PROJ01903 ‎(2)‎

• Contract/PO #: C150162
• Contractor Name: Johnson and Edwards Ditch Company
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Feasibility Study

10- 1-03; 10:25AMjANDERSON CHAPIN PC

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5. To incur such indebtedness as they may deem necessary
for carrying on the objects and purpose of the company, and
for such purpose to authorize the execution of the note of
the company and any necessary means for securing the same.
6. To cause to be kept a complete record of all their
meetings and acts, and also the proceedings of the stockholders'
meetings.

7. To supervise all the acts of the officers and

employees of the company.

8. To cause to be issued to the subscribers of the

stock of the company, under the provisions of the certificate

of incorporation, certificates for shares of stock according

to their respective interests, not to exceed in aggregate

the capital stock of the company.

9. To adjust all bills and accounts against the com~any.

10. And generally, to do and perform all acts necessary

to fully manage the affairs of the company.

Sec. 3. The Board of Directors at their first meeting,

and annually thereafter upon the first meeting of a newly

elected board, shall elect a President from their own number,

also a Secretary, a Treasurer and a Ditch Superintendent,

who mayor may not be members of said Board, or a stockholder

of the company, which said officers shall be elected for one
year, or until their successors are duly appointed and
qualified, but subject to removal at any time by the vote of
a majority of the Board at a meeting thereof. Vacancies in
any office may be filled at any meeting of the Board, by a
majority vote of the Directors present.
Sec. 4. The Board of Directors shall annually fix the
amount of compensation, if any, to be paid to the Secretary,
the 'l'reasrer and the Ditch Superintendent, and the time or
times at which the same shall be paid.
Sec. 5. The Board of Directors shall also have the
power to require of any officer, agent or employee, bonds
and sureties for such amount as they from time to time think

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