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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3.
4.

Control of expclldiLure:::o.

Collection of funds due the Company.

5.

Incurring debts CIS r~<1uired for the nor'mal opcrsti.oll
of the Company.

6.

Jlaving annual audits of the Secretary-Tresurer aceOllrll.
and providing these reports to t..he shal'ehold1;r;~;.

Control of 01)(-;rating and Shareholder CerLificaLe l'f?cords.

7.

As soon as practicable after the annual meeting of sLocldlOJdcr:...-;,
,
tne Boara sahil elect one of its members to be President. ,::iIld on0 1,0
be Vice President. The Board also shall elect a SccrcL.:1ry-Tre'::-l::Jlll~'~I'
who need not be a member of the Board or a shareholder.

Members of the Board shall attend the meetings and participate
in all decisions that confront the Company. Three members of the
Board must be present to constitue a qU9rum of the Board of Direct,ol'S
If a member of the Board refuses to function by not at.tending meeting"
or by not voting, the other members, by a majority vote, mtlY de(~l:)rn
the office vacant and appoint. a new member.

A meet.ing of the Board may be called by the President or 3ecre~,,1ry
Treasurer or by the request of two other members of the Board. 110"-
ever, unless the meeting is a regular meeting, three days written
notice shall be required.

The Board of Directors 1JI,1Y he compensated as di recl.ed by 1'.110
stockholders. The Secretary-Treasurer may be compenc'-' ted '-' t. 1.11<;
discretion of the Board.

The President shall preside at all meetings of the Board and of
the st.cokholders. He shall excute all instruments on behalf of t.he
Company. He shall be ex-officio member of all committees and shall
perform all duties prescribed by the Board.

The Viee President shall perform the duties of the rresidop,
in his absence.

The Secretary-Treasurer shall perform the following duties:

1. Keep minutes of all meetings.
2. Keep in order all records of the Company.
J. Attest signatures of the off'icals of the Company
on documents.
4. Collect all assessments and charges due the Company
and deposit them is a depositary deGignated by t.he Boa rd.
5. Disburse funds upon order of the Board.
6. Make a complete annual r~port of business transactions
and at such other times as requested by the Board.
7. Perform such other duties as may be prescribed by the
Board.

The Board may appoint a Superintendent wh00e responslbiljtieG
shall be as follows:

1. Carry out t..he management funt::t,jon::; o'1:'>sip:nc;!cl t,o him
according to the policies of the Hoc rd.
2. Be in charge of maintenance and repairs of the facilities.
J. Manage the receiving and distribution of "ater keeping
complete records that are to be submitted to the Board
annually Or as requested.