PROJ00378

• Contract/PO #: C153790
• Contractor Name: Durkee Ditch Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Feasibility Study

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Section 2. Stock Book: The books of stock certificates shall each
contain a margin opposite to each certificate on \ihich shall
be noted the number of the certificate, the date, the number
of shares and the name of the person to whom issued, corres"
ponding to the certificate Issued, and when a certificate is
surrendered, whether I t be for reissue or otherwise. the
disposition of the 5..tock thereby represented shall be noted~

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Section 3. Transfer of Stock: Certificates of stock may be transferred
and the transfer shal' be noted on the books of the corpora"
tion to such transferee, upon the surrender of the certificate
properly endorsed, provided that no transfer of stock shall
be valid or made until all of the indebtedness owed thereon
to the corporation 15 paid or adjusted to the satisfaction
of the board of dl rectors.

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ARTICLE X.

Amendments to By-L:aws

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Section i. These By-laws, or any Article or any Section thereof may
be'amended by a majority vote of the board of directors,
and when such amendment, or amendments, has or have been
so made, they shai 1, at the next regular meeting of the
members, or at a special meeting of the members called for
the purpose, be presented for discussion and advice. and
shouid any section or sections be disapproved by a majority
vote of the outstanding Class A stock, the said amendment
or amendments shail be disapproved and no longer In fu11
force and effect; but In the event of such dIsapproval by
a majori ty of the board of di rectors and a maJorl ty vote
of the Class A stock outstanding, the said amendment or
amendments shall be considered as adopted and be in full
force and effect.

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ARTICLE XI.

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SectIon 1.

Rules and Adjustments

The board of di rectors shall have rule making power for
the administration of water and water rights under the
supervision of this corporation, and they shall make pru-
dential adjustments and assessments when it appears that
the interest of justice and equl ty so demand.

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CERTIFICATION

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I. ,Secretary of the Durkee
Ditch Company, Incorporated. do hereby certify that the
above and foregoing is a true and correct copy of the By-
laws adopted by the Durkee Ditch Company, Incorporated,
at a meeting of the Board duly held at
in Del ta County, Colorado an the /day of
19_.__.

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Secretary

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