PROJ02105

• Contract/PO #: FS0065FX
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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been entered therein within sixty (60) days from the date of transfer
by an entry showing to and from whom transferred'; and in case of the
pledge of any of said stock, the Secretary shall make a memorandua
upon said book, showing to whom and for what amount the stock has
been pledged. The Secretary shall also keep a stock transfer book
and certificate book and stubs.

Section 3. Voting Stock.

The stock shall be considered and treated by the corporation
as personal property, and any person pledging or mortgaging the same
as security for debt, shall be considered as holding the same, and
liable accordingly as a stock holder. Every executor, administrator,
conservator and guardian shall represent the stock in his hands at all
stockholders' meetings, and vote the same as stockholder, and shall be
liable in the same" manner and to vote to the' same extent as the
testator, intestate or ward would have been if living or competent to
act. And every person who shall pledge 'or mortgage his stock as
collateral security, or as security at all, for any debt, shall never-
theless be entitled to vote the same at all stockholders' meetings
while he remains the equitable owner and until the legal and equitable
title shall have been forfeited against him by foreclosure.

Section~. All Stock Paid Up.

The stock of the corporation shall be issued as full paid

up stock.

Section 5. Assessments.

When it is deemed necessary to raise funds to keep the canal
of our Company in good repair, or for any lawful purpose of our
corporation, or it is deemed necessary to raise funds to pay any
indebtedness theretofore contracted, or the interest thereon, our
corporation shall have power to make an assessment on the capital stock
of our Company to be levied pro rata on'-the shares of stock, payable
in money or labor or both, for the purpose of keeping the property of
our corporation in good repair and for the payment of any such indebted-
ness or interest thereon, or for any lawful purpose. No such assessment
shall be made unless the question of making such assessment shall be
first submitted to the stockholders of our corporation at an annual
meeting, or at a special meeting called for that purpose, and a majority
of the stock issued and outstanding, represented either by the owner in
person or by proxy voting thereon, shall vote in favor of making such
assessment, and in case said stockholders fail to hold any such meeting,
or fail to make or authorize any such assessment by the first of April
in any year, then the Directors shall have power to make any such
assessment at any regular or special meeting called therefor for such
year; provided tha~ until and unless .all assessments mad, upon or
against the shares of stock held by a stockholder shall have been paid,
no water shall be delivered upon said stock or to said stockholder.

Section 6. Enforcement of Assessments.

The Secretary, as soon as conveniently possible after the
last installment of said assessment is due, shall make a list of and
report to the Board of Directors all the shares of stock on which the
assessments have not been fully paid, giving the names of the delinquent
stockholders as appears upon the books of the Company, the numbers of
the delinquent certificates, the number of shares, and the amount of
such assessment with interest remaining unpaid.

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