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a <br /> 40/ <br /> RESOLVED, that each water right owner would exchange his right in <br /> the ditch in return for shares of stock as set forth in Section <br /> 12 in the By-laws <br /> FURTHER RESOLVED that each share of water right would be <br /> exchanged for each owner's right in the ditch and the secretary <br /> was directed to issue stock for each owner as follows: <br /> OWNER SHARES TO BE ISSUED <br /> Fred A. Feller 3700 <br /> Wallace E. Taylor 1300 <br /> James M. Cole 954 "''' r% <br /> Kent Powell 690 s <br /> Arza 1 . Mills 710 <br /> Larry Ingram 130 <br /> Gordon Weimer 153 <br /> total 7637 <br /> The President then asked the share holders to ratify the actions <br /> taken in the organizational meeting. <br /> Upon motion duly made by Fred Feller and seconded by Arza Mills <br /> it was unanimously <br /> RESOLVED that the actions taken at the organizational meeting are <br /> hereby ratified. <br /> The President then informed the shareholders of the current <br /> status of the Project Contract with the Colorado Water <br /> Conservation Board. The Board's letter of July 11. 1990 was read <br /> and discussed. The attached resolution was then introduced, <br /> read, passed and unanimously adopted by the parties present who <br /> represented 6664 of the 7637 shares of the stock of the Company. <br /> Kent Powell and Larry Ingram have verbally agreed to the <br /> resolution and will confirm in writing. Gordon Weimer who is out <br /> of state could not be reached at the time of the meeting; however <br /> the secretary will contact him and determine his position and <br /> note it in an addendum to these minutes. <br /> There being no further business upo - ion made and seconded the <br /> meeting was adjourned. <br /> .Egf <br /> ` cretary-Treasurer <br />