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<br />Q <br /> <br />Q <br />IV' <br /> <br />. <br /> <br />. <br /> <br />ARTICLE XII. <br /> <br />USE OF WATER <br /> <br />Section 1. Each share of stock of this company shall <br />entitle its holder of record on the books of the company, to be <br />use each year of its pro-rata share of all the water stored in, <br />carried by and distributed through the irrigation system of said <br />company. <br /> <br />ARTICLE XIII. <br /> <br />BOARD OF DIRECTORS <br /> <br />Section 1. Powers. The Board of Directors shall have power <br />to appoint (l superintendent to whom may be delegated such powers <br />relative to the distribution of water and the maintenance of the <br />irrigation system as the board of directors may by resolution <br />direct. <br /> <br />. Section 2. To appoint and remove at pleasure, all employees <br />and agents of the company; prescribe their duties; fix their <br />compensation, and require of them such security for the faithful <br />performance of their duties as they may dee~ best. <br /> <br />Section 3. To make rules and regulations, not inconsistent <br />with the statutes ~ the State of Colorado, the Articles of Incor- <br />poration or the By~Laws, for the guidance of the officers and <br />employees of the company in the management of the company, and <br />prescribe such rules as may be necessary from time to time for <br />distribution of water from the irrigation system of the company, <br />and have all such other powers as are usually exercised by the <br />board of directors of companies of like character. <br /> <br />AHTICLE XIV. <br />ANNUAL REPORT <br /> <br />The board of directors shall cause a report in writing to be <br />made to the annual stockholders' meeting each year, of the following <br />items: <br /> <br />(a) Amount spent by the company during the preceding <br />year and generally the purpose for which such money was <br />expended. <br /> <br />(b) The amount of money due the company and generally <br />the sources from which such money is due. <br /> <br />(c) The amount of obligations of the company at that <br />time, and the amount thereof maturing during the ensuing <br />year. <br /> <br />(d) Repairs and extensions needed for the ensuing year <br />and the probable cost thereof. <br /> <br />(e) The amount of money necessary to cover the maintenance <br />and operation of the company's irrigation system for the <br />ensuing year. <br /> <br />(f) A recommendation as to the amount of money necessary <br />to be raised for the purposes of the company, by asseamnent, <br />for the ensuing year. <br /> <br />-6- <br /> <br />! <br /> <br />------------ <br /> <br />-- <br /> <br />-j---.~~--- <br />---~, <br /> <br />