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<br />Members of the Board of Directors shall be elected in the manner set fOlth by the Bylaws and shaH either be, or represent <br />persons or entities entitled to receive water from the facilities of the Company. Directors may be removed and vacancies on <br />the Board of Directors shaH be filled in the manner prov1.ded in the Bylaws. <br />The initial Board of Directors shall consist of three (3) persons. The names and addresses of the members of the initial Board of <br />Directors who shall serve until the first annual meeting of shareholders and until their successors are duly elected and qualified, <br />are as follows: <br /> <br />. <br /> <br />[names and address oj initial Board oj Directors] <br /> <br />Any vacancies on the Board of Directors occurring before the first election of Directors by the shareholders shall be filled <br />by the remaining Directors. <br /> <br />[These provisions arc not requircd to bc included in the articles oj incorporation. HoweveJ; it is rccommended that the incorpomtors <br />consideJ; with advice of counsel, what will fit the specific needs oj the company and draft the provisions oj the articles of incOlporation <br />accordingly. ] <br /> <br />ARTICLE XIV <br />Officers <br /> <br />The Board of Directors may appoint a President, one or more Vice Presidents, a Secretary, a Treasurer and such other <br />officers as the Board of Directors in accordance vvith the provisions of the Bylaws deems to be in the best interests of the <br />Company. The officers shall have such duties as may be prescribed in the Bylaws and shaH serve at the pleasure of the Board <br />of Directors. <br /> <br />[This provision is not required to be included in the articles oj incorporation. However; it is recommended that the incorporators <br />consideJ; with advice of counsel, what will fit the specific nceds of the company and draft the provisions of the articles of incorporation <br />accordingly. ] <br /> <br />. <br /> <br />ARTICLE XV <br />Initial Registered Office and Agent <br /> <br />The initial registered office of the Association shall be [insert address of registered agent office]. The initial registered agent <br />at such office shall be [insert name of registered agent]. <br /> <br />[Identification oj the initial registered office and agmt oj the company is required by c.R.S. s 7-102-102 (1) (c).] <br /> <br />ARTICLE XVI <br />Dissolution <br /> <br />In the event of the dissolution of the Company, either voluntarily by the shareholders, by operation of law or otherwise, <br />those assets of the Company which are held for the benefit of the shareholders including any water rights held by the Com- <br />pany and not directly by the shareholders and conesponding water distribution system shaH be returned to the shareholders. <br />Any additional assets shall be disposed of pursuant to the requirements of law. <br /> <br />[A description of what happens in the evcnt oj dissolution is not required to be included in the articles of incorporation. Dissolution oj <br />a corporation and distribution of assets is otherwise provided for by statute. However, because statutes change, the incorporators should <br />consider including what they intend to happen in the event oj dissolution.] <br /> <br />ARTICLE AvIl <br />Incorporation <br /> <br />The incorporators of this Company and their address is as follows: <br /> <br />Name <br /> <br />Address <br /> <br />. <br /> <br />[Identification oj the true name and address of each incorporator of the company is requircd by c.R.S. s 7-102-102 (l)(e). For <br />formation oj a mutual ditch company, c.R.S. s 7-42-101 (1) requires that there be at least three (3) incorporators.] <br /> <br />Executed this _ day of <br /> <br />,2005. <br /> <br />Ditch Company Handbook I June 2005 <br />