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~'-", . . RESOLVED, the ditch 12 in the that each water in return for By-laws right owner would exchange his right in shares of stock as set forth in Section FURTHER RESOLVED that each share of water right exchanged for each owner's right in the ditch and the was directed to issue stock for each owner as follows: OWNER SHARES TO BE ISSUED Fred A. Feller 3700 Wallace E. Taylor 1300 James M. Cole 954 Kent Powell 690 Arza 1. Mills 710 Larry Ingram 130 Gordon Weimer 153 would be secretary total 7637 The President then asked the share holders to ratify the actions taken in the organizational meeting. Upon motion duly made by Fred Feller and seconded bv Arza Mills it was unanimously RESOLVED that the actions taken at the organizational meeting are hereby ratified. The President then informed the shareholders of the current status of the Project Contract with the Colorado Water Conservation Board. The Board's letter of July 11, 1990 was read and discussed. The attached resolution was then introduced, read, passed and unanimouslv adopted by the parties present who represented 6664 of the 7637 shares of the stock of the Company. Kent Powell and Larrv Ingram have verbally agreed to the resolution and will confirm in writing. Gordon Weimer who is out of state could not be reached at the time of the meeting; however the secretary will contact him and determine his position and note it in an addendum to these minutes. There being no further business meeting was adjourned. made and seconded the cretary-Treasurer .