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<br />tf) <br />,...j <br />C) <br />'~~ <br />~ <br />c::> canal systems, to furnish irrigation water to shareholders for <br /> <br />irrigation and domestic purposes, and to use, sell or otherwise <br /> <br />dispose of electrical power generated from the operation of the <br /> <br />canal systems. <br /> <br />In regards to electrical power, the operational <br /> <br />history of the Company reveals that it has been operated for no <br /> <br />other purpose than to supply its shareholders with irrigation and <br /> <br />domestic water. <br /> <br />As a consequence of the acquisition of the rights of the <br /> <br />five predecessor entities, the Company owns and operates the <br /> <br />following main canals: <br /> <br />Grand Valley Highline Canal <br />Grand Valley Mainline Canal <br />Independent Ranchrnen's Feeder <br />Mesa County Ditch <br /> <br />Although the Articles reference the acquisition of the five <br /> <br />predecessor entities 0 "laterals," the Company has not assumed nor <br /> <br />asserted control or ownership over any lateral ditch emanating <br /> <br />from any of the above described main canals. <br /> <br />The Company has <br /> <br />interpreted the use of the term "lateral" in the Articles to <br /> <br />refer to some of the main canals above identified, which are <br /> <br />branches or "laterals" of each other. On January 29, 1979, the <br /> <br />Company acquired another main canal known as the Kiefer Extension <br /> <br />Ditch by virtue of the merger of Fruita Canal & Land Company into <br /> <br />the Company. <br /> <br />On December 18, 1913, the life of the Company was extended <br /> <br />to twenty (20) years. <br /> <br />On December 27, 1933, the life of the <br /> <br />Company was extended perpetually. <br /> <br />On February 8, 1978, the <br /> <br />4 <br />