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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />3. Distributions of Water: <br />A. Shareholders shall be entitled to receive <br />water as follows: <br />(i) Each shareholder shall be entitled to <br />receive water in an amount equal to the proportion of <br />the total water available to and deliverable by the <br />company under the water right priorities of the company, <br />or purchased or otherwise obtained by the company, <br />which the number such shareholder's shares of stock <br />bears to the total number of shares of stock issued and <br />outstanding ("share water"). The board of directors <br />may provide for the use of such reasonable methods of <br />water management and delivery, including but not limited <br />to the rotation of water deliveries among the company's <br />shareholders, as it believes in its discretion may be <br />necessary or desirable to make efficient and equitable <br />deliveries of share water. In its discretion, the <br />board of directors may authorize the delivery of share <br />water in accordance with any reasonable agreement among <br />company shareholders, provided that any such agreement <br />shall first be submitted to the board of directors, and <br />the board shall determine that neither the company nor <br />any shareholder will be injured by the delivery of <br />share water ill accordance with such agreement. Each <br />shareholder may take delivery of his share water by <br /> <br />-13- <br />