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I I I I I I I I I I I I I I I I I I I Chapter II - Description of Sponsoring Entity constructed and owned by the New Loveland and Greeley Irrigation and Land Company, the water privileges to which are derived from the Big Thompson River, with headgate located in the Northwest quarter of the Southeast quarter of Section 15, Township 5, North of Range 69 West, in Larimer County Colorado, as constructed by The New Loveland and Greeley Irrigation and Land Company. Also to acquire, hold use, own and enjoy all the priorities of appropriations, property and water rights, privileges,franchises and right-of-way formerly owned, possessed and enjoyed by the said the New Loveland and Greeley Irrigation and land company; to divert from said river and run through said canal and deliver to its customers and appropriated water entitled to be drawn trough the same; also to carry and deliver other water for irrigation lawfully entitled to be drawn through said canal, upon such terms and at such times as shall be fixed by its Board of Directors. " (By-Laws/Articles of Incorporation, Article IT). Appendix B includes a copy of the By-laws/Articles of Incorporation adopted by the Company on October 2, 1984. The powers and authorities of the Company as exercised by the board of directors are listed in Appendix B under Article X and specifically include that "The Board of Directors shall have the power to make such prudential by-laws as they shall deem proper for the management of the affairs of the Corporation, not inconsistent with the laws of the State." and under item D of Section 7. Powers of the Board of the Company's By-Laws the Company has "express power and authority hereby conferred upon the Board from time to time to borrow money on the credit and responsibilities of the corporation in such sums as they may deem necessary or proper for the purposes and interests of the corporation and in such form and for such time as they may deem proper, and to pledge or mortgage all of the franchise and property of the corporation, both real and personal, to secure the repayment of such loans. " The Board of Directors of the Corporation consists of eight persons, who are stockholders, and who are elected annually, and hold their offices until their successors are elected and qualified. The officers ofthe Company, consisting of a President, Vice-President, and Secretary-Treasurer are members of the Board of Directors and are chosen annually by the Board. The duties of the Board of Directors are listed in the By-Laws/Articles of Incorporation. The current Directors of the Company and their offices are as follows: Boyd Lake Dam Outlet System Feasibility Study 4 1f30VLE