C150063 Feasibility Study

• Contract/PO #: C150063
• Contractor Name: Jackson Lake Reservoir & Irrigation Company
• Contract Type: Loan
• Water District: 1
• County: Morgan
• Bill Number: SB 94-29
• Loan Projects - Doc Type: Feasibility Study

I

I

BY-LAWS
OF
THE JACKSOO LAKE .RESERVOIR AND IRRIGATION COMPANY

I

ARTICLE I.
Board of'Directors

I

I

Section 1. The Board of nir.ectors of the company shall
conaist ot t1ve ~eAbers who shall he stockholders of the company
and for that oortion of the first year of the existence of the
:cornpany until the first annual ~eeting for election of directors
and until their successors are duly elected shall consist of the
five persons named in the Articles of Incorporation.

Provided, hm.ever, if any member of the board shall fail to
obtain stock in the company or shall fail or refuse to perform
the duties thereof, he shall cease to be a director and a
majority of the remaining me~bers of the Board at a meetin~
thereof may fill the vacancies by election.

Thp.reafter the Board of nirectors shall be elected annually
at the Annual Stockholders ~eeting by a majority vote of the
stockholders present at such ~eeting and shall hold office until
the next succeeding annual election or until their successors
are elected and qualified.

I

I

I

I

Section 2. The Board of .Directors shall have full control
and author1ty over the corporate nroperty and shall have power.

First: to call special meetings of the stockholders whenever
they deem it necessary.

I

Second: to appoint and remove at pleasure all e~ryloyees all
agents of the comoany, prescribe their duties and
fix their compensation.

Third: to make such rules and regulations not inconsistent
with the laws of the State of Colorado or the
Articles of Incorporation of the company tor the
~uidance of the officers and mana~ement of the
employees of the comnany as from time to time they
may deem expedient.

I

I

I

Fourth: to enforce the payment of all assessments authorized
and made by our stockholders from time to time for the
~roper operation, repairs, and maintenance of said
company's property and pay all necessary exnenditures
within the objects and purposes of the company and
to enforce the payment of any such assessments by
forfeiture and sale of the stock of a delinquent
by refusing to 'allow the party or parties who should
pay the same to receive any benefits or privileges
thereunder until the same is paid and by enforcing
any reasonable penalty for its non-payment >men due
in order to cause prOMpt action in the oayment of the
same by declaring all forfeitures if deemed advisable
or by actions at law where they dee~ the same necessary.

Fifth: to incur such indebtedness as they deeM necessary
for carrying out the object and purnose of the
company and for such purpose to authorize the execution
of the note of the company and necessary means for
securing the same.

I

I

I

I

I

Sixth: to cause to be kept a complete record of all their
meetin~s and acts and also the 9roceedin~s of the
stockholders.

I