C153770 Feasibility Study

• Contract/PO #: C153770
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 32
• County: Montezuma
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Feasibility Study

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ARTICLE V
Board of Directore
Section 1. Directors. The S�it Reeervoir S Irrigation
Company shall have a Board af Directore coneieting of three (3)
membera. Directora shall not be required to be reaidente of the
State of Colorado, but muat be Stockholdere of the Summit
Reservoir S Irrigation Campany to serve. Directore ahall
initially be elected ae follova: 1 director to eerve for a 3
year ierm; 1 director to eerve for a 2 year term; and 1 director
to serve for a 1 year Cerm and thereafter each Dire�tor shall be
elected to n 3 yeec term or until their euccesaora are elected.
Section 2. Vacancies. Vacanciea on the Board of
Directors may be filled for the unexpired term of the predecesaor
in otfice by a majority vote of the remaining Directors at any
mee[ing of the eoard of Directore.
Section 3. p r d Dut' s of the D' [ The Board
of Directora ehall have control and genaral managemant of tha
affaira, property and bueineea of the Su�it Reaervoir a
Irriqation Company and, eubject to theee bylave, may adopt such
rulea and regulationa for that purpoee end for the aonduct of ita
meetinqs as the Board of Directora may deem proper. Suoh powere
ehall include but not be limited to the appointment and removal
of the officers of the Summit Reaervoir 6 Irrigation Cospany
apecified haiein.
Section 4. Records of Acc t. It shall be the duty af the
Directora of the Summit Reaervoir 6 Irrigation Company to cause
to be kept at the office of the Summit Reeervoir 6 Irrigation
Company at Doloree� Colorado, correct records of accoun[ of all
ita 6uainesa.
Section 5. Stock Records. It ehall be the duty of the
Directora of the Summit Reservoir 6 Irrigation Company to cauee a
600k Co 5e kept by the Secretary-Treasurer, containinq the nemes
of all peraons vho ara Stockholders of the Summit Reservoir S
Irrigation Company, ehoving their places of reeidence, the num6er
of ahares of atock held by tham, and the date vhen they became
the ovnera of euoh eharae and the timn they ceaeed to be
Stoekholdera. In the caee of e pledge of any atxk, e memorandum
ahell be made upon the records of the Su�it Reeervoir S
Irrigation Company, ehowing to whom and for what amount the atock
hea been pledged.
Section 6. S1 tt of Direct rs. The eleatian of
Directora ahnll 6e at the ennual meeting of tha Stxkholdere, and
ehall ba by aecret bellot. Nomineee reeeiving the gceeteet
number of votea ehall be elected.
Section 7. Riaht to Sxemina Booka. Any Stockholder of t6e
Summit Reaervoir i Irrigation Compeny ehall have the right, et
reasona6le timee, to inapect and axamine and copy the recorde of
the Summit Reeervoir 6 Irrigation Company.
ARTICLBS VI
Meetinge of Directora
Section 1. Annual Neetina. The annual meeting of the
Board of Directore ahall be held i�ediataly nfter md et the
aeme place vhere the ennual meetinq of the Stxkholdere hae been
held. The meeting will be held for tAe purpoee of elect�ng
officere, eppointing committeee aad for the trmeaction of nny
other buaineee ae mny proparly come before the Board of
Directora. No notice ohall be required for t6e annual meflting oP
the Board of Directore.
Section 2. Snectal Heetinoa. Special meetings of the
Boerd of Directore mny be called by or nt the direction of the
Pieeident or by any thzee (3) directore.
Section 3, yotice of Neetinas. Bxcept for the annual
meeting of the Boerd of Directora, notice of the time and plece
of any meeting of the Board of Diractore ehell be given, either
written or orally, not later than 10 daye prior to euch meeting.
Neither the bueineea to be transacted at nor the puxpoea of nny
regular or apeaiel maeting need be epecified in tha notice or
vaivar of auch meetinq.
Section 4. Votinv, At all meetinqe of the Boerd of
Directore, a majority of the Boerd of Directora ehnll conetitute
a quorum for the traneaction of bueinees. The ect of the
mejority of the Oirectore preaent when there ie a quozum ehell be
the act of tha Directore.
Section 5. Act' Wtth ut X tina /Ratific tio 1. Any
action which miqht be taken at a meating of the eoard of
Directors may be taken without a meating if e coneent in writing,
aettinq forth the action taken ie eigned by a majority of the
Directozs antitled to vote thereon.
ARTICLB VIZ
Officere� Manaqer and Dutiea of Same
Section 1. Officera. The ofPiceza of the S�it
Reservoir L Irrigetion Compeny ehall coneiet of a preeident, one
or more Vice Preeidente nnd a Sacsetery-Treeeurer. My tw or
more ofPicee mey ba held by the eame pereon� except the officee
of Preeident end Secretery-Treaeurer. Officera ehall be elacted
or appointad by the eoard of uirectore nt t6e amual mating of