The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1904-06-28

} by him. or BY nnyone for him. the
: such stock shall be deemed and hell
to have been fully paid up.
s6ection 12-7n<f 1t should be deter
mined by the Government that til.
amount Of water that may safely b.
estimated to be capable of being stoT
cd or developed by works acquired OF
constructed or to be acquired or CON
strucked by 1t. or BY this Association
In addition to the amount OF xate1
now appropriated out of the Rio
Hondo and it's tributaries, for the n
rigation of lands In said reservoir
district, shall together be insufficient
to properly irrigate 10000 acres OF
land, then the number of shares OF
the capital stock of this Association
shall be reduced SO that the number
Of II C shares. shall not exceed the
number OF acres estimated by the
Government to be capable OF irriga-
ton from such combined sources of
supply.
Section 13.-If at the time OF the
determination by the Government of
the number of acres capable of such
irrigation there shall have been sub
scribed for a number Of the shares
equal to the number Of acres so es-
timated to be capable of irrigation,
then no subscription for more shares
shall be taken. If the number so SUBJ
scribed for. however, shall then ex-
coed the estimated number of acres
so capable of irrigation, then there
shall be allotted to said subscribers
that number of shares equal to the
estimated number of acres capable
of irrigation. In such allotment. cul-
tivated lands shall have the prefer
ence: and any excess in the number
OF shares subscribed for over the
number so allotted. shall be cancel
led n thereafter shall not be is
sued.
Section 14.-In exercising the
right of preference to allotment of
shares, provided for in the foregoing
section. the bylaws may prescribe
reasonable times within which such
preference shall be declared and the
manner thereof.
ARTICLE vi.
Section 1.-The exercise of the cor.
porate powers of this Association
and the management of its affairs
shall be vested in a Board OF nine
Directors. who shall elect the other
necessary officers. agents. or en-
ployees of his Association. A Di-
rector must be a shareholder and a
resident of Chaves county. N. NJ.
Section AT the annual election
70 be held on the third Tuesday in
January ION thnrn chon ho olnafad |
nine members OF the Board of Di-
rectors; three of whom shall be cleo
ted to serve for a period of one year,
three of whom shall be elected to
serve for a period of two years, and
three of whom shall serve for a per-
iod OF three years. The terms of all
Directors shall be three years. and
until their successors are elected
and qualified except as above provid-
ed.
Section 3.-Until the election of the
of the Board of Directors
at the annual election of 1905 and
until their qualification a Board of
Directors shall consist of the follow
ing named persons: VIM. M. Atkin-
son. Jno. w. Poe, e, A. Cahoon, SAM
Atkinson, A, M. Robertson, G. A. Ri
chardson. jerry Simpson, l.. X. Nc
Isffey and j. l.. Leonard.
Section 1.-The shareholders snail
a the power to enact and adopt
md provide for the enforcement
hereof, bylaws for the government
If this Association and the manage
nent OF it's business and the conduct
IF it's affairs and to repeal. modify
amend the same from time to
line, But the shareholders shall not
the power to adopt or to cause
o be enforced any bylaws that in
my wise conflict with any rule or
established by the Secre-
airy of the Interior or other agency
If the Government for the administra
ion Of water from apy reservoir or
works acquired or constructed
~ the National Government. or in !
he acquisition or construction of
which it shall have aided and which
nay be used for supplying water to
he lands of the shareholders OF this
Association,
Section 5,-No bylaws shall he
or enforced which shall inter
ere with OF affect any present exist
ng vested right Of any member of
Association to the use of water
or irrigation.
Section 6.-All bylaws shall be of
application so far as general
avs a be made to apply.
ARTICLE VII.
Section lat all elections each
shall be entitled to one
-ote for each share of stock owned
him nc however. to exceed in l.,
he aggregate one hundred and sixty
'otes, and no more. '
ARTICLE VIII.
Section 1.-The Board of Directors I
hall have the power to prosecute.
lefend and compromise all law suits; :
make all contracts in the name :
f the Association necessary and pro- q
,er for the conduct of the affairs
nd the carrying on of the business I
f the Association subject to all linn :
and regulations prescribed
v these Articles or by the bylaws. Q
Caoffon o n shall hoyo tho roWor 4