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10 AUTHOR !TY i I At the time of incorporation the amount of capital stock of the Company was $60,000, which was divided into 600 shares, each having a par value of $100 per share. The present value based on recent sales is $15,000 to $16,000 per share, indicating a value of 9 to 9.6 million dollars. . 1 l. The governing body, which controls the affairs and management of the Company, is a Board of Directors consisting of seven persons who are stock- hoiders and who are elected annually and hold office until their successors are elected and qual ified. The by-laws were amended at the stockholders' annual meeting January 13, 1965, so that in the year 1966 three directors were to be elected for a .one-year term, two directors were to be elected for a two-year term, and two directors were to be elected for a three-year term. Commencing in the year 1967 and in each subsequent year, directors were to be elected to fill those directorships expiring and the director so elected was to serve a term of three years or until the successors are duly elected or appointed" Following the stockholders' annual meeting each year, the directors have a reorganization meeting. The directors elect, from among their number, a president and vice president" The directors elect a secre- tary and treasurer, which may be held by one and the same person, and who mayor may not be a member of the Board. The Board of Directors' duties are to exercise general supervision over the affairs of the Company, to receive and pass upon the reports of the secretary and treasurer, to audit all bills and accounts against the Company, and to direct the secretary in correspon- dence. The officers must make a full exhibit of their several departments, and prepare reports for submission to the annuai meeting of stockholders. No assessment can be made unless a majority of the stockholders vote in favor of making such an assessment, either at an annual or a special stock- holders' meeting. Any stockholder who fails to pay an assessment when due and after notice thereof, shall not be entitled to receive any water from the Company's canals or reservoirs until such assessment is fully paid. The assessments are payable in installment, one-half being due on or before April 1st and one-half on or before November 1st. Interest is collected on any unpaid installments from maturity date until paid. The present rate of interest is 8% per annum. When any stockholder is in default in the payment of any installment or assessment upon the stock, pursuant to the determina- tion and levy of the Board of Directors, for the period of thirty days after personal notice thereof, and demand therefor by the secretary, or after a written or printed notice and demand therefor has been deposited in the post office, properly addressed to the last known post office address of such delinquent stockholders, the Board of Directors at any meeting may order that the share or shares of stock held by such del inquent stockholders and all interest of such stockholders therein be sold by the president at publ ic auction to the highest bidder for cash: provided, however, that notice of such sale shall be published for four successive weeks before such sale in some public newspaper published in Fort Collins, and, provided, further, that the proceeds of any such sale over and above the amount due on said share or shares and all expenses incident to such sale, shall be pa id to the de! inquent shareho I der.