C153623 Feasibility Study

• Contract/PO #: C153623
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 24
• County: Costilla
• Bill Number: SB 92-87
• Loan Projects - Doc Type: Feasibility Study

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ARTICLE XlV

Transfer of Water to Other Lands

Each stock certificate shall bear an endorsement
showing the lands upon which said water is to be used,
'and no wal.er shall be used upon any other lands
without the prior written approval of the Board of
Directors,

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ARTICLE XV

Auditing of Books

The books and accounts of the treasurer of the
company shall be audited by a Certified Public
Accountant or a registered accountant, at the expense
of the company, st least once each year.

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ARTICLE XVI

Additional Water

The Board of Directors may, at its discretion,
allocate, at any time after one year from the adoption of
these by-laws, any additional wat~ rights acquired
among the then stockholders of thIS company" The
Board of Directors shall have like authority to pro rate
any additional rights acquired at annual intervals
thereafter.

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ARTICLE XVII

Standing By-Laws Committee

At each Annual Meeting of the company the
stockholders shall elect the Standing By-Laws
Committee consisting of three members in good
standing of the company for the purpose" of
recommending to the shareholders at the succeedmg
annual meeting or at any special meeting called for the
purpose, any amendments to the by-laws ,of the
corporation which are proposed to such comnuttee or
which the committee shall deem to be necessary for the
proper management and operation of the company"
Any member oithe company may, at least ninety days
before the annual meeting of the stockholders, submit
to the Standing By.Laws Committee auch proposals as
he may have, and such committee shall consider any
such proposals as the same are deemed necessary or

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ARTICLE VI

Board of Directors

The Board of Directors shall consist of five (5)
members each of whom must be a stockholder of the
company. It shall be the duty of the Board to exercise
general supervision over the affaire of the company, to
audit all bills and accounts against the company and to
direct the secretary and treasurer in coITelJpondenoe
and in the disbursement of funds" No debt shall be
contracted against the company except by order of the
Board of Directors.

ARTICLE VII

Salaries

The officers of the company shall receive such
compensation as shall be fixed by resolution of the
Board of Directors"

ARTICLE VIII

Annual Meeting

Section 1. The first an nual meeting of the corpora tion
shall be held at the office of the company in San Acacio,
Colorado, or such other place as the Board of Directors
may determine, at 10:00 a,m. on the first Wednesday of
February, 1955, and on the first Wednesday ofMarcb of
each suc;oeeding year.
A special meeting of the stockholders and directors
may be called at the request of 20% of the stockholders
of the company. Notice of such special meeting shall be
given as provided by law.
Section 2. In case of the death, resignation, or
removal of any director prior to the expiration of the
term fOT which he is elected, the Board of Directors ahall
have power to appoint a member to fillauch vacancy on
the Board of Directors to serve unlil the next annual
meeting of the Company. In the event of any such
vacancy the Secretary is empowered to call s special
meeting of the Board for the purpose of making such
appointmenl
Section 3. In the event any member of the Board of
Directors shall fail to attend three consecutive regular
meetings of the Board of Directors, without good cause
shown or havinlt been excused by the Board of

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