PROJ00550 - Laserfiche WebLink

Home Browse Search

SECTION II. Stock Book. The book of stock certificates shall contain a margin opposite to each certificate on which shall be noted the number of the certificate, the date, number of shares and the name of the person to whom issued, corresponding to the certificate issued. SECTION III. Transfer of Stock. Certificates of stock may be transferred and the transfer shall be noted upon the books of the company's; PROVIDED that no transfer of stock shall be allowed ex- cept on return and cancellation of the old certificate canceled before signing a new one; and PROVIDED, FURTHER, that no certificate of shall be indebted to the company, or no stock certificate shall be trans- ferred while there remain unpaid any assessments against said stock, unless the Board of Directors shall authorize such transfer by a majority vote. SECTION IV. Lost Certificates. If any certificate be lost or destroyed the Board of Directors may upon proof of such loss, or destruction and upon the giving of a proper and sufficient bond of indemnity, if the board require it, authorize the issuance of a duplicate certificate to the person entitled thereto. SECTION V. Subject to the Terms of Stock Certificates. Each share of the capital stock and the holder thereof shall be subject to the terms and conditions of these By-Laws and the stock certificate. SECTION VI. Number of Shares. The number of shares authorized to be issued by this company shall be three thousand (3,000) shares of the par value of Fifty and no/l00 Dollars ($50.00) per share. Of the 3,000 authorized shares, 1,233.25 have been issued and are outstanding. Of the 1,233.25 shares issued and outstanding, 660.25 have been transferred over to multiple uses in Water Division Co~rt Case No. 80CW52 by a decree dated November 20, 1984. SECTION VII. Rights of Shareholders. Each share of stock shall entitle the owner thereof to the use, each year, of a propor- tionate share of all of the water diverted and available for distribu- tion by the company, together with a carrying right of such water in the ditches, canals and laterals of said company for delivery to the headgate of said user. SECTION VIII. Measuring and Regulating Supply of Water. The manner of delivering, measuring and regulating the supply of water to stockholders, shall be under the control of the Board of Directors which may make such rules and regulations regarding the distribution and delivery of water as in its judgment may appear necessary or expedient for the best interests of the company or its stockholders. - 7-