved or unimproved, and to supervise, manage,
and protect such property and loans and all interests and claims affecting the same; to improve, manage,
operate. sell, mortgage. lease or otherwise acquire or dispose of any property, real or personal, and take
mortgages and assignments of mortgages upon the same;

VIII.. To engage in all lawful business; and

ix.. To have. enjoy, and exercise all of the rights, powers, and privileges conferred upon
corporations incorporated pursuant to Colorado law, whether now or hereafter in effect, and whether or not
herein specifically mentioned.

b.. The furegoing enumeration of purposes and powers shall not limit or restrict in any manner the
transaction of other business, the pursuit of other purposes. or the exercise of other and further rights and powers that
may now or hereafter be permitted or provided by law.

ARTICLE 5.
No PREEMPTIVE RIGHTS

Shareholders shall not have preemptive right to purchase shares of the Corporation that may from time to time
be issued.

ARTICLE 6.
QlrORUM FOR SHAREHOLDERS' MEETINGS

A majority of the outstanding shares shall constitute a quorum at any meeting of shareholders.

ARTICLE 7.
BOARD OF DIRECTORS

a.. The corporate powers shall be exercised by or under the authority of. and the business and affairs of
the Corporation shall be managed under the direction of, a board of directors. The number of directors shall be fixed
and may be altered from time to time in the manner provided in the bylaws of the Corporation, but no decrease shall have
the effect of shortening the term of any incumbent director.

bOo The directors shall be elected at each annual meeting of the shareholders, provided that vacancies may
be filled by election by the remaining directors, though less than a quorum. or by the shareholders. Despite the expiration
of his or her term. a director continues to serve until his or her successor is elected and qualifies.