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ARTICLE N <br />, Purposes an�l Powers <br />A. Puxposes.. This corporat�on is formed pursuant ta <br />tha Calorado Nonprofit Corporation Act, as atnended, and gursu�t to <br />Title 7, Art.zcle 42, Co]:ozado Revised Statutes, as amended, for the <br />purpose of engaging in an.y lawful business or activity including, <br />but nat .limited .to, the accnxisition and management of corporate <br />assets, including bat not 2imited to water, water rights, ditches, <br />wells, resarvoirs and reservoir accounts, to replace depletions <br />caused by the pumping of a.ts members'�wells as requir.ed by law, and <br />any related water resources management activity in accordance with <br />the corporation.s' bylaws and palicies of its board af directo rs. <br />B. Powers. The corporation shail have and may exercise <br />a11 of the rights, powers and privileges now or hereafter can.ferr�d <br />upon co�ara�ions aperating pursuant to the Colorado RTOnprofit <br />Carpora�ion Act, as amended, and the pravi:sions of Title 7, Ax�.icle <br />42, as amended. These powers include, but shall not be limit ed to, <br />the�power to; � . <br />(Zj acquire, develap and administer-water supplies for <br />the benefit of its members; <br />(27 es�ab�.ish classes vf anemi�ership and determine the <br />enta.ticments anct canditions upon each such class of <br />. membership; <br />{3} issue shares o� stock in the corporation; . <br />4a? est�b�.ish c3asses of stock . and determine the -� <br />�ntitlements and conditions upon each cl.ass of . <br />stoc3c; <br />�5) purchase, lease, or� otherwise acc�uire and to own, <br />hold, mortgag�, pledge and sell real and pe rsonal <br />' property of all kinds; � . <br />(6} bo�row money for the use of the carporation and to <br />issue securities thereof and to pledge, mortgage, <br />�.ypothecate, � a;�d otherwise dispose of �the real, <br />persanal and intangible property of the corpo ration <br />as SeCU�i'Ly the?"eo£, <br />{7 ) determine the pl.ace, t�.me and manner of delivery <br />and estz.bli.sh schedules of rates for the delivery <br />of water far the benefit of its members; <br />2 <br />