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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Chapter II - Description of Sponsoring Entity <br /> <br />The Seven Lakes Reservoir Company <br />The-SLRC is a Colorado non-profit mutual ditch company registered in the State <br />of Colorado (see Appendix B - Articles of Incorporation). There are <br />approximately 63 shareholders and 400 shares of stock. The SLRC has the <br />power to set annual assessments to be paid by the shareholders and the power <br />to refuse to deliver water to shareholders that fail to pay their assessments. <br /> <br />The Board of Directors of the Corporation consists of five persons, who are <br />stockholders, and who are elected annually, and hold their offices until their <br />successors are elected and qualified. The officers of the Company, consisting of <br />a President, SecretaryfTreasurer, and members of the Board of Directors are <br />chosen annually by the Stockholders to serve in their respective positions. The <br />duties of the Board of Directors are listed in the By-Law/Articles of Incorporation. <br />The current Officers and Directors of the Company and their offices are as <br />follows: <br /> <br />President <br />Vice President & Director <br />Director <br />Director <br />Director <br />Treasurer/Secretary <br /> <br />Vern Kammerzell <br />Tim Bernhardt <br />Ken Homyak <br />Jerry Mossberg <br />Tom Donkle <br />Ron Brinkman (non-voting) <br /> <br />The powers and authorities of the Company as exercised by the Board of <br />Directors are listed in Appendix B under the By-Laws and specifically include that <br />the "Corporation may borrow money, execute such evidence of indebtedness <br />and create such liens upon its property of whatever kind as the board of directors <br />may from time to time authorize and approve". <br /> <br />14 <br />