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BYLAWS OF East Mancos Highline Ditch Company, Inc. ,��w ��.�-,� �� -C��Q., �3 93ZJ s�� �� 7��5, � 8/��8' Articfe 1. Business Organization. 1.1. Name. The name of the Company is the East Mancos Highline Ditch Company. Inc. and the principal place of business and registered office is P.O. Box 788. 42448 Hwy 160 Mancos, Colorado 81328, as stated in the Articles of Incorporation. The Company shall continuously maintain nonprofit business status and a registefed agent with the Secretary of State. 1.2. Purpose. The purpose of the Company is to manage the East Mancos Highline Ditch Comqany, Inc.as an association of owners of water rights and lands served by the Ditch (the "Service Area"). The Company will serve the Members by maintaining, repauing, cleaning, upgrading the Ditch, and when necessary, to reoonstruct the Ditch in the best interests of all members. 1.3. Powers. tn furtherance of the foregoing purpose (but not otherwise) and subject to the restrictions set forth betovir, the Company shall have and may exercise all ot the powers now or hereafter conferred upon nonprofit corporations organized under the laws of the State of Colorado and may do everything necessary or convenient for the acxomplishment of any and all of the Company purposes, either alone or in connection with other organizations, entities or individuals and either as principal or agent, subject to such limitations as are or may be prescribed by law. Article 11. Membership. 2.1. Members. The Corporation will have 6 members based on the 6 existing parcels. There will be 6 distribution points, (1 per 6 e�assting parcels) as of January 12, 2004. Ali owners of a right or rights to Adjudicated Water or Project Water to be conveyed in the Ditch within the Senrice Area by the Company are entitted to be a Member. Each owner of Adjudicated Water or Project Water rights under one ownership, regardless of the amount or priorities of the water rights, is entitled to onty one Membership. In joint ownerships, only one owner may vote for the Membership and be elected to the Boarci at any one time. 2.2. Yoting Rigi►ts. Each Member is entitled to one vote on matters submitted to a vote of the Members. 2.3. Transfer of Membership. Membership in the Company shall be transferrecf with the sale or subdivision of the Member's property in the Service Area to the new owner(s} of the property, if the property is to be served with any water rights served by the Ditch. 2.4. Declaration of Membership. When the Comp�y is forrned and a Board is forrried, lhe Board shall record in Montezuma County a document (the "Deciaration") that summarizes 1) the names of the Members of the Company, 2) the land parcels owned by the Members, 3) the water rights owned by the Members, 4) statements regarding the rights and obligations of Members, 5) a declaration that the service of water rights ovuned by the Members are to be managed by the Company, 6) evidence of inembership � the Ufility Notification Center of Colorado, and 7) a map of the Service Area of the ditch that identfies the Members` land. Changes to this information, if any, will be recorded as amendments to the Declaration at least once annually. 2.5. The initial Members agree to share in common their respective individual rights to access and use the head gate, the point of diversion (522) and easement for the Ditch with the Company in order for the Company to manage the Ditch on behalf the Membership. The Company may, in turn, make its shared access and use of the head gage, point of diversion and easement for the Ditch available to a lender to secure financing. Article 111. Meetings of Members 3.1. Annual Meeting. An annual meeting of the Members will be held on or before March