C150200 Feasibility Study

• Contract/PO #: C150200
• Contractor Name: Sheek Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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6.6. Deposits. All funds of the Company shall be deposited from time to time
to the credit of the Company in such banks or other depositories as the
Board may select.
6.7. Indemnification. The Company shall indemnify and hold harmless the
Officers and Directors, jointly and severally, from all expense, loss,
damage, or liability resulting from any act or omission; provided, that such
act or omission (1) was done in good faith for the benefit of the Company
or upon the advice of legal counsel to the Company and (2) did not
constitute gross negligence or willful misconduct.
6.8. Satisfaction of Judgments. All judgments against the Company or
against a Director or Officer as such must first be satisfied from Company
assets before the Director or Officer or other Persons may be required to
satisfy such obligations.

Article VII. Certificates of Membership
7.1. Certificates of Membership. The Board shall provide for the issuance of
Certificates of Membership in the Company, in the form as determined by
the Board. Each initial Member and each new Member shall be issued a
Membership Certificate, upon payment of any required dues and fees.
Membership Certificates shall be signed by the President or Vice
President and by the Secretary and shall be sealed with the seal of the
Company. All Certificates shall include: 1) consecutive numbering, 2) the
name of the Company, 3) the name and address of the Member, 4) the
date of issu.e, and 5) the amounts and priorities of Adjudicated Water and
Project Water owned by the Member and the Member's Points of Delivery.
A Membership book will be kept by the Company containing a copy
of all Certificates issued. If any Certificate is lost, mutilated or destroyed, it
will be voided upon written request of the Member and a new certificate
will be issued.
7.2. Conveyance of Water Rights. If Adjudicated or Project Water owned by
any Member is sold to any other Member or outside of the Service Area,
the affected Certificates must be re-issued by the Company to reflect the
changes.
7.3. New Water Rights. The Membership may by majority vote grant approval
for the Company to convey new Adjudicated Water or Project Water rights
in the Ditch that are acquired by any Member, subject to the ability of the
Ditch to handle the new capacity.
7.4. Addition to Service Area. The Service Area may be expanded by
approval of a majority of the Membership to accommodate new lands that
can be served by the Ditch, subject to the ability of the Ditch to handle the
new capacity.

Article VIII. Point of Delivery of Water.
8.1. Point of Delivery. The facilities at a single location in the Ditch that
divert, regulate, and direct irrigation water from the Ditch into the water
system of an individual Member is the Point of Delivery (or Delivery Point)