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I I I I I I I I I I I I I I I I I I I I thereto, and to acquire by purchase, condemnation, contract or other lawful means the right to convey said water through ditches already constructed for irrigation purposes." (Second section, paragraph e). 2. Assessing authority. The Certificate of Incorporation states in the second section, paragraph (i) "To borrow money on its note or otherwise for corporate pur- poses, and to provide for the payment of the same by assessment on its full paid capital stock or by Deed of Trust or Mortgage on its corporate property," 3. Authority to enter into agreement with the Colorado Water Conservation Board. The Ish Reservoir Company may" ... take, own and convey real estate the same as a natural person, and to purchase, acquire, hold, own, sell, mortgage, convey and dispose of the same, and generally to deal in lands and water rights in said Boulder, Larimer and Weld Counties, Colorado, as shall be necessary or convenient for the purposes for which this com- pany is organized," (Second section of Certificate of Incorporation, paragraph j). 4. Authority to vest title to the project or a portion thereof in the Colorado Water Conservation Board. The Board of Directors is charged with the "power to make such pruden- tial bylaws as they may deem proper for the management of the affairs of the corporation according to the Statute in such case may and provided." (Section nine of Certificate of Incorporation). Article XII of the bylaws states "It shall be the duty of the Board of Directors, by a majority vote, and they are hereby authorized to make all contracts that may be deemed necessary for the carrying on of all kinds of business within the objects and purposes of this Company." -9- ,J. :;1 i ,ill I