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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AfHICLE VI I

DEBTS AND OBLIGATIONS

No obligation o~ expense snail be incurred and no money
shall b. paid out without the p~ior approval o~ the Board o~
Di~ectors. Upon approval of the budget, the Treasurer is
authorized to make disbu~sements ~or expenses pre-approved
by the 80a~d within said budget. Checks shall be signed by
the Treasurer and by either the President or Vice President.
Checks will require two sig~atures for. expenditures up to
$500. For expenditures in e~cess o~ $500, the signature o~
an additional Board member will be required.

AI':TICLE VII I

VOTING

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Section 1. stockholders. Stockholders may vote their
shares in person or by proxy. Each sha~e o~ stock will have
one vote in all matters considered by the stockholders at
the annual meeting o~ any special stockholders' meeting.
Pro~ies .hall be p~ovided to ehe Secretary at or be~ore the
meeting during which each is to be used. Proxy documents
shall identify the proxy and be signed and dated by the
stockholder. Representation in person o~ by prOxy of a
majority o~ stock issued and having all assessments paid
shall constitute a quorum for the t~ansaction of business.
There shall be no cumulative voting. All past due
assessments must be paid before stock can be voted. All
p~oxies shall be in the fo~m prescribed by the Secretary

Section 2. Di~ectors. Directo~s will each have one vote
without ~egard to shares owned when conducting business
during meetings o~ the Board o~ Directors. Proxy voting
will be as in Section 1, above. A majority o~ directors
must be preserlt to have a quorum.

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