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<br />'<,~.-..::-. <br /> <br />-2- <br /> <br />said Document No. 5,850, and for the purpose of a single and continuous <br />ditch, the bed of Cattle creek where said water flows, to be considered <br />as a part and parcel of this ditch so to be acquired by this corDora- <br />:tion as aforesaid; all of said ditch being Bituate in Garfield county <br />Colorado. <br />Third. The capital stock of our said corporation shall be Seven <br />Thousand Five Hundred Dollars, to be divided into ~ifteen hundred <br />aRQ-~ifty shares of the par value of Five Dollars for each share. Said <br />stoc,k shall be sold only to the owners of the land lying under said <br />ditch to be irrigated therefrom and thereby, and the town of Glenwcod <br />Springs, Colorado, for irrigation purposes within said town, .but by the <br />word owner is meant any person or corporation having an interest in <br />such land situa te"-wi thou t the limits of said town; such stock sha 11 <br />entitle the owner to a proportionate share of the carrying capacity <br />of water of said ditch, such proportionate share being based <br />upon the estimated capacity of said ditch,to-wit, 30 cubic feet of <br />water per. second of time, so tha t one share of such stoc k wi 11 enti tIe <br />the owner to 1-1500 of such capacity which is considered as calling <br />for a sufficient quantity of water to properly irrigate one acre of <br />land, for use on his land; such stock and each and every share thereof <br />shall be subject to an annual and equitable assessment for improve- <br />ments, betterments, repairs and maintenance of the ditch, and in fact for <br />all expenses needed in keeping said ditch up and utilizing the same <br />for the purposes for which it is intended, but not including enlarge- <br />ments thereof nor extensions of the same nor the construction of aux- <br />iliary or collateral works such as reservoirs and the like, and in <br />arriving. at the amount of assessment in each ye~r to which any stock <br />is to be subjected, the expenses for that year cornected with the ditch <br />from and including the head-gate thereof to the last point where the <br />owner of any such stock. is permitted thereunder to take out water, <br />shall be taken into consideration and not the expense connected with <br />said ditch from such point on towards its end; the stock of the cor- <br />poration shall designate on its face the land with which it is connect <br />~ed and the water to which the owner of such stock is entitled, is to <br />be applied, except in the case of the town of G1enwood "'prings, and such <br />water shall be used on such land and not elsewhere except upon consent <br />of the board of directors of the company; no water shall be furnished <br />by virtue of any stock or otherwise until after all assessments due <br />thereon shall have been paid in full either in money, materials or work <br />as the board of directors shall determine, and the use of the water <br />called for by any such delinquent stoc'k by others than the owner <br />thereof while such delinquency shall continue, on the order of the <br />board of directors, shall give such delinquent owner no right of action <br />or credit against either the company or such user, and further when <br />assessments on any such stock shall continue delinquent and unpaid <br />for two consecutive years, that fact of itself shall cause a forfeiture <br />of that stock to the corporation for its sole use and benefit and the <br />same ,may thereupon be sold and re-issued to others, but the company <br />need not accept of such forfeiture and in lieu thereof may bri~g its <br />action for a recovery against such delinquent owner; all assessments <br />~sha11 be made by the board of directors of the company a: such time, <br />,in such amount and payable at such _ ' ~l~ents, place <br />and manner, as the board may see fit, but in an amount not exceedine the <br />necessities of the case for the purposes aforesaid, and all stock snall <br />