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<br />10- 1-03; 10:25AM;ANDERSON CHAPIN PC <br /> <br />;970+842+5563 <br /> <br /># 19/ 26 <br /> <br />Th.e stocki,n this company shall be issuedf,or, in the <br /> <br /> <br />ratio of 100 shares of fully paid stock for (1) C. F. S. of <br /> <br /> <br />water acquired from the owners of the Johnson and Edwards <br /> <br />Ditch Company, as aforesaid, and a full credit of one <br /> <br /> <br />hundred per cent shall be given upon such transfer, provided <br /> <br /> <br />such water rights shall be free and clear of all liens <br /> <br /> <br />and encumbrances against such water rights, provided if <br /> <br /> <br />there has been any assessments, o.=ed of Trust, mortgage or <br /> <br /> <br />other lien on the water rights, such water rights shall be <br /> <br /> <br />issued to the mortgagee, trustee, or lienee thereof upon <br /> <br />transfer to this company of such 1....a ter rights. <br /> <br /> <br />The capital stock of this company shall be used only as <br />basis for assessment of and the division of water among the <br />holders of it's capital stock. Only persons, associations <br />and companies owning lands situated below and susceptibe to <br />irrigation or domestic use incidental thereto from the <br />Johnson and Edwards Ditch Company shall be elgible to become <br />stockholders of the company by transfer, sale, or assesment <br />of stock or otherwise. The water rights evidenced by shares <br />of stock issued by the Company shall only be used for <br />irrigation or domestic purposes incidental thereto on the <br />aforesaid lands situated below and susceptible of use from <br />the Johnson and Edwards Ditch Company. All existing owners <br />of the Johnson and Edwards Ditch of record, as of the date <br />of the adoption hereof, shall be deemed to qualify as eliqible <br />stockholders under this section, and all actual, vested uses <br />of water made as of the date of adoption hereof shall be <br />deemed to qualify as irrigation or domestic uses incidental <br /> <br />thereto. <br /> <br />ARTICLE IV <br />Certificate of stock and transfer thereof <br />Certificate of stock shall be issued under the seal of <br />the company as paid up stock of no par value and be signed <br />by the President and Secretary and each certificate shall <br />express on it's face its number, the date of its issuance, <br /> <br />-3- <br /> <br />~ ~ <br />