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PROJ00176
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Last modified
11/19/2009 11:22:22 AM
Creation date
10/5/2006 11:42:02 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C153542
Contractor Name
Fruitland Irrigation Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
SB 88-30
Loan Projects - Doc Type
Feasibility Study
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<br /> <br />. <br /> <br />ARTICLE VI <br /> <br />Stock Ce rtificates <br /> <br />Secthon 1. Certificates. Stock of the cor- <br />poration shaH be evidenced by certificate <br />which Sihall be In such form and contain such <br />provisions as s,hall be determIned by the Board <br />of Directors; such certificate shan be signed <br />by the president and by the secretary of the <br />cQI'Iporation, and the corporate seal shall be <br />affixed thereto. <br /> <br />Section 2. Transfer,of Stock. No trans- <br />fer of stock shall be made except upon the <br />books of the company, either in person 01'- by' , <br />.attorney, and the hooks of the company shall <br />shlYW from whom and to whom such transfer <br />was made, the date thereof, the number of the <br />original certificate, the number of original <br />shares, and the nUIIlIbe'r of shares transferred. <br />Before issuing any new certificate of stock tlhe <br />old certld'lcate shaH be dellvered to the com- <br />pany and shall .be cancelled and fiIed---'io,. the ....- - - <br />records of the COODI)any. No certificate of stock <br />shall be transferred whlle the assignor of said <br />certWcate is indebted to the company. The <br />board of directors shan determine the fee to <br />be charged for issuing stock certifIcates. <br /> <br />Section 3. Lost Certificate. In case of a <br />lost, destroyed or mutjlated certificate, a new <br />certificat.e may be Issued therefor upon such <br />terms and such indemnity to the corporation <br />as the Board of Directors may prescribe. <br />12 <br /> <br />ARTICLE VII <br /> <br />Assessments <br /> <br />Section 1. Lev y of Assessments. The <br />stockholders, at the annual meeting of the <br />corporation, shall levy an assessment on the <br />capital stock of the c.omI)any, to be levied pro <br />rat.a on all shares of sto.ck, payable in money, <br />for the purpose of keepin'g the property of the <br />corporation in good repair and for the pay- <br />ment. of any claim against the corporatl.on not <br />otherwise provided for. In the event the stock- <br />holders shOUld fail to make a levy, tile Board <br />,of Dir~ctors shall have power to levy from <br />time to time assessments for the operation and' <br />maintenance of the reservoirs. canals and oth- <br />er works owned by the corporation, such as. <br />sessment, however, made by the Board of Di- <br />reetors shall not eJ:ceed funds to cover neces- <br />sary operation and maintenance. <br />Limitation on Assessments <br />The Board of Directors shall have authori- <br />ty to incur Indebtedness and expenses in the <br />normal operation of the company; provided, <br />however, that no indebtedness, bonded or oth- <br />erwise, or expenses, shall be incurred which <br />cannot be discharged in the year incurred by <br />a stock &8seesment of 1St per share .,or less. <br />Any indebtedness or expenses contemplated by <br />the Board of Directors which shall exceed a <br />levy of fifteen cents (1St) per share ,shall be in- <br />curred only by a majority vote'of the stock- <br />holders at any annual or special meeting of <br />the stockholders. 13 <br />
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