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Board of Directors shall provide to the applicant a written decision concerning whether the <br />Board of Directors approves the filing of the application. <br />4) No such application shall be filed with any court or agency of the State of <br />Colorado, without the prior written approval of the Board of Directors. The Board of Directors <br />may approve the stockholder's request to file the proposed application with or without additional <br />terms and conditions necessary to protect the Company or other stockholders. The Board of <br />Directors reserves the right to demand that a stockholder seek a ditch -wide analysis in <br />connection with any case involving a change of water rights. If, in the reasonable opinion of the <br />Board of Directors, the application cannot be approved without causing injury to the Company or <br />its shareholders, the Board of Directors may deny the applicant's request to file the application. <br />Approval of a stockholder's request to file an application shall not be unreasonably withheld. <br />5) Approval of the request shall not constitute a waiver of the Company's right to <br />file a statement of opposition to the application in any court, State Engineer or other proceeding. <br />6) All costs incurred by the Company in analyzing the application or in litigation <br />concerning the application, including but not limited to charge for time spent by the Directors, <br />legal and water consultants shall be the responsibility of the stockholder seeking approval of the <br />application. Such cost shall be paid within thirty days after written notice and demand for the <br />same is provided to the stockholder. Upon the approval of the Board of Directors, any unpaid <br />costs after thirty days shall be an assessment on the shares of stock owned by the applicant, and <br />shall be subject to Article XI. (Amended March 13, 2008). <br />Section 2.2. If approved by the Board of Directors, any water delivered to a <br />location or for a use other than contained in the records of the Company, by lease or sale or <br />otherwise, shall be subject to fifty percent (50 %) shrink if the water generated from the shares is <br />to be delivered 1) outside of the lateral where the water has historically been delivered, 2) above <br />the Coulter check (%2 mile east of County Road 19) if the historical delivery location was below <br />the Coulter check, or 3) from the river at a point other than running through the Fort Morgan <br />Company main headgates. The historical delivery location shall receive the 50% water held <br />back from delivery for shrink. (Added April 7, 2012). <br />Section 2.3. The Board of Directors may adopt by resolution any other policies <br />regarding changes of the point of delivery and use of water associated with shares of stock, and <br />may include on the stock certificate any restrictions regarding the use of the water associated <br />with any share of stock. (Amended December 7, 1996). <br />RIGHT OF FIRST REFUSAL <br />Section 3. Should any stockholder (selling stockholder) desire to sell shares in the <br />Company to any person or entity not already a stockholder of the Company, other than a sale <br />made together with land irrigated by the selling stockholder with water delivered by the <br />Company as represented by the shares to be sold, the selling stockholder shall give the other <br />stockholders a right of first refusal to purchase the shares on the same terms and conditions under <br />8 <br />