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<br />dl<.Jse wj th the other remaining shareholders. "~I)[' purposes of this
<br />"",,vision f.~ach r.anch, as ceferred to in ht:"ticle "Ninth", shall be
<br />t,."tJlIsidered as one shareholder whether owned by one or more share-
<br />hnlders. l=;uch equal right to participate shall not be affected by
<br />t:h(...> (act; flat said stockhold~.?r holds junior or senior water
<br />,'jf/lits. ^ny tranr:fp-r of shares apact from the property to which
<br />IIt..V are dppurten~lllt shall be sUbject to the laws of the State of
<br />C..lrJ[oado rp<jc1rding chanqe in point:. of diversion and chan9~ in use
<br />I r j t is i 11 tended "hat the water wh ich is the SUbject of such
<br />:;tI0r~s shnl1 be used at a different location or for a different
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<br />^H'l'lCLI~ "NIN'rlJ": /' ;
<br />.. l'l".r,.' shal J only be a total of five votes in the' Ass'o.ciaticn,
<br />wi l:h f~ach n'cocd owner of the followinq fi ve nel?cri"'b.~d ~ra!.lches
<br />L,.ill'1 "ntHl~rl to cast one vote at any meetin9fbf!shareJlol(iers:
<br />Se~J e:xhihit A, attached hereto ann ~(nCdrporated, -...~."'"';,,~
<br />herein by reference. "',- '
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<br />'';':If':}, record owner of the above-described ranches shall be cnti tIed
<br />tn qll~ vote t reqarrHess of the number of shafes ..,[ stock which
<br />l:,j(:h such record owner of the above-dessii~d ranches may own. In
<br />I:IH.' ,-,vent thi3:t any of the above-described /.ranches shall b~ sub-
<br />di';id':'d or the ownership of such ranchjd~,videc;f~he one vote to
<br />which such r()nch is entitled shall befcli"jded proportionately
<br />..11~n. Whetlll!r' each such ranch above-'ae..sc~l'bed/i$ entitled to
<br />iUllinr or sr>nior water rights shall in l\'o""way~tfect this limita-
<br />UUfI nn voting rights." ...." ~,
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<br />AH'I'ICLE "'J'I;Nl'll": ::,--~ ~
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<br />^nv "!lld all fir the ab()ve-describ~d~~_rights at"e restri.cted to
<br />".11" q::" r)f ~;'J,.:h wat(!r during the,-pe.t;io9f'M~-'~ October 1 or
<br />,'.w!, ."'''1'. 1)11'- inq !illl:h ,.lay 1 to Octobe;r l' in any year, any s}lare-
<br />",,'d'r ll1(IY (,..I J (':Jr lilt' water to whl,ch-':he-: is entitled at any time
<br />l,ul. o,d at dllY other time.~ "
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<br />TRE VOUGA RE~ERVOIR.
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