C153748 Feasibility Study

• Contract/PO #: C153748
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

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Section 3: If in the distribution of water any shareholder may at any time

fail to receive their proportionate share. the corporation shall not be liable to such

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shareholder for damages if such failure was caused by an error in judgmen,t on the

part of those charged with the distribution of water or by reason of circumstances

beyond the control of such persons, but shall only be liable in case such failure to

distribute water properly was the result of some willful discrimination against such

shareholder on the part of the directors or of those charged by the directors with

the distribution of water.

ARTICLE XII

SHAREHOLDER ASSESSMENTS

Section 1: Each share of stock issued shall be subject to an annual assessment

for the maintenance and operating expenses of the corporation's canal in an amount

as determined by the holders of the majority of stock and who shall also have the

power to levy special assessments necessary to meet any unforeseen contingencies

in the operation of the canal, and to fix the date of payment of regular and special

assessments, which assessments shall become delinquent thirty (30) days after the

date fixed for payment and draw interest thereafter at the rate of ten per cent (10%)

per annum.

Section 2: Any shareholder who shall become delinquent in the payment of

any regular or special assessment shall not have the right to receive water from the

canal or vote at any regular or special shareholder's meetings until all such arrears

shall have been fully paid.

Section 3: The stock of any shareholder who becomes delinquent in the payment

of any assessment ordered by the shareholders as aforesaid may be forfeited and

sold in the manner following:

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