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<br />indebtedness, together with interest thereon, by mortgages, deeds of trust, or other forms of
<br />encumbrance; and to levy and collect assessments pro rata on all of the stock of our said
<br />Company for the repayment of any funds which may be borrowed, and for the payment of any
<br />other indebtedness or obligation of our said Company and of the principal, interest, and any
<br />other lawful charges in connection therewith.
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<br />D. In general to carry on any other business whatsoever which may be deemed desirable or
<br />advantageous, directly or indirectly, in connection with the foregoing objects and purposed, or to
<br />enhance the value of its properties or promote the interest of the Company, and to have, enjoy,
<br />and exercise all such rights, powers and privileges as may now or hereafter be conferred upon
<br />corporations of this nature under the laws of Colorado.
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<br />THIRD. Caoital Stock
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<br />A. The capital stock of our said Company shall consist of 8,967.58 shares of common stock,
<br />without nominal or par value. The stock of our said Company, when issued and outstanding,
<br />shall be subject to assessments to be levied, pro rata, on all of said shares of stock issued and
<br />outstanding, which assessments shall be payable at such times and in such amounts as shall be
<br />adequate for the purposes of maintaining, operating, altering, enlarging, improving, extending,
<br />and construction said reservoir, dams, ditches, canals, outlets, and other fixtures, appliances,
<br />property and property rights of our said Company, and keeping all of said property in good repair,
<br />and to satisfy and discharge all proper expenses and indebtedness incurred by the Company.
<br />Such assessments shall be levied upon the owners and holders of the capital stock of our said
<br />Company, in such amounts and at such times as may be fixed and determined by the
<br />stockholders in accordance with the statutes of the State of Colorado, and the by-laws of our said
<br />Company. If any such assessments so levied are not paid within the time specified in the
<br />assessment notice, the payment thereof may be enforced by such methods as may be
<br />determined by the Board of Directors or our said Company.
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<br />B. No dividends, income, or profit shall ever be paid by our said Company to the owners and
<br />holders of the above-mentioned shares of stock, but the said stock shall be issued and held by
<br />the respective stockholders of said Company only as evidence of their proportionate ownership
<br />in the said Lake Henry Reservoir, its appurtenances and the water rights decreed thereto.
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<br />C. The shares of stock of the Company shall be freely transferable to any person, corporation,
<br />municipal corporation or other entity and the person, corporation, municipal corporation or other
<br />entity to whom such shares are transferred shall enjoy the same rights and privileges conferred
<br />by these Articles of Incorporation as if he or it as the case may be had been the original holder of
<br />such shares. Any such transfer shall first be submitted to the Board of Directors and shall be
<br />subject to such reasonable terms and conditions as necessary to protect the use of water by
<br />other shareholders.
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<br />FOURTH. Coroorate Existence
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<br />This corporation shall have perpetual existence.
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<br />FIFTH. Board of Directors
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<br />A. The business and management of our said Company shall be under the control and direction
<br />of a board of five directors. At any regular or special meeting of said Board of Directors a
<br />majority of the members or said Board shall constitute a quorum.
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<br />B. Directors of our said Company shall be elected annually, at the meeting of said stockholders,
<br />by a majority vote of all of the stock of our said Company issued and outstanding. All directors
<br />shall be residents of Colorado and shall be stockholders of the Company or authorized
<br />representatives of stockholders of the Company. If any vacancy occurs among said five
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