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<br />c::> <br />...... <br />0) <br /> <br />,-, <br />'-' <br /> <br />'7.) <br />C) Company filed with the Colorado Secretary of Sta.te an election to <br /> <br />accept the Colorado Non-Profit Corporation Act (section 7-20-101, <br /> <br />et ~., C.R.S.) after duly obtaining the required approval of <br /> <br />shareholders at the annual shareholders meeting. <br /> <br />Pursuant to its purposes, the Company adjudicated irrigation <br />and domestic direct flow water rights in the Colorado River: 4 <br /> <br />The ownership of these water rights, as well as the main canals <br /> <br />previously described, is represented by 48,000 shares of Class A <br /> <br />and Class B capital stock held by just under 3,000 persons or <br /> <br />entities. <br /> <br />The Company irrigates approximately 44,000 acres in <br /> <br />the Grand Valley. <br /> <br />Water is diverted at the Company's headgate <br /> <br />located on the Colorado River and flows through the main canals <br /> <br />previously identified, where it is distributed to shareholders <br /> <br />through headgates located at various points along the main <br /> <br />canals. Once passing through these headgates, the water flows in <br /> <br />a system of ditches and canals commonly referred to as "laterals" <br /> <br />for application to crops during irrigation season, and for <br /> <br />domestic and stock watering uses during the non-irrigation <br /> <br />season. <br /> <br />4 <br /> <br />Priority No. <br /> <br />Priority Date <br /> <br />Quantity (c.f.s.) <br /> <br />Purpose <br /> <br />1 <br />358 <br />1 <br /> <br />Irrigation <br />Irrigation <br />Domestic <br /> <br />August 22, 1882 <br />July 23, 1914 <br />August 22, 1982 <br /> <br />520.81 <br />119.47 <br />300.00 <br /> <br />5 <br />