C150263 Feasibility Study

• Contract/PO #: C150263
• Contractor Name: Loveland Lake and Ditch Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

be their duty to exercise supervision over all of the affairs of the Company. They shall
have full power to hire and discharge the Secretary-Treasurer or superintendent, to audit
all bills and accounts against the Company, to keep the Company's ditches and lakes in
good repair and order, to attend to the distribution of water among the stockholders, to
settle disputes as to the dislributiun~ of said water, to have statements prepared for the
annual stockholders meetings showing the financial and physical condition of all of the
Company's property and to do and perform all acts and things necessary to the successful
management of the affairs of this corporation.

6. DIRECTORS MEETINGS shall be called by the President or Secretary or
any two members of the Board at any time that seems desirable by giving one hours
notice by word of mouth, in writing, by telephone or by telegraph. Any member that is
absent from a meeting can assent to all that is done at a meeting by signing the record.
Three of the Directors shall constitute a quorum for the transaction of business. All
Directors must be stockholders.

7. THE STOCKHOLDER'S ANNUAL MEETING shall occur on the second
Saturday of January each year at Berthoud Colorado and if omitted the Directors shall
hold over until their successors are elected. Special meetings may be called at any time
by the Board of Directors or by request of one-tenth (1/10) in amount of all the stock
held. In addition to any published notice required by law, printed xxxx3 or written notice
to each stockholder shall be mailed at least ten days previous to each meeting (except
adjourned meetings) and the object of the same stated. Directors may be elected at any
annual, special or adjourned meeting. Stockholders may be represented by proxies, which
must be exhibited to the meeting for inspection.

8. CERTIFICATES OF SHARES shall be issued to the subscribers of the
Capital stock of this corporation, duly signed by the President and counter-signed by the
Secretary. These certificates of stock shall be numbered and registered as they are issued.
Transfers of stock shall only be made on the books of the Company, either in person or
by attorney, and the possession of stock shall not be regarded as evidence of the
ownership of the same, unless it appears upon the stock books of the Company that said
certificate was issued or duly transferred to the holder of the same.

9. DEBTS. No debt shall be contracted against the Company except by order
of the Board of Directors.

10. SALARIES. No officer or Director shall be allowed any thing for a salary
for his services except the same has been voted to him by the stockholders.

11. 5 ASSESSMENTS. The stockholders shall have the power to vote at the
annual meeting or at any special or adjourned meeting called for the purpose, an
assessment or tax on all.' the shares of stock sufficient to pay the annual expense of

! Apparently a typed insertion un the uriginal dtKllmem,
5 Amended on 01109/1982. See Amendment to Provision #11 on page 26.
Loveland Lake and Ditch Company 23 of 47
Inlet Structure Upgrade Feasibility Study
February 1,2008