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

SECTION Z __ Collection: The directors arc empowered Lo declare a forfeiture
DC ..toak (or unpnld a.....manU which mAY at any Um. be or boeome due th.r.on,
said !orCeiture to be ml\de In accordance with the Statute. or tho State of Colorado
i. relative thereto. Il is hereby made the duly of the Secretary to sell and dispose
of such Corfeited stock at public snle, at such time and place as the directors may
determine, thirty days' notice of such sale having been given by advertisement in
a daily or weekly newspaper published in the City of La Ju~la, Otero County, Colo-
~ rarle, and demand {or the amount due thereon having been made either in person
or by written or printed notice duly ,mailed to the last known address of the holder
or holders oC such stock, at least thirty days prior to such sale. All assessments
1 ., delinquent more than thirty days shall bear interest at the rate of one per cent per
,\/1....1 I?-month or fraction thereof from the due date thereof, and nothing he~ein contained
\ ~ ") shall be construed to prevent the Company from maintaining an action against any
stockholder, in any court having jurisdiction, to collect delinquent assessments
and interest thereon. The Company shall have a lien upon corporate stock for de-
linquent assessments. All remedies herein provided for the collection of delinquent
assessments upon corporate slack of this Company shall be cumulative and the exer-
cise of onc or more of such remedies shall not prevent the board of directors from
invoking the other or others for the collection of such assessments.

II
I

I

1

I

1

1

t

.,.1-

I'

I

1

I

I

I

I

I

1

I

L

ARTICLE V

Assessments

SECTION I __ Levy: Each share of the capital stock which shall have been issued
shall be subjec~annual pro rata asses sment for the maintenance and operating
expenses of the Company's canal, in an amount to be determined by the stockhol-
ders at the regut.ar annual meeting. and for the payment of outstanding indebtedness
of the Company and interest thereon; provided. that a majority of the stockholders
shall have power at any regular meeting or at a special meeting called for that pur-
pose to make any special assessment rendcred necessary to meet unforseen con-
tingencies in the operating expenses of said canal. Said assessments shall be due
at such times as the board of directors shall fix.

ARTICLE VI

Miscellaneous

SECTION 1 __ Equitable Distribution of Water: In order that the water may be
equitably distributed among the stockholders, the direclors and the persons en-
trusted by them with the management of the ditch, are empowered to rotatc wa-
tcr among consumers, or to divide the <liteh into districts for the distribution of
water, or to adopt such other methods as in their judgment may, from time to
time, become necessary to secure to all stockholders their proportionate share
of water.

SECTION 2: If, in the distribution of water, any stockholder may, at any time,
fail to receive his or her proportionate share, the Company shall not be liable
to such stockholder in damages, iC such failure was caused by an error in judg-
ment on the part of those charged wilh the distribution of water, or by reason of
circumstances beyond the control of such persons, but shall only be liable in case
such failure to distribute water equitably was the result of some wilful discrimina-
tion against such stockholder on the. part of the directors or of those charged by
the directors with the distribution of water.

-6-