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<br />" <br /> <br />"p <br /> <br />. <br /> <br />,.. <br /> <br />B, Transfer of Shares. The transfer of shares shall be <br />allowed, b.ut only upon approval of the Board of Directors in <br />accordance with the bylaws of the corporation and such rules, if <br />any, as the Board of Directors may determine from time to time. <br /> <br />C, Authority. The corporation is authorized to issue <br />shares of stock. Such issuance is consistent with the Colorado <br />Nonprofit Corporation Act, pursuant to Title 7, Article 42 of the <br />Colorado Revised Statutes. <br /> <br />ARTICLE VIII <br />Use'of Water <br /> <br />A. Management. The Eloard of Directors shall have the <br />exclusive authority to set pOlicies and procedures and the <br />exclusive authority to make deci~ions regarding the use of water, <br />water rights, augmentation plan and related resources controlled by <br />the corporation for the benefit of the membership including, but <br />not limited to, the authority to determine the amount of <br />replacement water available each year, the timing and location of <br />releases to replace depletions caused by its members' wells and the <br />specific Water and water rights to be used to replace said <br />depletions. Such policy and p:tocedures may be set out in the <br />bylaws and in rules, if any, as the Board may determine from time <br />to time. The water and water ri~hts controlled by the corporation <br />shall be managed to assist its m~~ers in complying with the rules <br />and regulations of the Colorad<) State Engineer and other such <br />applicable law governing the pumping of the members' wells. <br /> <br />B. Members Responsibili ty. Members are solely <br />responsible for their compliance with any and all laws. governing <br />the pumping of their wells, including compliance with orders issued <br />and rules and regulations promulgated by the Colorado State <br />Engineer and with any other laws applicable to.the pumping of their <br />wells, Membership in the corporation does not guarantee compliance <br />with said rules and regulations, orders, or other laws and neither <br />the corporation nor the Board of Directors shall be responsible or <br />liable for members' noncompliance. <br /> <br />ARTICLE IX <br />Amendment <br /> <br />Amendment of Articles of Incorporation. These articles <br />may be amended by a vote of a majority of the total membership of <br />the corporation at any regular Or special meeting for which prior <br />notice was duly given a to the general nature of the amendment. To <br />the extent of any inconsistency, the provisions of the Colorado <br />Nonprofit Corporation Act shall prevail, <br /> <br />7 <br />