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BYLAWS OF HALDI DITCH COMPANY <br /> Page Four <br /> Section 12. Informal Action by Members. Any action required or permitted <br /> to be taken at a meeting of the members may be taken without a meeting if a <br /> consent in writing, setting forth the action so taken, shall be signed by all <br /> of the members entitled to vote with respect to the subject matter thereof. <br /> Section 13. Election-Appointment of Directors. At each annual election <br /> for directors, every member, other Than Left Hand Water Supply Company, entitled to <br /> vote at such election shall have the right to vote, in person or by proxy, the <br /> respective proportionate interests owned by him, het'; o for directors to be <br /> elected and for whose election he, she, or it has a right to vote. <br /> At the same time, the Left Hand Water Supply Company shall appoint the number <br /> of directors it is so entitled. <br /> Section 14. Member Defined. The members of the corporation shall consist <br /> of those individuals or entities that convey their historic rights, titles, interests, <br /> and easements in and to the Haldi Ditch to the corporation. Subsequent members <br /> shall be determined and admitted as such at the discretion of the board of directors. <br /> ARTICLE III. BOARD OF DIRECTORS <br /> Section 1. General Powers. The business and affairs of the corporation <br /> shall be managed by its board of directors. <br /> Section 2. Number, Tenure, and Qualifications. The number of directors of <br /> the corporation shall not be less than FIVE (5) , and the total number of directors <br /> so serving at any one time must be evenly divisable by the number of five. <br /> Each elected director shall hold office for a term of THREE (3) years; except <br /> that at the first election of directors, ONE-THIRD (1/3) thereof shall be elected <br /> for a term of ONE (1) year, ONE-THIRD (1/3) thereof shall be elected for a term of <br /> TwO (2) years, and ONE-THIRD (1/3) thereof, shall be elected for a regular term of <br /> THREE (3) years. Thereafter, ONE-THIRD (1/3) of the elected director's teiras shall <br /> expire at the annual meeting of the membership and until his or her successor shall <br /> have been elected and qualified. <br /> Elected directors shall be members of the corporation and shall be residents <br /> of the County of Boulder and State of Colorado. <br /> Each appointed director shall hold office until the next annual meeting of the <br /> membership or until his or her successor shall have been appointed by the Left Hand <br /> Water Supply Company. <br />