|
Section 1. `Phe Boni•3 of Directors sliall be
<br />and nra hec•eby auttiorized, ns a part and porti�n of tt�e
<br />consi3eratlon Yor tl.e conveyunc•e by `Phe Trinchere �
<br />,,I,rri�ati�n District oi' ell c,f its irri��ution :�ystem,
<br />as hereinuefore an3 in �.rticle II specifisd, to
<br />issue ans tu 3eliver to a:.id '1'he `1'ririchera Irri�ati�:n
<br />District ur� to such per���ns, firme or corporations
<br />as sai3 Li�trict m�y in �vritin� specii'y. ti certificete�
<br />ur cei•tif'ic�te� of stuc�: f'or a c,t,mber� oi' tl:e slu� ras
<br />tYlereof' v�nich sY,yll equal tr�e t�t�+l numl�er of' �,cres
<br />upun �nt�i.cl, ell �istrict ass�.: sme;il,: , for r.lai�t�nun;•e
<br />snd oper+�lion, si�ull Yi�xve ueeii puid foz t;'.e ye+�i�s
<br />1941, 1y42 �nd 1943; Yravida3: That no stocic shall
<br />be issue3 to the owner of ariy l�n9s for the irri�atiun
<br />of suc.�� lan3s v�liich, by reasun uf tLe natiira of tl.e
<br />.soil or the presence of soep�t;e is not suscapYible to
<br />practical irrigation. t3efor.�e tl�e issuance of �uch
<br />certifichtes, an3 as a cor,�.ition preea9er�t thereto,
<br />the Bor�r3 uf Directors oi the Oompany shall req�,ire all
<br />land o�•aners wt:o cl�im to be e.;titled to receiva said
<br />. stock to subr,:it to the bo::rd, for its inspection �nd
<br />registration, obstrs,cts of title to tl��ir lean3s, or
<br />3eeds tliereto, or contr�ets of j�urcl.:�se thsreoi, or
<br />such other evidences of o+inea us t!,o rio�i•d may
<br />require. Copies of deeds or other instri,me:�t� of
<br />conveyAnce to such lnn3 owners, 9uly certif.ie3 by
<br />the County Clerk �nd •�ecor•der o!' Costille i:ounty
<br />may be Accepte3 by t?�e��i;o:�r3 under the tort*.� "other
<br />evi�ence of ownership.
<br />Section 2. �:uch sharo :�f the ca��ital stuck
<br />of this Comp�ny shall antitle tlie holder tharaof to
<br />receiee v�uter i'ur tt:a lrri�;ztion oi' cne acra of land.
<br />In tYle event, during any year or years, thereshall
<br />be insufficient water for tY,e irrigatlon of all uf
<br />tha land served by the Company to tha axtent of its
<br />full nee3s, then each shure of stock shall entitle .
<br />the ovmer thereof to tlie pr� rata of sh�re of water
<br />evailable to tlie entire �crew�e, for the purpose of
<br />irri�ating one pere of le�:d.
<br />Section 3. Nond of said capitel stocts sh�ll
<br />be issued or sold to any other per��:o::s, firms or
<br />corporations other th�n those who sh�ll have been
<br />owners of lund an3 users of water within tYie bbunder-
<br />ies of Tlle 2rincher� Irri�;�ti�:n District ��.rin6�the
<br />year 1943, until such time �s nll of said land ow nars
<br />have been issued the number of shares of capitttl
<br />stock, thro!� ;h s�id '1'he Trincheru Irri�;ation L'istrict,
<br />to wi:ich ti�.ey are entitled, ci� hvve rai'used ur f�ile3
<br />to accent issu�nce an3 3elivery thereof, u.pun the
<br />terms hercin sT�eci:'i.e3; r�i:d, theret�fter, tl�e issuance
<br />r�n3 sHle uf all of' tl:e ce�;,i.tal st�c:c oi il�is corpor-
<br />ation shc�ll be rrua3e by resulution uf' the iiour3 of
<br />�irectors, et t� pr�lce, �r3 upon ter:ys of {.,e;,�mf:r.t s��eci-
<br />fied in ond l�y euc!:� res�,].::t:i�?n <:f tYie I3o�ir3 of l:irectur�s.
<br />..Yil�1l�L:'. IV tit,..lili _�' L i�l_li'ivlt:i
<br />The af'f'�ii�s of s,�i3 carporution sh�ll be mL:,�, b�
<br />� uoard uf five dir�ctors; �nd �t,e numed ui' thosa 'slio slir�ll
<br />-3 - •
<br />
|