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BY-LAWS OF TH3 NORTH DELTA IRRIGATION COr"PANY ARTICLE I COMM7 arz The corporate name of said Company shall be The North Delta Irrigation Company. ARTICL',; II Principal Place of _Busindss. The principal office of said company shall be in the City of Delta, in the County of Delta, State of Colorado, and the principal business of said Company shall be carried on in the County of Delta, State of Colorado. However, said business may be extended into other counties in the State whenever, in the opinion of the board of directors, it is for the best in- terests of the company. ARTICL III Capital Stock The capital stock of said company shall be M.Shty -four Thousand Dollars („84,000.00), divided into 2400 shares of the Par value of Thirty -five Dollars (yP35.00) per share. Said stock shall be issued non - assessable except for construction, maintenance, operation, repairs, and betterment of the said irrigation system or any extension thereof. each share of stock will entitle the holder thereof to one vote. ARTICLE IV Seal The seal of this company shall have inscribed thereon the name of the company, and the words "Corporate seal" and "State of Colorado's. ARTICL.? V Objects and Purposes The objects for which sai,: company is formed and in- corporated are: (a) To acquire by purchase or otherwise, and to re- construct, rebuild, rehabilitate and repair The North Delta canal and appurtenances thereto, and to maintain and operate said ditch for tho exclusive use and benefit of the stock- holders of said company. The said North Delta canal diverts water from the Gunnison River. (b) To appropriate, buy, soli, lease, and dispose of water for domestic and irrigation purposes, and to buy, own, operate, and maintain the required machinary and equipment for the construction, operation, and maintenance of the irrigation system and any extensions thereof. 1.