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Reeeptioni�: 796893 <br />12130 20io Fii:5828M @OJoan Fiie0is0 GARFIELO COUNTY CO " <br />ARTICLE VII. <br />SHARES <br />A. Private Water System. The Corporation's Water System is a private irrigation <br />water system. Only shareholders of the Corporation in good standing shall be entitled to and <br />shall receive water from the Corporation's Water System as set forth herein. <br />B. Authorized Shares. There shall be" one thousand (1,000) shares of authorized <br />capital stock, each having a par value of $1.00. <br />C. Rights, Preferences and Obligations. The designations, preferences, rights and <br />obligations of the shares of stock which the Corporation is authorized to - issue, and the <br />limitations thereof, are as follows: <br />1. Ownership thereof shall entitle the holder(s) to a proportional share (in the <br />ratio of one (1) share to the total number of shares issued by the Corporation) of water directed <br />into the Ditch by the Corporation, less any carriage losses incurred along the ditch to that point <br />on the ditch where the shareholder removes its pro rata share. <br />2. All shares of the Corporation's common stock shall be subject to and shall <br />obligate the holders thereof to comply with all accounting and reporting requirements, and any <br />other obligations imposed by the Corporation pursuant to its authority under these "Bylaws and its <br />Articles of Incorporation, regarding the use of water from the Ditch. Failure of a stockholder to <br />comply with the provisions of such. requirements or obligations may result in suspension of <br />service to such stockholder, or forfeiture of such stockholder's shares of the Corporation's <br />common stock pursuant to Article VIII, Section 0 below. <br />D. Shares Tied to Real Property. Shares of stock shall . be transferred, sold and <br />issued, or reissued, only to the owners of -the land to be' served by 'the : Corporation's" Water <br />System and its enlargements and extensions. This provision is intended to prevent injury to other <br />shareholders which could result from any shareholder transferring its water right out of the <br />Ditch. <br />E. Joint or Co- Owners of Shares. A share of capital stock of the Corporation may <br />be issued to more than one (1) individual either in joint tenancy or in tenancy in common. If a <br />share is issued to two (2) or more persons, any notice required to be served upon the shareholders <br />under the Articles of Incorporation of the Corporation or these Bylaws shall be deemed properly <br />served or service thereof waived if service is made upon one of said persons/shareholders or if <br />service thereof is waived by one of said persons/shareholders. A shareholder shall be entitled to <br />vote all the shares held by hum and others in joint tenancy or tenancy in common (in the absence <br />of the other joint or co- tenant shareholders from. any meeting). as though he or she were the sole <br />owner of said shares; however, only one (1) vote shall be allowed for each share issued. <br />F. Certificates of Stock. Certificates of stock of the Corporation shall be signed by <br />the President or Vice - President and afested by the Secretary, or by the Secretary/Treasurer. if <br />such an officer is elected, and the corporate seal is to be thereunto affixed. Each certificate shall <br />express upon its face, its number, the date of issuance; the number of .shares issued and the <br />person or persons to whom the shares are issued. A certificate book shall be maintained by the <br />\� Page 4 of 16 <br />�..1 `' <br />