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<br />Valley Irrigation Company. The corporation shall initially issue a total of 130 shares of capital <br />stock, with each share having a par value of$O.OI. This total is equal to the total amount of <br />capital stock the membership held in the GVIC at the time the West Rhone Lateral Ditch <br />Company was incorporated. The number of shares may change in the future, as a result of <br />circumstances described in Sections 4, 5, 6, and 7 below. <br /> <br />SECTION 3 - Classification of shares follows the procedures set forth in the bylaws of the <br />Grand Valley Irrigation Company. The shares of stock shall be divided into two classes, C\as:1 A <br />and Class B, such that each stockholder shall be deemed to own one share of Class A stock. ]f a <br />stockholder shall hold more than one share of stock, all additional shares shall be deemed Class B <br />stock. <br /> <br />SECTION 4 - Membership in the organization will be retracted upon the sale of existing <br />parcel(s) within the lateral service area. Membership and the shares in the West Rhone Lateral <br />Ditch Company will be transferred to the new owner(s) assuming the sale results in no net loss of <br />shares in the GVIC. In the event the sale results in a net loss ofGVIC shares to the lateral, th'e <br />Board may require the new owner(s) to purchase additional GVIC shares to assure the continued <br />operation of the lateral. <br /> <br />SECTION 5 - Any requests for new members or expansion of the service area to include <br />additional acreage must be submitted in writing for approval by the Board. Decisions for new <br />members and/or additional acreage will be based on the factors of maintenance, repairs, <br />construction, space available, and physical limitations of the lateral system. An initial membership <br />fee, "tap fee" and/or administrative fee may be assessed by the Board. <br /> <br />SECTION 6 - Any property splits or subdivisions of parcels irrigated by the lateral will <br />require submission of a written plan to the Board for approval. The plan shall show the <br />following: 1) the proposed new boundaries of the affected parcels, 2) the proposed distribution of <br />water shares among the affected parcels, 3) the proposed location(s) of any new irrigation <br />turnouts, 4) the number of new memberships and Class A shares the split or subdivision will <br />create. The landowners or developers will bear all costs for any modifications to the lateral <br />system required to provide irrigation water delivery to the newly created parcels, and will bear all <br />costs for any indirect impacts to the lateral or adjacent landowners. An initial membership fee, <br />"tap fee" and/or administrative fee may be assessed by the Board. <br /> <br />SECTION 7 - Members may purchase additional shares of stock in Grand Valley <br />Irrigation Company at any time. However, physical limitations of the lateral system may preclude <br />delivery of the additional shares through the West Rhone Lateral system. Therefore, any requests <br />to deliver additional shares must be submitted by written request to the Board for approval. <br /> <br />ARTICLE IV - BOARD OF DIRECTORS <br /> <br />SECTION I - The affairs of the organization shall be managed by a Board of Directors <br />(Board) consisting of elected officers including President, Vice-President, Secretarytfreasurer, <br />and any other officers deemed necessary by the membership. <br /> <br />-2- <br /> <br />August 1], 2000 <br />