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<br />Chapter II - Description of Sponsoring Entity <br /> <br />'1 <br />i <br /> <br />The Ryan Gulch Reservoir Company (Company) is a Corporation organized under the laws <br />of the State of Colorado on January 22, 1905. The Company was organized for the purpose of <br />constructing the reservoir to store irrigation water. The original capital stock was $10,000, which <br />was divided into 100 shares equal to $100 each. A board of five directors manages the Company. <br />The directors of the Company are empowered to make enact by-laws, as they deem necessary for <br />the proper management of the affairs of the Company. Copies of the articles of incorporation and <br />bylaws are presented in Appendix D. <br /> <br />1 <br />.1 <br /> <br />The officers of the Company consist of President, Secretary, and Treasurer. The stock, <br />property and business is controlled under the Board of Directors in accordance with the Charter of <br />the Company. The Directors of the Company are chosen annually from the Stockholders of the <br />Company at an annual meeting. Each stockholder is entitled to as many votes as shares owned. <br />Meetings of the Board of Directors are periodically conducted and must be attended by the President <br />or Secretary and a majority of the members of the Board to constitute a quorum for the transaction <br />of business. <br /> <br />- :: <br /> <br />Assessments may be voted or levied upon the stock of the Company for defraying the <br />expenses or obligations of the Company. The assessment may be voted upon by the majority of <br />stockholders at the annual stockholders meeting or at any special meeting called for the purpose of <br />assessing assessments. Copies of the financial statements for 1995, 1996 and 1997 are presented in <br />Appendix C. <br /> <br />.-; <br /> <br />. J <br /> <br />Each share of stock is subject to an annual assessment to be levied pro-rata, for the purpose <br />of providing funds for the following: <br />1. The operation and maintenance for the Ryan Gulch Reservoir Company and its <br />pro!)~rty for the following year; <br />2. Capital improvements including but not limited to improvements to Ryan Gulch <br />Reservoir Company property or purchase of water rights; <br /> <br />C.\WORX.\PROJECTS\RY AN\FEASREPORTlRY ANRPT,DOC <br /> <br />3 <br /> <br />DecanbcrJI.I998 <br />