PROJ02079

• Contract/PO #: C150218
• Contractor Name: Hope Ditch Company
• Contract Type: Loan
• Water District: 1
• County: Adams
• Loan Projects - Doc Type: Feasibility Study

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BY-LAWS.

OF

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,HOPE DITCH COMPANY

(A corporation organized under the
Colorado Non-Profit Corporation Act)

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ARTICLE I

Offices

Section 1..' Principal Office. The principal office of the corporation
shall be located in Adams County, state of Colorado. The corporation may have
such ather offices as the board of directors may designate or as the business of
the corporation may require from time to time.

Section 2. Registered Office. The registered office of the corporation
required by the Colorado Non-Profit Corporation Act to be maintained in the
state of COlorado may be, but need not be, identical with the principal office,
if in the State of Colorado, and the address of the registered office may be
changed from time to time by the board of directors.

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ARTICLE I.I

Members

Section 1.. Members. Membership in the corporation shall cons 1st of two
classes, shareholder and non-shareholder members, and shall be open only to
owners of one or more lots in the wiesner Subdivision, Adams County, Colorado,
who own at least one water tap lat. To become a shareholder member, a tap lot
owner shall make application to the corporation for membership and pay a
membership fee established by the board of directors. Upon approval of the
application and acceptance of the fee, the corporation shall 1ssue one share of
stack of the corporation stock to the sh&reholder member. only one sh&re of
stack may be issued per tap lat. If.a person owns mare than one tap' lot in the
subdivision, he/she must make '!II appl".i:cati~n and p~y the membership fee for each
tap lot .in order to obta1n one share of corporation for each tap lot. To become
non~Shareholder members, a tap lot owner shall make application to the
corporation for membership but pay no membersh1p fee. The non-sharehOlder
m6mber applications require approval by a majority of the board of direct~rs in
order far the non-shareholder members to be admitted as members of the
corporation. There shall be only as many memberships in the corporation as
there are tap lots in the subdivision and there shall be no more than one
membership, whether it be shareholder or non-shareholder, per tap lot in the
subdivision.

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Section 2_ Membership AppLlcation. The""application for membership to
the corporation shall require the applicant to provide such information to the
corp07ation as determined by the board of directors.

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Section 3. Termination or Transfer of Mambersh1p. If a shareholder
member of the corporation sells his/her tap lot to a successor owner, that
sh&reholder member shall ass1gn (transfer) h1s/her corporate stock attributable
to the tap lot sold to the successor owner If the shareholder member is the
maker on an outstanding prom1ssory note payable to the order of the corporation
and made for the purpose of paying fc!,r admission as a shareholder member, the
successor owner may, pursuant ~o the terms of such note, assume the shareholder
member's payment obligat~on under such note. ~f the successor owner does not
assume such payment obligation, the shareholder shall pay the balance due at or
before the Clos1ng. .The.stock issuable uPon full payment of such nota shall
then be transferred as Pwvided above. The shareholder member shall provide .the
corporation with notice Of transfer at least ten days prior to the Closing of

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