PROJ00476

• Contract/PO #: C153594
• Contractor Name: Handy Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Feasibility Study

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The shareho lder a teach ,qnnual IIlPP1,inp; l;,'i J 1 nJnJ.:e <J prel}':1 t(~d

;1:,;:-)(::~:"';/II~nt nn t11~ c:lpiL::j.l :-;I'.nrk rnr L11(~ Jlllr'p"s'-' pt' I'r'f)vidifIJ~ t'IIIJ,I~:

for the following:
1. TllC (lp~r;lLi()n .'lnd m:11nL"n;1r.IH; of tllO? Cnmp:lllY f,q' 1,11'
Cll:~tl Lng Y(::I t'.

-,

G{lpiLnl :illlprOVE'm0!1t:; incJllding vJ:lt,'-;t' l'igllt:~.

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Re ti remen t of de b t:.~,.; <10,-J obllga Ll Oll.:c~ .

1,.

OLher lawful activities.

The shareholders at the ilnnual meeting may levy "h",'g88 fa!'
the use of facilitiles of the Company.

All assessments and otheJ' charges that are not p~id hy the
time designated at the annual meetine; of stockholders ShAll be
delinquent and draw interest at the rate on one percent per month
or portion thereof unitl paid.

No water shall be issued to any shareholder wl1o:::'~ :l:;:;r::';:.;/Ilcnl,
of charge is delinquent. The Board is empowered to rent the water
issued to any share of stock that is delinquent and to apply the
funds received to the account, remitting any funds in excess of
that owed to the shareholder. In the event that the delinquency
cannot be satisified by the rental of water, the Board is empowered
to declare the share of stock to be forfeited and to sell it to
highest bidder. However, notice must be served on the delinquent
shareholder by certified mail thirty days prcviou3 to any :~3.1e.

Each shareholder having water accruing to him for any source
shall be entitle to a pror.1.tcd dwte of' the capacity in t.i11) C;ln:l J
of the Company. The prorated shate shall be the po'rtion that his
shares represent of the total shares using the canal at the par-
ticular time.

The affairs of the Company will be managed and directed by a
Board of five members who are stockholders in the Company. ^ t
the annual meeting of stockholders to be heed February 5, 1966,
two Directors shall be elected to serve one year, tvJO Directors
to serve for two years, and one Directors for tilree years. As the
terms of these Directors expire, the terim of Directors shan be
three years, except for Directors either appointed or elected to
serve out a vacancy created on the Board.

When any vacancy shall occur among the m0mbers of the Board,
the vacancy shall be filled by the remaining Directors. The ap-
pointed shall serve until the next annual mepting of stockhol<Jers
at which time the stockholders will elect a Director to serve out
the term of the Director whose office became vacant.

The repsonsibilities and functions of the Bo.1rd of' D1 recl.or:.;

are as follows:

1. Selection and delegation of authori t.y 1".0 maWle;q t.ll":'
company according to the Bylaws.

2.

Determination of matters of policy in the management of
the Company not delegated by these Bylaws.