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<br />'rJli.'L"(i: To bOl'i'OVI illonay on its note, or othorVli3o, for any corporate
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<br />purposo, when doeJ:Jod neCC:3sary by its directors l and to provide for tho
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<br />paj'illont 0:[' the S/llno l)y a.6~o38lUont.s on its pa.iel up capital otoole, or by
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<br />dtloc1 of truGt or mortG~lee on its franchiso and cor[!orato proporty.
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<br />Fourth: The :.LmOUlY~. of the onpi tal stoo]( of this oorporation 5hall
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<br />\00 diviuell into ~I.;;,~,t~~=~_ sharon, of a par'value Off/.oo:fwtn;
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<br />Jt'i~lth:' That the ormership of Stock in this oorporation shall con-
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<br />sti"t'uto and represent" the mmershfp of a wator privolcGo or right, and
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<br />that tho Qvrners of its atook shall be the owners of its priority and
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<br />appropriutiuns and sh:ill be entitled to the uso of its appropriated. ....'ator-
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<br />flowinG in Gaid DanaI fn tho pl'oport,ion and ratio that each shara, of stoel.:
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<br />held hy any eOll:::umor. boura to the \'ill010 nwuber' of Gharos, and thc con'/oy-
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<br />anae of any such water rie:ht. shall be madG by the conveya,nce of its stool.;:.
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<br />Sixth: Each person owninG 01113 or more c01i.trllpt:J~ or paid ui) \iuter
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<br />rights or fruotional pU11tS o:f water' riGhts in tho ::;aid The Now, Loveland
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<br />ami Or'ooloy IrriGation . and Land OOJ,lpany, shall bo ontitled to rlJcoivQ and
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<br />hold thero1"or' ono paid uP share of the cnpi t-.-:1.l stoch: of this oorporation
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<br />foI!.' oach ton dcrC9 representod by tho, full paid contr.i~ot held by hiLl, upon
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<br />makihl3' satisfaotory proof of tItle. and exeoutinG to tilis oorporation such
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<br />conveyanoe theroof as shall bo proGoribod by its <.1ireO)~ore for'ita own
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<br />protection.
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<br />Seveuth: 'fa take Gtoo)~ in Tolophono C01Il1);;mics, and to oonstruct,
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<br />telophono lines of i to own or m'lOlst thordn for tho pu:r!)osG: of affardin3
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<br />faoiliti'l)G to its canal and tho ctu'rying on of' its buaillGGS in maint.:1.ining
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<br />and opoTu.tin{5 tho s:,una.
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<br />Eir;hth: To pay itJ clircctbr.3 not to OXOO'}C!. the Gum of Hive Dolla::"~s1
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<br />us shall bo nWllo<l by its by-luws, for: oaoh and cvo'J.'y Board J~j(;otinG actunlljr
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<br />atbmLl0c1.
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<br />lHnt~l: To )lr~tcct ;i tr: !;toCl\J101~1()r:; in thoir' 1'i[;11t. to watur iJ~r ,],ny
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<br />Ia\'/ful )/1\.:1:13, and to t;l].,:C tho neco8:1ill':/. :::tcps to GO~UJ'(; tllC w;;,t<Jr' rieL.to
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<br />;md r c1. vol..JC(]:, -t~o :';oi ell i t~.: G"tncl:o:'ilOld01'S aloe ant.i tIed, .111:1 to
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<br />:w.~inn, ],,::;~,:,",,~.""o.'~cl-;.~i~;...-..,'J.o"-1-, 1,tl.li"ch J,]U.j bo for: thu :i.l1to:':"~):"3t ;ll1L~ i'l'(...tco"'.;iol1
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<br />of ita G1:ocl~J1oJ.d')r~~.
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<br />Tont,l: 'fli') ~;(H ['(1 n.f ni rl1otOl'a Gh:.~ll hi.i.VC t]w ';-,( "'.' : '.) : ;..!~~(; ':"UC~~
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<br />prucl'':-IlL:i,:-,. l)y-lJ.':"~; ac1 tjl0j~ sl1all (1'::)0111 plY/.ill)l' ro.": .~h(J jll;-"!l'-l:'~C:,W,\t or t~".(:.
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