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<br />AlO: 03;-':' ,Y FEB '81
<br />i.,+.~.?';r~~~~,fiemaARTIcLES~~OFftAMENDMENT,', .....\, .'.. ' "
<br />')-"~rt~t.l' x, . ~. ,.; ., . ',!, '.' .. .... . ., ., .' . f!~n 'li'~it '." . .
<br />>!"'r'i.\\~:" ''''':i#'~~~t\'~;i~It~.,~t.t'~'~~ii~;~''f!-rl to, the .....1.'>" . "'#~" i ST ~''T co : ..r:: r' ('Lt.:",\ · DO
<br />~f;~~~':'i~~~.~)llJ'ARTICLES;'OFt..<:INCORPORATION..,.;.::,#. c.. .;,:-!:' \,_ .' ... A'~ ,
<br />....,.....i;!:;~ ''!~r.iw''J.>~'i. :~t~li.;:t(l........~. h'l>~.t.,!......tt~.':p~t..~:.."'ti;'.l .,.,..:..::,/:."'.f,.,t' '.'.:<*':.:,.OEP I IrC' F. S I ATE'
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<br />'\~I1r tl:4Hfi, .of;,.f't'li:H"i<i""~Cfit"" ~""t, ,if; .,., .;, ,',." ..... ,
<br />:,.'~~~~"II,Hpursuant;lt(/~'the: pr~v'isi'ons:' dt'.,the rc~'i'or~do ;;corpo'r'ation ' ....
<br />~e~;t~~:,~,uh..,~~r~\~gri~~'. cor~oration"adoPts' ,t?e "I~'p:l,t~rf}~P;~;'!\t;lt t~i;s of
<br />~e~~ .1I~~ ~:ts ~rt,~~~~~s.Of]:":tl'1.~p:t"pqt",,a~~~;n:',14b j~~(:'t<(}i:.lt~'h' ,
<br />,. .:i-'#'".' ,..~~ .' tp;l~t\..;<<lt.'lJ"d,;i f.\~~.,;~,. 'l,Q'''~~' f , !'>, , 'q'" ~"" 'ti r:, .
<br />.}':c!:"fc. FIRST:''', The name of, the corporation. is The Vduga,tReser-
<br />vbirAssociation~" ,.
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<br />,~f:"'~0€>lSECONrltfJ!);The 'following' amendment of the Articles of
<br />. .6fi3t>rati6rl was-!ladoptedf'lon'the J 8th ,day of April;" 1980,.' in the
<br />~rh~r: pres~rlb~dr byf the'JC6lotado,'~gorp9~a~~(?rlrS:Be~ '; .~. aC,Rpr~in9 to.
<br />~,*~~ ~o~~" ~~j~ ! ~f~ t'i~ U;;; ~ ~.~ ~~ ~~' r. ~":\ "1, t." ,;" t',,!\ "J;;~;. i" .. .
<br />. : ,';,>,; ~;')''';'r' A"" quorum:: of'; memb~rs was present I at 'such' meeting, and the
<br />,:~)i.+,a!nt~,ndment receive~ at 'least 2/3 of the votes which members present
<br />i ;}'\,q.r,t"epresented~' by""proxy'were', 'entitled"t9,'icast..,: ; ~'
<br />. """"';'1>"I.,~'t '"...':,>H~.'.i{'~.,.f,~ ,,/'I f'1.." 1'1"',-1..,.", "r. " "..> , ".
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<br />'y,g~i' ~~,.,; . ARTICLE "FOURTH'~,:'AMENDED;,TO, :~EAD: ,.<t, , '. " !.,:'f~ :0":;'
<br />tt"f" 1 ',',:e. ~ .it.... "tr "..'. ',< . '. , '. ''''J 1I,.I\" .!j''':I'
<br />I" . ,,' ..~. q v.. ",~ . ".lj.lf' '" ,f"rl1c~" II"" ..M"" ;.,. ,', ('4 ~ ' . '
<br />~ '.f ~ It \.. f ' , , " , ':. ,:t 1<:' ~ \:.' j ".. t ~ ,j I l
<br />.~;~,~:<t/'The"stock ro~"'said ~,Association'shall be. capital' sto~k and' the.
<br />/ilJ~":i;to~ial' rt~!'l~er of:shares whi?h 'said Association shal~,be 'authorIzed
<br />; r5Jt:,,;toissU~ lIS Two Thousand E~gh~ Hun~red Ninety Four i f2894) shares
<br />I'ifi', and all of suchlshares~are..tobe WIthout par value. Fu;-ther, the
<br />'" "Boaidof Directors shall be authorized to designate all'ofsuch
<br />shares into junior and senior designations whereby there are 1500
<br />~senior'shares which represent 510 acre feet of absolute water
<br />right"as' specified'!n decree dated Apri,l 21, 1958" with appropria-
<br />~lon date'tif May 20, 1955, Priority Nd~~~70 'in~Gunnison 'County
<br />.pistticti COUrt, Civil"'Action No.' f,;5266,; and"whereby~here are 1394
<br />" junior shares' wh ich l represent 410" acre, feet absolute' water righ t
<br />,as~specifiedj inCase No. 80 CW 32 (Ref. W-,3576), the conditional
<br />';i.'decreein said case being dated August 23,1979 with appropriation
<br />date of October 26f~l978 and the decree making said right absolute
<br />'being dated June~, 1980~" .
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<br />ARTICLE 'iFIFTH" AMENDED TO READ: ' ,
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<br />, :: at least
<br />i'Thenumber of Directors of said Association shall be/three and
<br />the Directors who shall manage the affairs of the corporation
<br />t'il the next annual election shall be as follows:
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<br />Lee Taramat'caz
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<br />Woodrow W. Watson
<br />Rod Norberg
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<br />THE FOLLOWING ARTICLES ARE NEW ARTICLES NOT PREVIOUSLY
<br />IN THE PRIOR ARTICLES OF INCORPORATION:
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<br />ARTICLE "EIGHTH":
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<br />shares of stock may be transferred with the property to which
<br />are appurtenant without restriction.;' Shares. of stock which
<br />be sold apart from the 'sale'of the' property to which the
<br />'. ares a~e appurtenant shall be restricted as to transferability.
<br />in;that'they must first be offered to the other shareholders, who
<br />hall have the first right of refusal to purchase ,said shares.
<br />Each remaining stockholder who elects to exercise his first right
<br />of~refusal shall have an ,equal right to participate in the p~r-
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