PROJ00338

• Contract/PO #: C153749
• Contractor Name: DeWeese-Dye Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 12
• County: Custer
• Bill Number: FSL
• Loan Projects - Doc Type: Feasibility Study

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SECTION 2. SHAREHOLDERS ASSESSMENTS. Assessments of
shareholders shall be determined at" the annual meeting and voted
on by all shareholders present. The Board of Directors shall
make a' recommendation for assessment based upon the needs to
maintain and or renovate, the reservoir, mains, laterals and
ditches to provide water to the shareholders.

SECTION, 3. CONTRACTS. The Board of Directors may
authorize any officer to enter into any contract or execute and
deliver any instrument in the name of and on behalf of the
corporation, and such authority may be general or confined to
specific instances.

SECTION 4. LOANS. No loans shall be contracted on
behalf of the corporation ~~d no evidences of indebtedness shall
be issued in its name unless authorized by a resolution of the
aoard of Directors. Such au~ority shall be confined to specific
instances.

SECTION 5. PAY~~T. All checks, drafts or other
orders for, the payment of mcney, notes or other evidences of
indebtedness issued in the name of the corporation, shall be
signed by the President and Secretary of the corporation, in such
manner as shall from time eo time be determined by resolution of
the Board of Directors.

SECTION 6. DE?OS:TS. All funes of the corporation
shall be deposited from t;me to time to the credit of the
corporation in such banks, trust companies or other depositories
as the Board of Directors may select.

ARTICLE VI. CERT:::rCATES FOR SHARES AND TRANSFER

SECTION 1. CERTIFICATES FOR SHARES. Certificates
representing shares of the corporation shall be in such form as
shall be determined by the Board of Directors. Such certificates
shall be signed by the President and by the Secretary and seal~d
with the corporate seal. All certificates for shares shall be
consecutively- numbered. The name and address of the person to
whom the shares represented thereby are issued, with the number
of shares and date of issue, shall be entered on the stock
transfer books of the corporation. All certificates surrendered
to the corporation for transfer shall be cancelled and no new
certificate shall be issued until the former certificate for a
like number of shares shall have been surrendered and cancelled,
except that in case of a,lost, destroyed or mutilated certificate
a new one may be issued therefor upon such terms and indemnity to
the corporation as the Board of Directors may prescribe.

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