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SECTION 11. To the extent that Shareholders ("applicants") <br />desire to change a water right as defined in the Water Right <br />determination and Administration Act of 1969, Revised Statutes <br />Sections 37-92-101 through 37-92-603, including, but not limited <br />to, a change in the point of diversion or place of use of any water <br />that the applicant is entitled to receive as a result of stock <br />ownership, the following procedures shall apply: <br />A. The applicant must first make a written application to <br />the directors of the Company. A change of water right <br />shall include the use of water the shareholder is entitled <br />to as a result of stock ownership as augmentation water <br />in a plan for augmentation or exchange. The request <br />should detail the requested change and include adequate <br />terms and conditions to prevent injury to the Company <br />and its Shareholders. If, in the reasonable opinion of <br />the directors, such change may be approved without <br />injury to the Company and all of its Shareholders, the <br />directors shall then approve the change application <br />subject to necessary terms and conditions. In <br />evaluating whether the requested change of water rights <br />can be made without injury to the Company and its <br />Shareholders, the Company may obtain an engineering <br />and legal analysis of the requested change by the <br />applicant and the terms and conditions offered by the <br />applicant. <br />B. The Company shall evaluate the application for change <br />of water right within a reasonable amount of time. <br />C. No application for approval of a change of water right <br />or plan for augmentation as described above may be <br />made to the District Court for Water Division No. 1, <br />State of Colorado ("Water Court"), unless the same has <br />12 <br />