Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1914-12-29

iiC loooit vi In ,tpio ihos' - N-Ne
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-
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 q 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-
| II 70 Ia ord of IOirpptarc
shares if this corporation of the SER
les of shares which. under the provis-
ions of these articles would be appur-
tenant thereto, equal to the number of
acres so conveyed by him to the cor
poraton 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
| 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 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
| time TO time as it may be thought
| 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 q 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 a sum in the
| aggregate greater than Ten Thousand
! Sl0,000.00) Dollars, unless such inn
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
| bylaws 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:
be assessed equally against all the
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 10 he served nv Such unit
and such assessment shall be lien
upon the lands to which such shares
are appurtenant. The manner OF
making such assessments, provided
for in this and the next preceding
Article, and enforcing the collection
thereof shall be prescribed by the By
Laws.
ARTICLE TX
AS an incident to the ownership OF
each share of the several series OF
the capital stock of this corporation,
and as evidence thereof. such share
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
ton of all the water made available
for delivery to such acre of land thai
{ such acre bears to the whole number
of acres to which shares of this cor
poration of that particular series are
made appurtenant, all upon the same
, conditions and terms and subject tt
2 the same rules and regulations.
: ARTICLE X.
The affairs of this corporation arc