Laserfiche WebLink
$ylaws of the Boulder and White Rock Ditch and Reservoir Company Page 3 of 6 <br />~`--~-'- -`-= '- (The foregoing article was repealed by the Board of Directors on February 3, 1975) <br />--_--== <br />The existing Article XII is repealed and the following hereby replaces it. <br />12.1 Cerl~cates. Certificates representing shares of the corporation shall be in such form as may be <br />determined by the board of directors. Such certificates shall be signed by the president and secretary. <br />All certificates for shares shall be consecutively numbered. All certificates surrendered to the <br />corporation for transfer shall be canceled and no new certificates shall be issued until the former <br />certificate for a like number of shares shall have been surrendered and canceled, except in each case of <br />a lost, destroyed or mutilated certificate a new may be issued therefor upon such terms and indemnity to <br />the company as the board of directors may prescribe. <br />12.2 Transfer of shares. Transfer of shares of the corporation shall be made on the stock transfer books <br />of the corporation by the record holder thereof or by its legal representative upon surrender for <br />cancellation of the certificate for such shares and a duly executed assignment thereof. The person in <br />whose name shares stand on the books of the company shall be deemed by the company to be the owner <br />thereof for all purposes. <br />12.3 Lien for assessment. The company shall have a first lien on the rights and shares of the registered <br />holder thereof as provided in the certificate of incorporation. Each stock certificate shall be endorsed as <br />follows to show this lien, to-wit: <br />"The company has a first lien on all shares for payment of any indebtedness due the <br />company by the shareholder and this stock and all rights thereunder shall not be <br />transferred until such indebtedness shall be paid. " <br />12.4 Change in use. The shares held in this company are for the purpose of delivering water to <br />shareholders as a mutual irrigating ditch and reservoir company to bring water from Boulder Creek to <br />farms along the ditch, primarily for agricultural purposes. No water shall be deliverable to any <br />shareholder except through existing headgates or additional headgates authorized specifically by the <br />board of directors as to engineering feasibility, location and purpose of use. This bylaw shall not be <br />construed to prohibit plans of augmentation, changes in the nature of the use, time of use, return flow <br />patterns, purpose of use, point of diversion or other extended uses or changes in water rights, provided <br />the same are allowable under Colorado law and provided there is no damage to any vested rights of any <br />other shareholder by virtue of any such plan. The board of directors shall have discretionary authority <br />to approve or disapprove such changes in the event there might be damage to a shareholders' vested <br />interest. No such change shall be valid unless the same has been previously submitted to the board of <br />directors. In the event such change has not been approved or disapproved within ninety days after the <br />same has been submitted to the board, no approval of the board of directors shall be required. <br />Each certificate of stock hereinafter transferred shall contain the following endorsement thereon: <br />"Plans of augmentation, changes in nature of use, time of use, return flow patterns, purpose <br />of use or changes in point of diversion or other extended uses or changes in the water rights <br />appertaining to these shares are subject to the reasonable approval of the board of <br />directors, as provided in the bylaws of the company. "(The foregoing articles 12.1, 12.2, <br />12.3, and 12.4 were adopted by the Board of Directors on February 3, 1975) <br />http://www.ditchcompany.com/bylawsbwr.html 10/1/2008 <br />