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and all of its stockhofders, tha Directors shall then apprave the change application subject ta <br />ne�cessary t�rms and conditions. ln evafuating whefher the requested chanse of water rights can <br />be mad� withou� injury to ihe Cornpany and its stockhalders, the Company rnay abtain an <br />� engineering and lega! analysis af the requested change by #he applicant and the terms and <br />conditions offered �y fhe ap�licant. <br />- The Company shall approve or disapprove #he application for change of water rights wifhin a <br />reasonable amount of time. <br />NQ application for approvaE of a change af water right �r ptan for augmentation as described <br />'' above may be made to the District Court for Wa#er Division Rlo.9, Stafe of Cofarado ("Water <br />; Court"), unless the same has been a��roved by the Cvmpany. ff an applicat�an has been <br />appr�ved by the Company, the applicant must inciude terms and cond'rtions at least as s#ringent <br />as thase apprvved by the Cornpany in an application to the Water Court. An applicant for a <br />change af water right must reimburse the Cornpany #or the Company's reasanabie costs and faes <br />in analyzing the application #o the Company and in any judicia! litigatian thaf fotiows, inclu�ding a <br />chaffet�ge to ti�e Campany`s denial of an applicaiion. Prior to ob#airting legal and engineering <br />� . anafys�s of #he proposed change, the Company shail obfain an �stimate of t�e costs. 7'he <br />Company shall obtain said estimates of cast within 3a days of submission af an application and <br />the appficant sha!! have 30 days afE�r receipt of the estimate to make ihe deposit. �or every day <br />past 30 days in which the applicant does not make its deposit, the deadline for the company to <br />approve or disapprove the applicant's request shall be extended. The Company shall nai take <br />fina! action on any appficafion until, and unless, the applicanf makes said deposit. if the estimate <br />and deposit needs to b� adjusted by further payment or reimburs�ment, sairi adjusfinent shall be <br />rrtade upon the completion of fhe analysis. In no avent sFtall tha Campany be required to f�nally <br />apprave ar disapprove the application until all fess incurred by the Campany shal! be reimbursecl. <br />!f any portion of this Article XVl1 is declared void by, a caurt of law, the remaining portions of this <br />by-!aw shalJ remain in fuli force and unaf#ecied. <br />ARi1CLE XVlll <br />These By-Laws shalf take effect after fhey are duty adopted by a majority of the siockhoiders of <br />Ehe Company present, and ail previous by-laws and resolutions of the Company repealecl. <br />ARTICLE XIX (Effective 3(18/Q5) <br />After the effective dafie of this Articie XiX, shares af s#ock in the Gom�any sha�f nat be divided into <br />cectificates smaller ihan one nintli (119th} of a share. Share� of sfock shal( not be divided into <br />fractions other than one nir�th (919th} of a share or multip�es thereof_ The Company shall not issue <br />sfnck divided after March 18, 20o� into frac#ions other fhan ane ninth {919thj of a share ar <br />muitiples thereof. <br />ARTlCLE XX <br />The Lasi Chance Qiich Company shail be governed under Calorad4 Revised Non�rofit <br />Corporafian Aet, §7-129-1Q'i, C.R.S. et, seq_, and shaB be organized as a mutua� ditch cornpany <br />under§7-42-9p1, C.R.S. et. seq. <br />(ARTIC�E XX text r'eflecis changes made perARTJCLES OF AMElVDMENTj <br />l�age 3 of 5 <br />