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Revenue Code applies and the Curporation has effectively elected to <br />have such section apply, the CorF-oration shall have power to carry on the <br />activities permitted by such section, but only to the extent such activities <br />shall not result in the denial of exe;mption under such section. <br />D. Notwithstanding any other provisoon of these articles of incorporation, the <br />Corporation shall not carry on any activities not permitted to be carried on <br />by a corporation exempt from fede:ral income tax as an organization <br />described in Section 501(c)(3) of i:he Intemal Revenue Code. <br />E. All references in these articles of i,ncorporation to provisions of the <br />Internal Revenue Code are to the provisions of the Internal Revenue <br />Code of 1986, as amended, and 0 the corresponding provisions of any <br />subsequent federal tax laws. <br />VI. Mernbership The Corporation shall havE; members and not shareholders, and <br />shall maintain a list, updated at least annually, of such members. The <br />Corporation shall issue to every member of the Corporation a certificate of <br />membership that will evidence that member's coverage by PRRIP; provided, <br />however, that membership in the Corporation shall not guarantee future ESA <br />compliance for the member. Such certificates shall not represent any title, <br />ownership or other equity interest in the Corporation. Membership shall be open <br />to any person, natural or corporate, upori payment of appropriate fees and <br />assessments except that the Board of Directors shall have the discretion to deny <br />membership to any person when such membership would require the <br />Corporation to provide coverage for any New Water Related Activities the <br />depletions from which would jeopardize 1:he ability of the Corporation or the <br />Colorado Program component of PRRIP to meet its obligations. <br />A. Classes of Membership. Membi:rs in the Corporation will be issued a <br />Certificate of Membership based on the member's classification as <br />determined by the Board. iVo meinber may hold more than one certificate. <br />Each certificate shall be for only one of the following classes, and the <br />Board shall determine each memtser's classification based on the <br />following definitions and, where alppropriate, the uses of water delivered <br />by, and used within the area served by, each member: <br />Class A(Agricultural): Fanming, ranching, stock watering and <br />related uses, including agricultural wells. <br />2. Class 1(Industrial): Self-supplied water users diverting for power <br />generation, manufacturing, and the production of processed <br />products for sale. <br />3 <br />Articles-SPW RAP