PROJ00529

• Contract/PO #: C153785
• Contractor Name: Chipperfield Lane Ditch, Inc.
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

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Af;:TICLE I I I

BOARD OF DIRECTORS

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Section 1. .t;:ompos.:LtiC2.'J_
con~ist 0+ +ive me/nbers, all

The Board o~ Directors shall
o~ whom must be stockholders.

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Sec".:.l.on :-~u L.1L~.i.(~s:,. It. -:;:,hall bE~ the duty o-F the Boa~.d to
exe~-cise gElleral supervision over the af~airs o~ the company
and perform the duties authorized or required by these by-
law~ in conrlEction with the distt-ibution of water from said
ditch, and to en~oFce the payment of assessments made by the
company for 0ny law.Ful purpose. Said Board shall receive
and pass upor! the reports o~ the Secretary and Treasurer and
shall audit 211 bills and accounts against the company and
direct the S~cret6ry in correspondence. The Directors sh211
caU3e its o+ficers .to ma~(e a full exhibit o~ their
depa~tments 2nd to prepare reports ~or submission to the
anrl~al Ineeting of 'the stockholders~ The Board of Director-s
shall +ill all vacancies which nlay occur in the Board for
the unexpired term. Directors will serve without
compensatiorl unless ordet-ed otherwise by the stockholders.
A (]i:.~:..'nel-al \n:jni:::t~Jel-- (.:)1'- EiupE::r" i nt(::!ndE:.~nt may be hi t~ed by the
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Board to pel'~OYfn necessat-y ditch op~rations~' and shall
reC81ve such compensation as ordered by the Board.

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Section 0" ~eptin(lS and Noti~ication. The Board o~
Directors st1all Ineet at least quarterly~ and additional
meetings o.r said Board {llay be called by the President or by
any tht-ee Dll~ectors. Notice 0+ meetings must be given
persorial].y or' by mail at least two days be~ore such meeting.
Said notiCE by mail shall be addressed to the last known
pos't o~+ice ~ddt"ess of each Director.

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