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<br />'. <br /> <br />-. <br /> <br />~ ' <br /> <br />. ' <br /> <br />ARTICLE IV <br />Purposes and Powers <br /> <br />A. Purposes. ' This corporation is formed pursuant to <br />the Colorado Nonprofit Corporation Act, as amended, and pursuant to <br />Title 7, Article 42, Colorado Revised Statutes, as amended, for t::1.e <br />purpose of engaging in any lawful business or activity includinq, <br />but not limited to, the acquisition and management of corporate <br />assets, including but not limited to water, water rights, ditches, <br />wells, reservoirs and reservoir accounts, to replace depletions <br />caused by the pumping of its members' wells as required by. law, and <br />any related water resources mahagement activity in accordance with <br />the corporations' bylaws and policies of its board of directors. <br /> <br />B. Powers. The corporation shall have and may exercise <br />all of the rights, powers and privileges now or hereafter conferred <br />upon corporations operating pursuant to the Colorado Nonprofit <br />Corporation Act, as amended, and the provisions of Title 7, Article <br />42, as amended. These powers include, but shall not be limited to, <br />the power to: <br /> <br />(I) acquire, develop and administer water supplies for <br />the benefit of its members; <br /> <br />(2) establish classes of membership and determine the <br />entitlements and conditions upon each such class of <br />membership; <br /> <br />(3) issue shares of stock in the corporation; <br /> <br />(4) <br /> <br />establish classes <br />entitlements and <br />stock; <br /> <br />of stock <br />conditions <br /> <br />and <br />upon <br /> <br />determine <br />each, class <br /> <br />the <br />of <br /> <br />(5) purchase, lease, or otherwise acquire and to ov;n, <br />hold, mortgage, pledge and sell real and personal <br />property of all kinds; <br /> <br />(6) borrow money for the use of the corporation and to <br />issue securities thereof and to pledge, mortgag'e, <br />hypothecate, and otherwise dispose of the real, <br />personal and intangible property of the corporation <br />as security thereof; <br /> <br />(7) determine the place, time and manner of deli very <br />and establish schedules of rates for the delivery <br />of water for the benefit of its members; <br /> <br />2 <br />