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I I I I I I I I I I I I I CHAPTER II THE NORTH POUDRE IRRIGATION COMPANY a. History of Organization. The North Poudre Irrigation Company was incorporated on July 31, 1901 for a term of twenty years. Later the stockholders provided for perpetual existence. The company is a mutual ditch and reservoir company under the laws of the state of Colorado. The provisions relating to ditch and reservoir companies in particular begin in C.R.S. 1973 7-42-101 to 7-42-117. b. Laws under which organized: We will furnish certified copies of the Articles of Incorporation and a copy of By-Laws. c. Powers and authorities of organization: (1) The North poudre Irrigation Company has the right of eminent domain. See C.R.S. 1973 38-2-101. (2) Taxing or assessing authority. North Poudre is not a governmental body and does not have the power to impose real estate taxes. There is the authority to make an assessment on stock as is provided in C.R.S. 1973 7-42-104. (3) Authority to enter into contractual arrangements. General powers of the corporation are set forth in Colorado Revised Statutes 1973 7-22-101. See (e) which gives the power to transfer all or part of its property; (h) which gives the right to make contracts and incur liabilities and (q) to have and exercise all powers necessary or convenient to effect any and all of the purposes for which the corporation is organized. I I I I I I (4) Authority to vest title to the project or a portion thereof in the Colorado Water Conservation Board: This authority would be under the general powers previously referred to in paragraph 3. d. Financial status. In I\ppendix "A" are balance sheets showing income and expenditures for the two most recent years of operation namely 1979 and 1980. These reports are copies of audit reports furnished to the board. e. Physical assets: The North Poudre Irrigation Company operates 22 reservoir storage facilities and approximately -5- - -~