C153623 Feasibility Study - Laserfiche WebLink

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OJ IS) a.. .- N I'- \D on .... I'- d z w z o I a.. '" w a.. w w '" , )- I- Z ::l o u a: -' -' I- Ul o U >: o '" "- assessments sball be payable in money and shall be levied pro rata on all the shares of stock issued and outstanding at the lime any assessments shall be levied. Section 2. No such assessments shall be made unless the question of making such assessments shall first be submitted to the stockholders of the corporation, at an annual meeting, or at a special meeting called for that purpose, and if a majority of the stock issued and outstanding, represented either by the owner in person or by proxy, voting thereon, shallfail to vote in favor of making such assessment at any regular or special meeting called therefore for such year. Any eJltraordinary expenses such as purchase of system, realigning canals, engineering service, major reservoir repairs, starting of a sinking fund, or any expenses other than ordinary and necessary expenses on maintenance and operation shall be approved by a majority of tbe stockholders present at any such meeting. Section 3. The corporation shall ha ve a perpetual lien against all stock i8Sued and outstanding to secure to it the payment to any assessment levied hereunder. Section 4. Nothing in this article contained shall be oonstrued in any manner to prevent the corporation Crom bringing an action at law against a delinquent stockholder for the recovery of any delinquent assessment nor as a waiver of any other remedy for that purpose. Section 5. No certificates of stock shall be transferrable on the books of this corporation while any 8ssessment thereon shall remain due and unpaid. Section 6" All stock certificates hereafter to be issued ~hall contain a sufficient extract from these by.laws written or printed thereon to give notice to persons interested that: (a) A lien is reserved by the corporation upon the stock for the payment of assessments; (b) that there is a restriction upon the transfer thereof ....hile any assessment is unpaid" Section 7. The Board of Directors shall each year after an assessment on the stock of this corporation shall have been levied, whether by a stockholder's meeting or by the Board of Directors. fix by its resolution the date upon which the said assessment shall become due and cause the Secretary to give notice 10 /, measuring and distribution of water to such an extent as shall be required and the financial conditions ofthe oorporation will permit, with the sole purpose and intention to carry, efficiently, economically, and to distribute, equitably, the water of the corporation to its stockholders. (e) To compel the impartial and general collection of a88essments levied and to be levied. (f) To withhold the delivery of water to stockholders or consumers who claim under stock, the assessment upon which has become delinquent and remains unpaid, until such assessment shall have been paid. Also, they shall employ every lawful means to collect such assessmen ts. (g) The Board of Directors, in its discretion, shall have the power to employ and pay outof the funds ofthe company, a full-time manager, whose duties. subject to the approval of the Board of Directors, shall be provided and limited as follows: (L) To manage, supervise and divide the water available for distribution to the stockholders of the company and to make such deliveries and distribution of water on a fair and equitable basis among the stockholders entitled thereto; (2) To make and supervise necessary minor repairs to the irrigation system and other property of the company; (3) Such manager is hereby forbidden to own, buy, sell, or in any way profit from the sale transfer or rent of, water or shares in the company entitling the holder thereof to the use of water; and any such manager shall forwith be discharged for any violation of the prohibition. (h) In accordance with CRS 1963, 31-14-4, sub- paragraphs 3 and 4 as amended, the Board of Directors may declare a forfeit or sale of stock on the failure of any stockholder to pay the installments or assessments by the corporation that may, from time to time, become due. Provided, however, that demand shall have been made upon said stockholder for the amountduethereon either in person or by written or printed notice duly mailed to the last known address of such stock bolder, at least thirty (30) days prior to the time when said forfeiture is to take effect; but tbe proceeds of any sale over and above the amount due on said shares, shall be paid the delinquent stockholder. " 7