C150040 Feasibility Study

• Contract/PO #: C150040
• Contractor Name: Otero Ditch Company
• Contract Type: Loan
• Water District: 17
• County: Otero
• Bill Number: EIA
• Loan Projects - Doc Type: Feasibility Study

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SECTION 4 __ Bond: The board of directors shall require the secretary to
execute a good and sufficient bond La the Company in an amount not less than
$5.000.00, for the [aith1ul performance of his duties as secretary.

SECTION 5 __ Treasurer: The treasurer shall ael as financial agent for the
Company and shaf~disbursc the funds of the Cornpany under the direclion of tbe
board of direclors. The deposit account shall be kept in the name of tbe Company
and the treaSurer.. shall see thallhc books of account aTC kept in proper form and
according to law, 'and upon the discovery of any delinquency in the accounts of
;'I.flY of the officers or clnployccs of the Company he shall report the same in writ-
ing to the president. or on his absence report the saDIe to tbe vice-president.

SECTION 6: He shall pay all vouchcrs which shall have received tbe approval
of thc boar<l of dir'ectors or of any person duly authorizcd by them. anu he shall
pay no voucher, account or onler which has not receivcd sucb approval.

Slo::C'fJON 7: All youchor_, hUl.., cu'du" 1\1'111 "1:<<10\'"" p..id by \)\d tr.".urar
shall be fileu with the secretary, and a det:dled statement in writing of the re-
ceipts and expenditures of the COIll}nny and the b<tlancc on hand althc date of
snch statcmcnt, and his books and accounts by whomever kept, shall be at all
times open to the board and ;"lny committee thereof and to any' stockholder, for
inspection.'

SECTION 8: At the expir;"ltion of his tern' or office the treasurer shall turn
over lo his successor all moneys and effects in his hands belonging to the Com-
p;'lny, accompanied:by a f\lll detailed. statement al'lll report of the same.

SECTION 9;..- S\1pCI'intendent: The s\lpcrintcrnlcnt 5h:1.11 h:lvC charge of the oper-
ation of the C;;~\-p:\nyls sy~lC"rn and 511:\11 :\ct in all 'Jl1:\llers under. the direction of
the board of directors. His tenure of office :ind that or the secrel.:\ry and treas-
urer shall be at the ple;'lsnre of the hoard <'lnd they shall receive such salary for
their services as sh;"lll be fixed by the board:

ARTICLE IV

Corporate Stock

SECTION I :"'_ Certificates: Each stockholder of the Company'shall receive a
certificate or cerlific."'\tcs [or the number of shares of corporate stock to which
hc may be. entitled, to the extent of one sh;'lrc of slock for each acre of land to
be irrigated and fractional sh:ucs may, in the tliscr~lion of the board, be issued
for fractional areas. . Each share of the capital stock of the said Company so is-
sued shall be f\l]1"y p~id, and each c.ertificate thereof shall be signed by the pt'csi-
dent ;"lOU secretary of the Company, under the seal thereof, and shall be num1)ered
in the order in wh!ch it is issued.

SECTION Z __ Allocation of \V.'der:' Each holder of C:l.pital stock shall be entitled
to receive when av...ilable C;om the Company's c...nal, water for domestic purposes
and for the irrigation of lanll!> lying under the line of the saill canal, or extension
thereof, owned,or controllerl hy the' said sh;""trehohler. The Company shal,l not be'
under obligation to furnish lo any stockholuer any particular amount of water, but
each holder of corporate sl~ck in this C01'npany shall be entitled to rec~ive frorrl
the Company's c.ma\, for the irriG:alion of lands lying ~ndcr the line of said. canal,

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