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3. Authority to enter into contractual arrangements: General powers of the corporation are <br />set forth in C.R.S. §7-40-102. <br />BOARD OF DIRECTORS <br />There are five directors of the Company. All directors serve for one year, and are elected at the <br />annual stockholders meeting. The officers are elected by the Board of Directors. The Company <br />has no employees. Its bookkeeping, administrative, legal and engineering services are <br />performed by independent consultants. The Company also retains an independent contractor to <br />conduct the normal day-to-day operations of the Company's facilities including its dam and ditch <br />system. <br />The Board of Directors has certain duties and responsibilities, which incfude the power to incur <br />indebtedness, to enforce the payment of all assessments, and fio pay bills. The full power and <br />duties of the board are enumerated in Section 13 of the Bylaws of the Company, attached in <br />Appendix A. <br />CURRENT SHAREHOLDERS <br />A total of 424.26 shares of stock are held by stockholders, and the total number of treasury <br />shares is zero. Following in Tab1e 1 is a fist of the six largest stockholders that control more than <br />90 percent of the Company and their share ownership. <br />TABLE 1 <br />LIST OF MAJOR STOCKHOLDERS <br /> No. <br />Stockholder Shares <br />Grant Properties I, Ltd. (Raccoon Creek Golf <br />Course 140.00 <br />Bowles Metropolitan District (BMD). (35 shares <br />are owned by Grant Properties I, Ltd. but are <br />under a long term lease to BMD with an option to <br />bu 80.00 <br />Bow Mar Owners, Inc. 70.00 <br />South Suburban Park & Rec. District 41.50 <br />Grant Pro erties I, Ltd. 28.13 <br />Eleanor Kin Estate 18.60 <br />ORI Colorado Lakewa A artments 11.00 <br />5 <br />