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<br />"') AID; {J 3
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<br />3 A9::10
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<br />F!!__ED
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<br />y ITS '81
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<br />ARTICI,ES OF ^MI~NDMEN'I'
<br />to the
<br />^RTIC1,ES OF INCORPORNrION
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<br />~,n;dl,: ':1 L:.Hl4.DO
<br />DEI';., I' STATE
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<br />Pur.~llilnt to the provisions of the Colorado Corpotiltion
<br />C()d~, the und(>rsi9n(~d corporation adopts the followinq Articles of
<br />^lII~ndmcnt to its Articles of Incorporation:
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<br />FIRS'1': 'l'he name of the corporat ion i~ The v01l9a F,'ser-
<br />voj r Association. J-'"'.
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<br />.~EC'(JNI): 'I'he followinq amendment or lh~';Articles of
<br />lIH:(lrporation wa5 adopted on the I!:Sth day of ,A'pr(il, 1980, in the
<br />Inilnner prescribed by the Colorado Corporation Code", according to
<br />1:"'" followinq procedure: . :: ~\, "+''''''''
<br />,/" ..,~, "'.",
<br />A quorum of members was present.< at' !illch meeJ:inq,;'. and the
<br />iJJlll~flc1m~nt received at least 2/3 of the vot'e'"'(s which membe,rs ~present
<br />or. t'"ept'"esented by pt'"oxy were entitled ,to,;,cast. '''",-,{
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<br />3 .
<br />AH'I'ICLE "FOURTH" AMENDED 1'0' READ:
<br />;,f J;r'
<br />'''rh~ stock of said Association shall-be capital stock and the
<br />lotid number of shares which sa.i.dfAssocia't.i'on shall be i1uthor.i~ecJ
<br />'".0 issue is Two Thousand Eight lIunrlred N~ine'ty Pour (28q4) shares
<br />and all of such shares are to he t1i~t.ho'({t par value. Further, the
<br />Hoard of Dir~ctors shall be Clulhorizeo to~e~~j"nate all of l'illch
<br />::h~lres into junior and senior desiqnatloqs -;''hereby there are 1500
<br />::(~lIjor shares which represent 510 acre fe~et""o('absolute water
<br />rirJht a!i spf'?cified in decree_dated Apri 1 21,';,"..J~9'58, with appt"()pria-
<br />tion liate of Hay 20, 19S51':'pri~oa 370 in.Gunn1son County
<br />District Cour-t, Civil ^cti"on ~~2~.....wIH:,'rebY there are 1394
<br />"I/lior !ilia['(~s which represertt 11)0 aC'r.e.~et,c'ab~iolute w,)t~r riqht
<br />.J:; fipeci fie<1 in CilBe NOa no cw 32 {-'ReTa W-::S'S76), the conditional
<br />dl'cr'.?c in s,JirJ cilse heing date.:l I\uqus'i 23, 1971) with appropriation
<br />ddl.' or Octoher 2~1 197R and tHe decree makin<j said right absolute
<br />'J1~itHI ddted ~Junc ~1-1J,,~O." "\
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<br />AR'l'ICI,E- "~:I1"I'l;" AMENDED TCVREAD:
<br />" " at lea.s~
<br />"'J'he numher of.~'DLiector'S oI....a~id 1}Ssociation shall bel three and
<br />the Dip~ctors:;who,shal'1 nfanagtelle affairs o[ the corporation
<br />!Jnt i) the next"'''-annua1'' etect ion shall be as follows:
<br />-', .
<br />Lee 'l\aram;r~
<br />r'~ "
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<br />_/'l'IO,o.dr1fVl"'if.,.", Ws.tson
<br />/ Rod Norberg
<br />-;' J
<br />" 'fill,: mLI.OWING AH'!'ICJ,I':S ^"E NEW ^,"I'ICI,ES NOT PREVIOUSLY
<br />"'''''12'.1/'1:1.: IN 'J'IIE I'RIOR ARTICLJ;S OF INCORPORATION:
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<br />.~"-,,-", AR"t.l,CLP. f~E~GffTH":
<br />..... "',?
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<br />"^11 sfhlr.es "'of stock nJilY be transferred With the property Lo which
<br />I hr.oy ;Jr,. i!PPllr.t~Q~,rit without restrictiona Shares of stock which
<br />r.lr" 1;0 l,e sold apart from the sale of the property to which the
<br />!ih,Jr,,!; .;Ir.e appurtenant shall bp. r:estricted as to transferability
<br />ill t.hclt lhey must first he offered to the OtfH~r. shareholders, who
<br />:;11,111 have the first eight of refusal to purchase said shares.
<br />f':wll f"r:-lIIaininq ~tockholder who elects to exprcise his first right
<br />....r ,','(u:::",l 81,:'1]] have an ~qual rillht to participate in the pur-
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