Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1914-12-28

| shall have been subscribed for and 9TH
erwise disposed of as hereinafter set
| out.
| The Board of Directors may. if that
shall appear to be for the best interest
| of the corporation, reduce the number
of acres to be supplied by any unit of
the plant to the number of acres which
they may ultimately determine the said
unit will adequately supply with wa
ter. No greater number of shares of
the stock of that series shall be issued
than the number of acres to be sup
Piled by such unit.
| Before the commencement of the
| construction and installation of any
unit of the works contemplated hereby,
the Board of Directors shall define the
districts of lands within which the
lands to be supplied are situated.
The certificates of the ownership of
shares of stock except of the seven
qualifying shares first above men
tioned) shall indicate on their face the
series of which they are part and
shall distinctly specify by proper de-
soription the lands to which the shares
for which they are each issued are ap-
purtenant.
The shares of the capital stock of this
corporation except the seven shares
above mentioned to be sold for CASH
shall be subscribed for, sold. paid for
and issued in the manner as follows:
To any owner of land situated in any
of said districts of land to be supplied
by unit of said plant who shall val
idly convey in fee simple without en-
cumbrance of any kind, one-half Of
such lands to this corporation to be ac-
ceptable to the Board of Directors.
shares if this corporation of the SER
les of shares which, under the prOVls
ions of these articles would be appur
tenant Thereto, equal to the number of
acres so conveyed by him to the cor
poration shall be issued as fully paid
up. The other half of the shares of
said stock shall be retained by the
company and made appurtenant to the
lands So conveyed to it. and shall be is
sued to the purchaser or purchasers
from the corporation of such lands as
fully paid UP.
ARTICLE VI
Subscriptions to the capital stock Of
|
signed and acknowledged by the sub
seriber and his wife ior, her husband as
the case may be. if he or she be mar
ried, in such form as to pledge the land
to which the shares subscribed for are
made appurtenant, to the payment of
all assessments that may be made
| against the same and subject to all
other conditions contained in these
Articles and the Bylaws of the corpo-
: ration.
The form of such subscription con-
tract shall be prescribed by the Board
OF Directors and may be changed from
proper
ARTICLE VII.
For the purpose of raising revenue
for the Improvement, enlargement, bet =
terment or replacement of the works
that may have been constructed or in
; stalled in any unit of the plant con-
structed as contemplated by these Art
icles of Incorporation. the cost thereof
may be assessed in equal proportions
against all the shares of the stock is
sued in that particular series, and the
amount thereof shall be n lien on the
land to which such shares are appurte-
nant. But no such assessment for i'm
provement. enlargement, extension,
betterment, or replacement shall be
made in any one year for sum in the
aggregate greater than Ten Thousand
7 ($10000.00) Dollars, unless such i'm
provement, enlargement, extension, bet
terment or replacement shall have been
first authorized by the votes or assent
of the owners of at least two thirds Of
the stock then issued of the series of
, the unit upon which such Improvement,
enlargement, extension, betterment or
replacement shall have been received
upon, to be ascertained and evidenced
in the manner to be prescribed by the
by laws of the corporation.
ARTICLE VIII.
The revenue necessary for the cost
Of operation, maintenance and repairs
of the works of the corporation and
other administrative expenses shall be
raised annually by the assessment of
, the stock thereof against the shares of
the capital stock. and shall be when
levied, lien on the lands to which said
shares are apurtenant. Such cost shall
be apportioned and assessed as follows:
The general administrative cost shall
= be assessed equally against all the
y shares of the corporation stock then
! outstanding.
The actual operating. maintenance
, and repair cost of each unit shall be
:, levied equally against the shares
then outstanding of the series appur-
tenant to the lands served or that
: is entitled to be served by such unit
:. and such assessment shall be a lien
i upon the lands to which such shares
are appurtenant. The manner of
! making such assessments, provided
for in this and the next preceding
G Article. and enforcing. the collection
thereof shall be prescribed by the By
6 Laws.
ARTICLE TX
. AS an incident to the ownership of
:, each share of the several series of
y the capital stock of this corporation,
, and as evidence thereof such share
4 holder shall be entitled to have de-
livered to him for the irrigation OF
each acre of his land to which such
share is appurtenant. that proper
n ton of all the water made available
= for delivery to such acre of land that
+ such acre bears to the whole number
r of acres to which shares of this cor