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<br />, <br /> <br />,.' <br /> <br />. <br /> <br />. <br /> <br />----- <br /> <br />, <br /> <br />Beginning at said point where water is so taken <br />from the canal of the Grand Valley Irrigation <br />Company; thence West 2,640 feet; thence Southerly <br />1,320 feet; thence Westerly 1,320 feet; thence <br />Southerly 600 feet; thence Southwesterly 900 feet; <br />thence Westerly 900 feet; thence Southerly 3,300 <br />feet; thence Westerly 1,320 feet; which point shall <br />be the termination of said Elmwood Lateral Ditch. <br /> <br />ARTICLE V. <br /> <br />~ <br /> <br />This corporation is authorized to issue two classes of <br /> <br />stock, to-wit, 10,000 shares of Class A stock without par value, <br />which stock shall be available for issuance and sale only <br />to persons who own stock of the Grand Valley Irrigation <br />Company and who need and desire such irrigation water to <br />be carried or transported through the Elmwood Lateral Ditch; <br />1,000 shares of stock without par value to be designated <br />as Class B stock shall be available to persons who desire <br />to have water transported through said Elmwood Lateral <br />Ditch derived from the Grand Valley Irrigation Company, <br />but not supplied to such individuals because of the owner- <br />ship by them of stock of the Grand Valley Irrigation Company. <br /> <br />All of the stock issued by this corporation shall. be <br /> <br />subject to assessment as provided by the Statutes and Laws of the <br /> <br />State of Colorado applicable to corporations engaged in the business <br /> <br />of conveying water for irrigation purposes. Class B stock shall not <br /> <br />be entitled to vote at any meeting of stockholders. <br /> <br />No dividend or distribution of the property of this cor- <br /> <br />poration shall be made until all debts are fully paid and then only <br /> <br />upon dissolution hereof. <br /> <br />ARTICLE VI. <br /> <br />REGISTERED OFFICE <br /> <br />The address of the initial registered office of the <br /> <br />corporation is Route 1, Fruita, Colorado. <br /> <br />ARTICLE VII. <br /> <br />REGISTERED AGENT <br /> <br />The name of the initial registered agent of the 'cor- <br /> <br />poration is Alva A. Reid, Route 1, Fruita, Colorado. <br /> <br />-3- <br /> <br />L.- <br />\ <br />