C153755 Feasibility Study

• Contract/PO #: C153755
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 24
• County: Costilla
• Bill Number: SB 92-87
• Loan Projects - Doc Type: Feasibility Study

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ARTICLE XIV

Transfer of Water to Other Lands
Each stock certificate shall bear an endorsement
showing the lands upon which said water is to be used,
and no water shall be used upon any other lands
without the prior written approval of the Board of
Directors.

ARTICLE XV

Auditing .of Books

The books and accounts of the treasurer of the
company shall be audited by a Certified Public
Accountant or a registered accountant. at the expense
of the company. at least once each year,

ARTICLE XVI

Additional Water

The Board of Directors may, at its discretion,
allocate at any time after one year from the adoption of
these b~,laws, any additional water rights acquired
among the then stockholders of this company. The
Board of Directors shall have like authority to pro rate
any additional rights 'acquired at annual intervals
thereafter.

ARTICLE XVII

Standing By-Laws Committ~e

At each Annual Meeting of the company the
stockholders shall elect the Standing By-Laws
Committee consisting of three members in good
standing of the company for the purpose, of
recommending to the shareholders at the succeeding
annual meeting or at any special meeting called for the
purpose, any amendments to the by-laws .of the
corporation which are proposed to such commIttee or
which the committee shall deem to be necessary for the
proper management and operation of the company.
Any member of the company may, at least ninety days
before the annual meeting of the stockholders, submit
to the Standing By-Laws Committee such proposals as
he may have, and such committee shall consider any
such proposals as the same are deemed necessary or

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proper for the proper management and operation of the
company, the same shall be submitted to the
stockholders at the next annual meeting and
incorporated in the notice of such meeting so that the
same may be considered and acted upon by the
stockholders at such annual meeting.

ARTICLE XVIII

Civil Action

No Officer, Director or Stockholder of the Sanchez
Ditch and Reservoir Company shall bring a frivolous
civil action against the Sanchez Ditch and Reservoir
Company, If any Officer, Director or Stockholder
brings a frivolous civil action against the company,
said person bringing the frivolous action shall be liable
to the company for reasonable attorney's fees,
reasonable litigation expenses and court costs,
As used in this by.law, "frivolous" means lack of
substantial justification, substantially groundless or
substantially vexatious.

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