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<br />CHAPTER TWO <br />THE IRRIGATION COMPANIES <br /> <br />The Beaman Irrigation Ditch and Milling Company was formed on December 8, <br />1877. The Meadow Island Ditch Company was fOf1ned about the same time, although <br />all old records have been lost. The two companies consolidated irrigation <br />operations in 1896. Both are non-profit companies incorporated under the <br />laws of the State of Colorado. The by-laws of both companies set forth the <br />ability to make assessments of all shareholders provided such is done in writing. <br />(Beaman Article XI Section 1, Meadow Island Article XI Section 1). <br />The by-laws further state that the Board of Directors of the respective <br />ditch companies shall have the power to incur such indebtedness as necessary <br />to carry out projects of the companies (Article V Section 1). As debt must <br />be secured, this would include vesting portions of project titles to others <br />as securi ty. <br />The following financial statements are for the years 1979 and 1980. <br /> <br />-5- <br />