C150339 Feasibility - Laserfiche WebLink

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3) To cause to be issued to the subscribers for the stock of the Company, under the provision of the act of incorporation, certificates of stock in proportion to their several interests not to exceed in the aggregate the capital stock of the Company; all stock so issued to be subject to assessments and forfeiture and sale if such assessments shall remain unpaid ninety days after the same is due. 4) To audit and adjust all bills and accounts against the Company; and such as are allowed, to direct the President to draw a check or warrant on the Treasurer for payment thereof. ARTICLE V The Water Superintendent shall be appointed by the Board of Directors, who, when thus appointed and qualified shall have general supervision of and over the general routine duties and work in the operation of the Canal and in the management of the field employees of said Company. He shall divide the water from the Canal pro rata to all shares issued and entitled to be issued; shall keep a record of the amount of water entering the canal during the irrigation season, its distribution, waste, loss in carrying, and shall file daily records thereof with the Secretary; he shall have the power to hire necessary employees for routine work in connection with the operation, maintenance and upkeep of said Canal for and subject to the scale of wages which the Board of Directors by order or resolution shall have fixed and designated for such labor, and shall keep accurate account of the number of men under his supervision, time of service, and work performed, and shall file itemized reports thereof as often as the Board of Directors shall direct; provided, always, that the above duties and powers of the superintendent shall be subject to modification by the Board of Directors of said Company at any time, and that the superintendent shall perform any and all duties prescribed or ordered by the Board of Directors of said Company. ARTICLE VI The Board of Directors shall annually determine the amount of their per diem for attendance at each meeting of the Board and shall be allowed reasonable travel expenses when actually engaged in the business of the Company. ARTICLE VII No contract with any officer or the Company shall be valid without the previous authorization or subsequent ratification of the Board of Directors. ARTICLE VIII Section 1. The regular annual meeting of the stockholders shall be held on the fourth Saturday of January of each year at the office of the Company in the Town of Fort Morgan in the County of Morgan in the State of Colorado or at such other place and location as may be designated from time to time by the Board of Directors.