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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />D. <br /> <br />CHAPTER II; THE NORTH POUDRE IRRIGATION COMPANY <br /> <br />A. <br /> <br />History of Orqanization. The North Poudre Irrigation Company <br />was incorporated on July 31, 1901 for a term of twenty years. <br />Later, the stockholders provided for perpetual existence. <br />The company is a mutual ditch and reservoir company under the <br />laws of the State of Colorado. The provisions relating to <br />ditch and reservoir companies in particular begin in C.R.S. <br />7-40-102, 7-40-104, and 7-42-101 to 7-42-117. <br /> <br />The North Poudre irrigation company has offices in Wel- <br />lington, Colorado. It operates 22 storage reservoirs and <br />approximately 200 miles of ditches delivering water to its <br />share holders. There are 10,000 shares of stock authorized <br />and issued. There are at least 520 shareholders. <br /> <br />B. <br /> <br />Laws Under Which Orqanized. Please refer to Appendix B, <br />containing Articles of Incorporation and By-Laws of the North <br />Poudre Irrigation Company. <br /> <br />C. <br /> <br />Powers a~d Authorities of ~he Orqanizatio~. The North Poudre <br />Irrigation Company has the following powers and authorities: <br /> <br />1. The North Poudre Irrigation Company has the right of <br />eminent domain. See C.R.S. 1973 38-2-101. <br /> <br />2. Taxing or assessing authority: The North Poudre <br />Irrigation Company is not a governmental body and does <br />not have the power to impose real estate taxes. There <br />is the authority to make an assessment on stock as is <br />provided in C.R.S. 1973 7-42-104. <br /> <br />3. Authority to enter into contractual arrangements: <br />General powers of the corporation are set forth in <br />Colorado Revised Statutes 1973 7-22-101. See (e) which <br />gives to power to transfer all or part of its property; <br />(h) which gives the right to make contracts and incur <br />liabilities and (q) to have and exercise all powers <br />necessary or convenient to effect any and all of the <br />purposes for which the corporation is organized. <br /> <br />4. <br /> <br />Authority to vest title <br />thereof in the Colorado <br />authority would be under <br />referred to in Paragraph <br /> <br />to the project or a portion <br />Water Conservation Board: This <br />the general powers previously <br />3. <br /> <br />Financial Status. The fOllowing is a summary of the North <br />poudre Irrigation Company's financial report for 1988 which <br />is copied in full in Appendix C. This summary includes all <br />income, assets, and liabilities of the North Poudre Irriga- <br />tion Company as compiled by the accountant firm of Brock, <br />Watkins, and Schommer. <br /> <br />II-l <br />