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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such proportion of the water Dowing in said canal at any lime as the number of
shares owned by him bears to the number of outstanding shares of slock of the
Company. Provided, that if at any time any portion of the outstanding stock of
the Company shall not be nceding: or calling for the waler to which it is entitled,
then the shares of any stockholder needing and calling for water shall receive
such portion of the water Dowing in the canal as said shares bear to the whole
number of shares needing or calling for water. Nothing herein contained shall
authorize the delivery of water which has been transferred to the Company's
canal by a decree of court, to shareholders who have not participated in paying
assessments levied for the purchase of such water.

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SECTION 3 ~_ Transfer of Certificates: Each certificate of stock shall desig-
nate the land upon which the stockholder owning the same is to apply the water
represented by said certificate, at the rate of one share {or every acre, and
such water shall not be applied La any other lanu than that specified in the eer-
tHiel.h. unto.. n noW cO..uttClAto or stock it issued rcloco.tinll said water upon
other lands, and no such new certificate shall be issued until the otd cert1!icate
has been surrendered to the secretary for cancellation. The transfer of water
from one piece of land to another, under the canal, shall be wholly within the
power, and subject to thej.tdgment of the board of directors, and no such trans-
fer shall be allowed except by resolution duly adopted and spre'ad upon the min-
utes at a regular or special meeting of said directors. In case a portion of the
land owned by any stockholder and to which water is attached lies above the ca-
nal of the Company, the board of directors may, in its discretion, permit the
pumping of water from the Company's canal to and upon said lands lying above
said canal; such pumping shall not, however, be a matter of right and shall only
be allowed by the board of directors in cases where no stockholder shall be in-
jured by such pumping:.

SECTION 4 _w Lost Certificates: New certificates shall be i5sued in case one
is declared to be lost, in accordance with Sections lS2.(I} to 152.(S}, inclusive,
of Chapter 41, 1935 C. S. A.. as amended.

SECTION 5: The books of the Company shall be closed for' the transfer of
stock ten days before the annual meeting of the stockholders.

SECTION 6 __ Headgates: The board of directors shall, by resolution duly
adopted and spread upon the minutes of the meeting at which such resolution
is adopted, prescribe the rules of the Company with reference to the installa-
tion of l;:;teral headgates upon the Company's right of way, provided said lat-
eral headgates shall be installed by the Company at the expense of the stock-
holder. Said headgates shall remain the properly of the stockholder or stock-
holders paying for the same, but they shall at all times be under the exclusive
control, jurisdiction and management of the board of directors.

SECTION 7: No stockholder shall at any time, except by express written per-
mission and authorization from the Manager, open, adjust or otherwise inter-
fere with any headgatc. The license to place said lateral headgates upon the
right of way of the Company and in the bank of the ditch, shall at all times be
revocable by the board of directors for any cause or reaSon which, in its judg-
ment, renders it to the best interest of the Company and its stockholders to
cancel or revoke such license. Upon such revocation it shall be lawful [or the
board of directors to direct the Manager or such other person or persons as it
shall see fit, to remove such hcadgate from the right of way of the Company.
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