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From: 0711012007 06:58 4102 P.0021012 . BYLAWS • Of . T'1'I E MONTEZUMA VALLEY IRRIGATION COMPANY ARTICLE I Corporate Name • • The corporate name of the corporation shall be,as stated in the Certificate of Incorporation.Ti•IE MONTEZUMA VALLEY IRRIGATION COMPANY, • • ARTICLE II Objects The objects for which our said corporation is formed and incorporated are,as stated in the Certificate of Incorporation: I; To take over and accept. in accordance with the provisions of the decree-of the District Court of the • Count'of Montezuma and State of Colorado.heretofore and on. to wit,the 21st clay of September.A.D. 1920.duly entered in a proceeding in said Court then pending entitled, "In the Matter of the Petition to • Dissolve the Montezuma Valley Irrigation District';.and thereafter to repair. improve.use.operate.control, • manage and maintain the irrigation system of the Montezuma Valley Irrigation District.which said district • washy the provisions of said decree duly dissolved. and which said decree did provide for the transfer and conveyance to this company upon its incorporation of the entire physical irrigation system of said district. including all dams.reservoirs, canals.rights-of-way. priorities. franchises.privileges and other property of • any kind or nature used in the operation ofsaid system.and also for the transfer to this company of all • contracts covering perpetual water rights which constituted a liability of said district. and other contracts • • - pertaining to the furnishing of water for which said district was liable. to he assumed by this company. and • likewise for the transfer 01'all notes and contracts in connection therewith still held by said district and executed prior to the rendition of said decree and for the transfer and deliveryy to the proper officer of the • company of all ninnies constituting the General or Maintenance Fund of said district. and which said decree did further provide that Upon the consummation thereof all owners of lands holding perpetual water rights and all holders of contracts for the use of said water with said irrigation district,directly or as assignee.shall be entitled to shares of the capital stock of this company on the basis of one share for each acre ofland so owned by them and theretofore subject to assessment or contract as aforesaid. • 2. To build.construct,purchase.acquire. hold.use.operate.control.manage and maintain ditches, canals.pipelines.and reservoirs, for the purpose of carrying. storing and distributing water for irrigation and domestic purposes. and to acquire. by purchase or otherwise.ditches.canals.pipelines or reservoirs. and ditch. reservoir or irrigation interests.whether represented by filings. franchises.easements.stocks in other corporations or priorities to the use of water under decrees of court. • • 3.To distribute and supply water to the Class A stockholders of this company. for domestic and irrigation purposes.proportionately and equitably. according to the available supply of water.in the ratio that each share of Class A stock in this company bears to the total number of Class A shares issued.and which is to be distributed to the Class A stockholders so entitled thereto upon such terms and at such times. and under such conditions as may be hereafter fixed by the bylaws of this company: and to others entitled thereto under contracts entered into with this company or because vested with perpetual water rights.upon such terms and at such times and under such conditions as such contractual or vested rights may entitle them to. 4. To distribute and supply water to the Class B stockholders of this company.for agricultural purposes.• equal to four acre feet per share of Class B stock which shall be junior and subordinate to the delivery rights and water rights held by the Class A stock.and which shall be distributed upon such terms and at such times and under such conditions as may be hereafter fixed. • MVIC Bylaws 2 Revised:June 14.2005 •