PROJ02111

• Contract/PO #: C150066
• Contractor Name: Tilton Lateral, Inc.
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Feasibility Study

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in the minutes of, the "BoaId:,pf DiIectors and such shares so
forfeited shall theIeupon "'be"'"deemed to be the propeIty of the
corporation. Forfeiture of:a.share shall automatically result in
,the.extinl:;~i~n o~."al,l; in,te;est inthe.corpo.ra~ionwithrespect to
.' such" are and 'the 'termination ""of rights to use the fclc1li ties and
servic's~of'the~Coip6iation~11

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,;~ n f ,~.:, ~ i _ :-t:.~_( . :,,', :J '-~ _ - ~.,..". -0:, Z ' ,;-; :~
Each owner of real property~ thilt"oWns Grand Valley Watelstock and
;served by the:Tiltori LateiaLditchtsystem wilLbe .~iss'ued:one share
,of stock ':;., The stock "of,the corporation may not be sold to or
~; owed- by anyone" othel'than' property' owners serviced by the Tilton
Lateral ditch system as' more particularly . described 'in the By-
laws. A sell or transfer of. improved . property served by the
lateral ditch system of the co'rporation " must be accompanied by
transfer of the ;,stock ".in..'. ,the.'t:orporation identified with said
,property... .'u .,;" ;

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Section 5. Votina Rights; ~Each shaIeholder of record shall have one
(1) vote for each share'of ~stockstandingin his name on the books of the
corporation and entitled,to vote~' Cumulative voting shall not be allowed in
the election of Directors or for any other purpose.
,Section 6 ,"n Quorum.:;i'At ;;i all,meetingsof'.shareholders, fifty-one'( 51)
percent of the Board of Directors AND a majority of the shareholders present
at the meeting and whQare in good>standingand who are entitled to vote in
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person or by proxy, shall constitute a quorum.
Section 7. Preemotive Riahts. No shareholder of the corporation shall
have any preemp~ive righto~'the rIght to, subscribe for any additional sh~res
of stock or for other securities of any class, or for rights, warrants or
other options to purchase stock or securities of any kind convertible into
stock.

Section 8. Stock Certificate Endorsements. Each stock certificate
shall bear on its reverse side the provision of subsections (b) through (e)
under Section 4.

. ARTICLE IX
Heetinas and Bv':laws
Section 1. Heetinas of shareholders. Meetings of the shareholders of
the corporation may be held at such place 'as may be provided in the By-laws.
The By-laws shall further provide for the time and place of any said meetings.
Section 2. He~tinqs of Directors'. Heetingsof the Board of Directors
of the Corporation, regular or s~ecial n~y be h~ld within Mesa County, state

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