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<br />ARTICLE XII <br />INDEMNIFICATION <br /> <br />The corporation shall indemnify each of its <br />directors, or officers, agents, and employees or former <br />dire~tors, officers, agents, or employees or any affiliated <br />organization to the maximum extent permitted by law. <br /> <br />ARTICLE XIII <br />UAB IUTY <br /> <br />Personal liability of a director ,of the corporation <br />for monetary damages for breach of fiduciary duties as a <br />director of the corporation to the corporation or to its <br />stockholders is eliminated to the maxim.um extent <br />permitted by law, <br /> <br />ARTICLE XIV <br />DISTRIBUTION OF WATER <br /> <br />1. A manager may be appointed by the Board <br />and shaH have charge of the waters carried by the <br />Corporation's system under the direction of the Board. <br /> <br />2. No stockholder shall take or cause to be taken <br />more than his proportionate share of water from the <br />system, <br /> <br />3, No 'one shall draw water. (rom the ,system <br />without notifying the manager. <br /> <br />4, . The comp'any may transport water allotted by <br />the Northern Colorado Water Conservancy District or <br />any other (oreign water not owned by the Company, (or <br />individuals who are stockholders or." non~stockholders o( <br />this company, upon such terms and conditions and (or <br />such considerations as the Board o( Directors o( the <br />company may from time to time determine. Delivery o( <br />such water shall be made at an established point in the <br />Company's system, and the stockholder or non~ <br />stockholder shall arrange (or the transportation o( the <br />water from the point o( delivery to the place of use. <br /> <br />5.' The Board of Directors shall have the <br />unrestricted discretion to control the location and <br />construction of checks, headgates and other diversion <br />structures Installed in the system, and as a condition for <br />permitting any such checks, headgates 01" diversion <br />structures, to require compliance wi~h, such structural or <br />engineering specifications as are reasonably necessary to <br />insure the safety and structural integrity of the system <br />and the unimpeded and undiminished flow of water <br />therein. '. <br /> <br />6. It shall be the policy of the !=orporation, its <br />directors and officers that all decreed water allocated to <br />or delivered by the corporation to its stockholders or <br />others shall be beneficially used and administered only <br />within' the boundaries of the Corporation's area of <br />service. . <br /> <br />7. Each stockholder or person receiving water <br />through the corporation system desiring to change the <br />place 10 which any water he may be entitled shall be <br />delivered or to make any change in water rights of any <br />kind or nature shall make prior written request to the <br />Board, If in the opinion of the Board, such change can be <br />made without injury to the', ditch, the reservoir, the <br />corporation or other stockholders, such water may be <br />delivered to such place o~ places as requested upon <br />such terms and conditions imposed by'the Board. After <br />such Board approval, such person shall notify in. writing <br />all stockholders and other persons affected by the <br />change prior to such change. <br /> <br />8. Except as hereinafter provided, no water shall <br />be furnished to other than stock owners/ and to them <br />only in proportion as the amount o( stock they own or <br />control is to the whole capital slock of (he company, [t is <br />made the duty of the manager of this comp:my each and <br />every year before any water is drawn from the <br />reservoirs of the company, to ascertain as near as may <br />be the amount of water contained in said reservoirs, and <br />to make and estimate of the number of days said water <br />can be continuously run in the ditches of the company <br />upon a basis of 1/10 cubic (oot water per second time <br />per share, and stockholders desiring to use water for <br />. irrigation, may have the same turned out \0 them upon <br />this basis at a regular hour on any day between May 1 <br />and October 31 each year (both dates inclusive), In <br />order that water may not be run to disadvantage or <br />waste, it shall be necessary that at least 20 CFS (including <br />the call o( the Town of Johnstown) be ordered to initiate <br />or to continue daily water delivery service, All river water <br />belonging to the company run in the ditches, and all <br />surplus water turned into the reservoirs after they have <br />been measured shall be divided pro rata among the <br />stockholders. All water not delivered pursuant to such <br />calls prior to the first day of November shall be forfeited <br />to the company for the benefit of all its shareholders to <br />be apportioned among them for delivery during the next <br />succeeding year. (Domestic water delivered to the Town <br />of Johnstown after November 1 shall be excepted and <br />shall be governed by agreement entered into between <br />Johnstown and the Company,) <br /> <br />ARTICLE XV <br />ASSESSMENT ON STOCK AND LIEN <br /> <br />,. If the corporation deems it necessary to raise <br />(unds to keep its ditch, canal, or reservoir in good repair <br />or to pay any indebtedness theretofore contracted or the <br />interest thereon, the corporation shall have power to <br />make an assessment on the capital stock thereof, to be <br />levied pro rata on the shares of stock payable in money, <br />labor/ or both, (or the purpose o( keeping the property of <br />the corporation in good repair and (or the payment of <br />any indebtedness or interest thereon. <br /> <br />2. But no such assessment shall be made unless <br />the question o( making the assessment is first submitted <br />