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C150251 Feasibility Study
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C150251 Feasibility Study
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Last modified
6/12/2014 4:27:41 PM
Creation date
1/24/2014 4:50:43 PM
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Loan Projects
Contract/PO #
C150251
Contractor Name
Montezuma Valley Irrigation Company
Contract Type
Loan
County
Montezuma
Loan Projects - Doc Type
Feasibility Study
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From: 07/10/2007 06:59 11102 P. 007/012 <br /> • <br /> • <br /> • <br /> ARTICLE VIIi <br /> • <br /> Certificates of Stock • <br /> Transfers of Stock <br /> • Assessments of Stock <br /> Section 1. T•he subscribers.to the capital stock of this corporation shall be entitled to certificates of their <br /> shares duly signed by the President and countersigned by the Secretary. The certificates shall identify the <br /> stock ownership as either Class A or Class 13 stock.and if no such designation appears on the certificate. <br /> and in the records of the corporation,such stock shall be deemed to be Class A stock. The certificates of <br /> • stock to be dated. numbered and registered as they are issued.and the transfer of stock shall only be made <br /> on the books of the corporation. either in person or by attorney,and upon presentation and surrender of the <br /> shares so transferred by the owner in person,or by attorney or legal representative:provided. however. that <br /> no stock shall be transferred until all assessments. charges and an-earages then due the company. with <br /> regard to the entire ownership interest of the shareholder conveying,transferring.or surrendering said <br /> corporate stock_have been fully paid:and provided further that upon each transfer of stock the Secretary of • <br /> the company shall chartue a transfer fee in an amount fixed by the Board of Directors from time to time for <br /> each new certificate issued,which shall be paid in advance by the party on whose behalf the certiticate•is <br /> issued, AU fees thus received shall he paid by the Secretary into the treasury of the company. <br /> Section 2. The a ansfer books of the corporation shall be closed for a period often clays previous to the <br /> • <br /> annual or any special meetings of the stockholders and notice that the transfer books will be so closed'shall <br /> he issued and published in the call for the meeting. <br /> Section 3. The Class A stock of this company shall he assessable fiur maintaining. operating. improving. <br /> enlarging and extending the ditch and reservoir system of the company- for the purpose ofprovidin_funds <br /> to pay for property acquired by the company. and for other necessary expenses.provided. however.that no <br /> assessment shall he made unless the question ofmaking such assessment shall first be submitted to the Class <br /> A stockholders of the corporation at an annual mecting_or at a special meeting called for that purpose. and <br /> a majority of the Class A stock voting thereon shall vote in favor of makin!u such assessment, and in case <br /> said Class A stockholders fail to hold any such meeting or fail to make or authorize any such assessment by <br /> the first of April in any year. then the directors shall have power to make such assessment at any regular or <br /> special meeting called therefore for such year. • <br /> Section 4. All assessments of Class A stock shall be made pro rata upon all the Class A stock of the • <br /> • <br /> •company issued and outstanding.and shall be due and payable on the first day of January following the <br /> annual meeting at which the assessment is made. At the option of the stockholder assessments may be paid <br /> in full or in two equal installments.the first such installment to be paid no later than the last day of February <br /> and the second installment to be paid no later than the last day of July. If the first installment is not paid by <br /> the last day of February. penalty interest on the amount thereof shall accrue at the rate fixed by the Board of <br /> • Directors from the first day of March until the first day of August or to the date of payment if such first <br /> • <br /> installment is paid prior to the first day of August: but.if the full amount of assessment is paid in a single <br /> payment no later than the last day of April. then no penalty interest shall accrue on any portion of the <br /> assessment. If the full amount of assessment is not paid on or prior to the last day of July. then penalty <br /> interest on the unpaid portion thereof shall accrue.at a rare fixed by the Board of Directors from the first day • <br /> of August until the date of payment,which penalty interest shall be in addition to any penalty interest which <br /> may have accrued on the same assessment prior to said first day of August. Any payment under this section <br /> shall be deemed received by the company on the date that ii is actually received in the office. I f the date for <br /> payment remittance falls upon a Saturday. Sunday,or legal holiday. it shall be deemed to have been timely <br /> paid if paid on the next business day. • <br /> Section 5. The Secretary shall mail to each stockholder of record at his post office address as shown <br /> upon the books of the company.a notice of such assessment.the amount thereof,and the time or times <br /> • • when same is payable. I f any stockholder shall not have registered his post office address with the • <br /> Secretary.he shall be deemed to have waived notice by mail of all assessments. <br /> MVIC Bylaws 7 Revised:June 14.2005 <br /> • <br /> • <br />
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