Arizona republican., 1914-12-30

shall have been subscribed for and 9TH
erwise disposed of as hereinafter set |
out. a
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 a part and
shall distinctly specify by proper de-
scription 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 a 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
i sued to the purchaser or purchasers
y from the corporation of such lands as
- fully paid up.
ARTICLE VI.
Subscriptions to the capital stock OF
this corporation shall be in writing
signed and acknowledged by the sub
scriber and his wife or her husband as
the case may be- if he or she be mar
> ried, in such form as to pledge the lane
to which the shares subscribed for arr
70 made appurtenant, to the payment o
- all assessments that may be mad
against the same and subject to al
'e other conditions contained in thes
Articles and the Bylaws of the corpo
- ration.
,, The form of such subscription con
w tract shall be prescribed by the Boar
of Directors and may be changed frof
time to time as it may be though
~ proper.
~ ARTICLE VII.
FL For the purpose of raising revenu
- for the improvement, enlargement, bet
terment or replacement of the work
>" that may have been constructed or in
- stalled in any unit of the plant con
y. structed as contemplated by these Art
icles of Incorporation, the cost theret
20 may be assessed in equal proportion
st against all the shares of the stock Is
" sued in that particular series, and tn
" land to which such shares are appurte
nant. But no such assessment for i'm
provement, enlargement, extensio
betterment, or replacement shall
VI made in any one year for a sum in tt
- aggregate greater than Ten Thousar
(s1O,OO0.00) Dollars, unless such in
=, provement, enlargement. extension, be
- terment or replacement shall have bee
~ first authorized by the votes or asset
of the owners of at least two thirds
:, the stock then issued of the series
the unit upon which such improvement
enlargement, extension, betterment
-, replacement shall have been receiv'
upon, to be ascertained and evidence
49, in the manner to be prescribed by t
- bylaws of the corporation.
ARTICLE VIII.
The revenue necessary for the CO
Of operation, maintenance and repai
of the works of the corporation al
other administrative expenses shall
raised annually by the assessment
the stock thereof against the shares
the capital stock, and shall be VIII
levied, lien on the lands to which sd
80, be apportioned and assessed as follow
~ The general administrative cost sh
be assessed equally against all
nv shares OF the corporation stock tn
outstanding.
The actual operating, maintenar
~, and repair cost of each unit shall
- levied equally against the shal
- then outstanding of the series appt
tenant to the lands served or Il
80 is entitled to be served by such u
IT,. and such assessment shall be Ii
,od upon the lands to which such sha
;a are appurtenant The manner
I'm making such assessments, provit
49, for in this and the next precedi
voc Article, and enforcing the collect
ve- thereof shall be prescribed by the +
rios Laws.
ARTICLE TX
ofj AS an incident to the ownership
&c each share of the several series
allv the capital stock of this corporate
,.in land as evidence thereof, such sh
.hed holder shall be entitled to have
ORC livered to him for the irrigation
,ich each acre of his land to which s.
ora share is appurtenant. that prop
rson ton of all the water made availa
,an- for delivery to such acre of land
= of such acre bears to the whole mum
oo,os IN u,hich ahareS of this {