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1 - ~ t f <br /> <br /> <br /> <br /> <br /> <br /> <br />i <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />irrigated by water of the Corporation (hereinafter, "New Land(s)") or for uses not historically <br />made (hereinafter, "New Uses") shall be permitted except by and upon orders and approval of the <br />Board of Directors. If a person acquiring stock (the "Transferee") expresses an intent to use the <br />purchased shares for New Uses or upon New Lands, the secretary of the Corporation shall <br />suspend the reissue of certificates pending review by the Board of Directors. The Transferee <br />shall submit an application to the Board of Directors describing the New Uses and/or New Lands <br />that is sufficiently detailed to permit the Board of Directors to determine whether the proposed <br />uses will be detrimental to the operation of the Corporation's water delivery system, in violation <br />of the Corporation's water rights, decrees, the Articles or these Bylaws, or otherwise injurious to <br />the Members and the Corporation as a whole. The Board of Directors shall review any such <br />application in a timely manner and, if the Board determines that the application cannot be granted <br />as presented, it shall allow the Transferee an opportunity to revise its plan to address the Board's <br />concerns. The Board of Directors shall then reconsider the revised plan using the same standards <br />for review as if it were the original application. The Board of Directors is authorized to engage <br />engineering and legal help to assist in its review of the application, and any fees thereby <br />generated which would not have been incurred but for the application shall be borne by the <br />Transferee. <br />ARTICLE 3 <br />CHANGES OF WATER RIGHTS <br />Section. 1. Application -Review - Standard. Any Member (the "Applicant") <br />desiring a change of water rights as defined in the Water Right Determination and <br />Administration Act of 1969, C.R.S. §37-92-101 through 37-92-603, including, but not limited to, <br />a change in point of diversion or place of use of any water that the Applicant is entitled to receive <br />as a result of stock ownership must first make a written application to the Board of Directors. A <br />change of water right shall include the use of water the Applicant is entitled to as a result of stock <br />ownership as augmentation water in a plan for augmentation or exchange. The request should <br />detail the requested change and include adequate terms and conditions to prevent injury to the <br />Corporation and the Members. If, in the reasonable opinion of the Board of Directors, such <br />change may be approved without injury to the Corporation and the Members, the Board of <br />Directors shall then approve the change application subject to necessary terms and conditions. In <br />evaluating whether the requested change of water rights can be made without injury to the <br />Corporation and the Members, the Corporation may obtain an engineering and legal analysis of <br />the requested change by the Applicant and the terms and conditions offered by the Applicant. <br />Section 2. Timely Review. The Corporation shall evaluate the application for <br />change of water rights within a reasonable amount of time. <br />Section 3. Board Approval Required. No application for approval of a change of <br />water rights or plan for augmentation as described above may be made to the District Court for <br />Water Division No. 1, State of Colorado ("Water Court") unless the same has been submitted to <br />the Corporation and has either been approved or denied by the Board of Directors. If an <br />3 <br /> <br />