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<br />/ <br /> <br />Section 1. ':f.lhe' Board of Director's shall be <br />and are hereby authorized, as a part and portion of the <br />con~ideration for the.. conveyanee by The Tri-nchera . <br />,Irrigation District of all of its irrigation system, <br />as hereinbefore and in Article II specified, to. . <br />.issue and to deliver to 8<:lid 11he Trinchera' Irrig~tion <br />District or to such per8ons, fi~ns or corporations <br />as sl:lid District may in writ:Lng specify. A certificate <br />or cex'tificutes of stock fo,r a rn'::.rnber 01' the shares <br />ther'Bof which shall equal the total number of acres <br />upon ~hich all District assessments, for maintenance <br />and operation, shall have been p~id for e'i8 years <br />,1941, 1942 and 1943; Provided: 'rha t no stock shall <br />be .issued to ,the owner of any laild's for the irriga'tion <br />of such lands which, 'by reason of the nature .o~ the <br />~sol~ or the presence of seepage is not susceptible to <br />prac.:t1:eal irrigation. Before the issuance of such <br />certificates, arid as a condi tion precedent the.re to, <br />the Boal'd of Director's of the Comp$ny shalll'equire all <br />land ovoners voho claim to be entitled to receive said <br />stock to submit to the board,for its 'inspection and <br />registration, abstracts of title to their lands, or <br />de~ds the:c'eto, or contracts of purchase thereof, or <br />such other evidences of ownership HS the Board may <br />req\iLre. Copies of deeds or other instr\.l.me~lts of <br />conveyance to such lalJ.d owners, duly certified by <br />the County Clerk and necorder of Costilla County <br />may. be accepted by the Bo.')rd under the term !lother <br />evidence of owne~ship.1I <br /> <br />Section 2. Each sharo of the capital stock <br />of this Company shall entitle the holder thereof to ' <br />receIve water f,or the irrigation.. of' one acre of land; <br />In the event, du~ing any'year or years, thereshall <br />be insufficient water for the irrigation of all of <br />the land served' by the Company to the extent of its <br />full needs, then each share of stock shall entitle <br />the owner thereof to the pro rata of share of water <br />available to the entire acreage, for. the purpose of <br />:1.rrlgati.ng one ,acr~ of land. <br /> <br />Section 3, None of said capital stock shall <br />be issued or sold to any other persons, firms or <br />corporations other than those who shall have been <br />owne~s of land and users of water within the bounder- <br />ies of The Trinchers Irrigation District during^the <br />year 1943, until such time as all of said.land owners <br />have been issued. the number of shares of capital <br />stock, through said '~he Trinchera Irrigation District, <br />to Which they, are entitled, Or have refused or failed <br />to accept issuflnce and deli very 'thereof, upon the <br />terms herein s'96cLf'iedj and, thereafter, the issuance <br />and sale of all of, the capital stock of' this corpor- <br />ation shall be made by resolution of' the Board of <br />Directors, at a price, 8r'..:i upon terms of payment s"peci- <br />fied in and by such resolution of the Board of Directors. <br /> <br />AHlJ.'ICL}).; IV <br /> <br />BO...HD OF' D.LnEC1'0BS <br /> <br />'rhe affairs of' said corporation shall be managed by <br /> <br /> <br />a hoard.of five dir~ctors; and the named of those 'Nho shall <br /> <br />-3- <br />