Laserfiche WebLink
<br />solely because the director or officer- is present at or participates in a meeting of the board of <br />directors or the committee thereof which authorizes, approves or ratifies such contract or <br />transaction or .solely because their votes aze counted for such purpose. Common or interested. <br />directors may be counted in determining the presence of a quorum.at a meeting of the board of <br />directors or of a committee thereof which authorizes, approves or ratifies such contract or <br />transaction. . <br /> . ARTICLE III ~ ~ . <br /> Income <br /> <br /> 12.1 Reserves. _ The co ration's income is intended to be o <br />~ used f r the purpose of <br /> meeting losses and expenses. Excess income may be retained ~in reasonable amounts for <br /> .purposes of expanding or maintaining facilities, retiring capital indeb#edness, acquiring other <br /> assets or other -reasonable capital projects as determined. in the discretion of the Boazd of <br /> Directors. The corporation shall maintain records sufficient to reflect the equity of each member <br />in the assets acquired with the fu <br />d <br />A <br />i <br /> n <br />s. <br />ny excess <br />ncome not retained iii reasonable reserves for <br /> future losses and expenses shall belong to members in proportion to their respective stock <br /> <br />r ownership. . <br /> I2.2 Dividends. Shazes of the corporation shall not carry. the right to dividends. <br /> . <br /> ARZZer..E x~r <br />r ~ ~ ~ <br />~ <br /> <br />. ~ <br />. . <br />Disfribution of Assets on Dissolution <br /> 13.1 Distribution. Upon dissolution of the corporation, gains .from the sale of <br /> appreciated assets and other assets of the corporation shall be distributed to all members in <br /> proportion to their respective stock. ownership: at the time of .dissolution after the payment of <br /> applicable liabilities. <br /> 13.2 Member Riuhts:. The bylaws of the .corporation shall not provide for forfeiture <br />' <br />i of a~ member <br />s rights and. interest upon vs-ithdra`wal or ternvnation. <br />ARTICLE X1V . <br />Legal Description of Facilities . <br />The facilities of the coiporation.shall include the diversion structure on the Poudre River <br />located in the NE '/ of Section 15, Township 8 North, Range 7U West of the 6~ P.Tvt. From the <br />diversion structure a series of ditches and canals Located in Larimer and Weld counties deliver <br />water to and' from the following reservoirs: <br /> <br />~ ' <br />