C150331 Feasibility Study

• Contract/PO #: C150331
• Contractor Name: North Delta Irrigation Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Loan Projects - Doc Type: Feasibility Study

PROPOSED BYLAW CHANGES FOR NORTH DELTA IRRIGATION CO.
ARTICLE II (on page 1)
Delete the words "in the City of Delta," in the first sentence.
Should react:
The principal office? of said company chal I be in the County of
Delta, State of Colorado, and the prin(::Apal bUGi1'16?SS Of said Company
shall be carried on in the County of Delta, State of Colorado.
ARTICLE III (on page 1)
Change the capital stocics worth tr,:) r".50 from :V.35. Reason: To give ditch
company greater- borrowing power- in case of emergencies or large
projects.
First sentence should read:
T h e capital stock of said company shifl.]. be-, one hundred twenty
thousand dollars d•vide(J into 24(-,)(.-) shares of the par- value
of fifty dollars per share.
ARTICLE VI Section 1. Annual Meet..ingE.,, (on page 2)
Delete the words "at. the Courthouse "City of Delta, ", and " on the
second Saturday ip
Add the words "before March first of each c,:_ilender year."
Should read:
Annual meetings of the stoc 1<hol der s, for the election of directors
and For other business which may properly come before said meeting
shall be held in the County of Delta, State of Colorado, before March
first of each calendar year-.
ARTICLE VII Di.rectprf, (on page 3)
Delete the entire Section 2. Election and term of board members...
Reason: Necessity for this section ended in and is no longer
useful to the current bylaws. We no longer C?lC-1Ct Our board members in
this manner.
Should read:
Three Board members shall be elected on odd years and four- members
sh, - on even years as t-.heir tertris expire. 1"he member chosen
. 41.1 be elected
with the largest number of votes shall serve for a three year term. 7he
member chosen with the second largest number of votes shall serve for a
two year term, and the member chosen with the third largest number- of
votes shat). serve a one year t(.,rm. And on even years the member- with
the fourth highest number of votees shall serve for a one year.
Section 5. COMM125 Ali. on of Directg.)rs an(J Officers.
Delete entire section and rewrite to read.-
The Board of Directors, officers, and the Secretary - "Treasurer may be
compensated. Salaries, if any, and other- shall be set at
each year's general membership meeting by a majority vote of the
member's present.
Above BYLAW changes were approved at the Feb. 22, 1997 annual meeting.