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B. Transfer of Shares. The transfer of shares shali be <br />allowed, �but� anly upon approval of �the Board of Directors in <br />accordance ��th th�e bylaws of the corporat�on and such rul.es, if <br />any, as the Board of Directors may determine fram time to �ime. <br />C. Autharity. The corpo�ation is <br />shares af stack. Such issuance is consisten <br />Nonprofit CorporatiQn Act, pursuant to Title 7, <br />Calorado Revised St.atutes. <br />ARTICLE VTIT <br />Use, of Water <br />authorized to issue <br />t with the Colorado <br />Asticle 42 of the <br />� A. Man.agement. The Board of Directors shal�l have the <br />exclusa.ve authorifi'y ta set policies and procedures an.d the <br />exclusive authority to make decis�ons xegarding the use of water, <br />water ri.ghts, augznentatian pl.an and relat�d resources control led by <br />the corporation. far the ber.efi.� of the membership including, but <br />not �.imited .tQ, the au�hority� to determine the amount oi <br />replaceri�,ent wa�er available each year, �he timing and location of <br />re�.eases to repl.ace depletions caused by i�s mesnbers' wells and the <br />specific wa�er �and water riqhts ta be used ta replace said <br />depletions. Such policy and pracedures. may be set out in the <br />bylaws and ira rules, �f any, as the Board may determir�e frorn time <br />�o tim.e. The water ancl wat�r rights controlled by the corpo ration <br />shall be .ma.�agec3. ta assist its members in complying with the rules <br />and regu�atzans of the Colorado State Engineer and other .such <br />applicable I.aw governing the pumping of the members'� we].I.s. <br />B. Members Responsibility. Members are solel.y <br />respa�zsible for theix compliance with any and a11 laws governing <br />the pumping of their caells, including compliance w9.th arders issued <br />and rules and reguZat�ons promuigated by the Calaradb State <br />Engineer and with any other laws applicable io the pumping of their <br />wells. Me�znb�rsha.p in the corporation does not guarantee comp liance <br />with� said xules and regu? ations, orders, or other l.aws and neither <br />�he corporation nor th� �oard of Directors . sha].1 be responsible ar <br />liabZe for mernbers' noncompliance. <br />ARTICLE IX <br />Pmendment <br />Amendment of Articles of Z�:corporation. These articles <br />.may be amended by a vote of a m�ajori�y of the total membership of <br />�he Corporation a} an.y rec�ular or special meetinq for which prior <br />no�ice was duly given a to the generai nature of the amendmen t. To <br />the extent of any inconsistency, the provisions of the Co 1 orado <br />Nonprofa.t Corparation Act sha11 prevail. <br />7 <br />