ARTICLE X. – CERTIFICATES.
Certificates of stock shall be in such form and device as the Board of Directors may direct and such certificates shall be signed by the President and Secretary and express on their face their number, dates of issuance, number of shares for which and the persons to whom issued. Several certificates may be issued to the same person or persons provided that in the aggregate they do not exceed the number of shares belonging to such person or persons. The Certificate book shall contain a margin on which shall be entered the number, date, number of shares, and the name of the person or persons expressed in the corresponding certificates, the receipt of the holder thereof for said certificate or certificates shall be taken in the stock journal.
ARTICLE XI. – TRANSFERS.
Shares of the company may be transferred at any time, by the holder thereof, or by attorney legally constituted, or by his legal representative. But no transfer shall be valid except between the parties thereto, until entered on the proper form on the books of the company.
The surrendered certificate shall be canceled before a new certificate shall be issued in lieu thereof. The cancelled certificates shall be pasted to the stub margin from which it was cut or taken. The receiver of the new certificate shall be required to assent in writing to the by-laws of the company and to receipt for his certificate. No transfer of any share of stock shall be valid upon which any assessments are due and unpaid, or the holder of which is indebted to the company on any account whatever, without the consent of the Board of Directors.
ARTICLE XVI. – SALE, DISTRIBUTION AND MANAGEMENT OF WATERS.
1: No waters of the Corporation shall be sold or furnished to any person, or for the use of any person not a stockholder; but the owning of stock shall not necessarily give a stockholder the right to purchase water, unless he is also the owner of some tract or parcel of the lands now owned by the stockholders of this Corporation, which lands are described as follows:
- All of the Bardsdale Tract part of Lot One, Tract One, Rancho Sespe, containing twelve hundred and ninety-seven and sixty-seven one hundredths acres as the same is laid down and delineated on that certain Map entitled “Plat of Bardsdale Tract, etc., surveyed by J. T. Stow, County Surveyor, January 1887” and recorded in the office of the County Recorder of Ventura County, inn Book 2 of Miscellaneous Records, page 139:
- The Northeast Quarter of the Northeast Quarter of Section Number Eleven; Lot Number Four of Section Number One and Lot Number Four of Section Two; all in Township Three North Ranch Twenty West S. B. M., containing eighty-five and twenty-three one hundredths acres:
- A part of the North One-half of the Northwest Quarter of Section Twelve, and Lot Number Three of Section Number One, Township Three North Range Twenty West S. B. M., containing seventy and eighty/-nine one hundredths acres.
Said last two tracts above described are more particularly described by courses and distances in that certain deed made and executed by Eliza E. and Frank Robertson to Thomas R. Bard and R. G. Burdam dated April 27th, 1887, and recorded May 2nd, 1887, in book 21 of Deeds, page 39, Ventura County Records.
- Lot Number Eight and the Northeast Quarter of the Southeast Quarter of Section Thirty-One, Township Four, North Range Nineteen West, S. B. M., containing seventy-three acres, known as the “Drake Place”.
- Lot Number Seven and the Northeast Quarter of the Southwest Quarter of Section Number Thirty-one, Township Four North Range Nineteen West S. B. M., containing sixty-eight and seventy-one one hundredths acres and known as the “B. J. Robertson Tract”.
- All of that portion of the Southwest Quarter of Section One, in Township Three North Range Twenty West, S. B. M., adjoining the said parcels hereinbefore described as the second and third parcels lying South of the Bardsdale Tract and North of the main ditch of this Corporation, owned by Frank Robertson and containing ten acres, and
- Any such lands adjacent to said Bardsdale Tract as the Board of Directors shall include and designate in the Schedule which they are hereinafter authorized and directed to make.
And in order to qualify such stockholder and land owner to purchase water from the Corporation, it is necessary further that such person shall own at least two shares of stock for each and every acre of land owned by him within the limits above described.
The right to use the water may be conferred by the owner of such land and shares of stock upon his tenant, occupying said land by authorization in writing filed by the Secretary.
2: The Directors shall, as soon as convenient after the adoption of this additional by-law, make and adopt a schedule wherein they shall fix and designate those lands within the tracts above described which, in their judgment, can be effectually and advantageously supplied with the waters of this Company and shall schedule said lands so designated by segregated tracts or parcels, by existing subdivisions as shown on said maps of the Bardsdale Tract, or in any other way deemed by them most convenient and proper and therein designate and fix the area of each of said subdivisions and set opposite to such areas the number of shares of stock, being at the rate of two shares per acre or one share for each half acre, or for any fraction of an acre less than one half of an acre and over one-fourth of an acre, which each owner of each segregated tract or parcel must hold in order to entitle him to purchase water.
The said Directors shall also thereafter, at any time or times, when it shall appear to them to be expedient, and for the best interests of the of the corporation, make and adopt supplemental schedules, including therein other lands of said Rancho Sespe, and other lands adjacent to said Rancho Sespe which, in their judgment can be effectively and advantageously supplied with the waters of the Corporation, without interfering with or limiting the supply of water to be furnished to the lands covered by the schedule or schedules in force at that time; and which other lands shall be designated in said supplemental schedules by segregated tracts or parcels, according to the ownership thereof.
They shall fix and determine in said supplemental schedules the number of shares of stock which each owner of each tract therein mentioned must hold in order to entitle him to purchase water. Provided that the allotment of stock to each of said parcels shall be at the rate of two shares for each acre, or one share for each half acre and for any fraction of an acre less than one-half of an acre and over one-fourth of an acre; Provided that the total number of shares, so fixed, determined and allotted in all of the schedules, shall not exceed at any time, thirty-two hundred shares.
Whenever any of the tracts or parcels described in any schedule then existing shall be partitioned or subdivided, and the several parts thereof be held by different owners or whenever for any other cause the Board of Directors shall deem it necessary or convenient, for the best interests of the corporation and the consumers of water, the said Board may amend or alter any schedule in any or all particulars or make and adopt new schedules: Provided that in making said amendments or framing the new schedules, the Board shall be governed by and follow the general plan, rules and requirements set forth and laid down for the framing of the original schedule, and provided that all of said schedules shall be made upon the basis of one share of stock for each half acre or fraction of an acre less than one half and more than one-fourth of an acre.
Any of the shares of this corporation, which it may hereafter purchase or acquire in the enforcement of the collection of assessments or otherwise, shall be held by the Corporation for sale to persons owning any of the lands embraced in and covered by the schedule or schedules in force at the time of sale.
3: The Directors shall each year adopt a schedule of prices to be charged to each stockholder entitled to and desiring to purchase water; and in fixing said prices they shall have in view the object of providing a revenue which, together with the interest on any accumulated funds which may be invested, shall be sufficient only for meeting the whole cost and expense of operating and maintaining its works and plant, and carrying on its business, including taxes.
The Schedule or prices adopted shall not be changed during the fiscal year, but whenever new consumers of water, properly qualified by ownership of land and stock, shall make application, the Board shall fix the rates at which they can purchase water which rates shall continue unchanged until the adoption of a new schedule of rates.
4: The Directors shall distribute and sell the water of the corporation fairly, impartially, and equitably among and to the qualified stockholders desiring to purchase, so long as they shall pay for the water at the rates fixed, and observe the rules and regulations of the Board of Directors regulating the sale, delivery end use of water.
They shall also have the power to fix and determine in their discretion, from time to time especially in case of scarcity of water, the uses for which water shall be furnished to each consumer, and the amount which he shall be entitled to purchase.
5: Qualified applicants for water, owning lands not upon the pipe lines, ditches or flumes of the Company, may be required, in the discretion of the Board of Directors, to put in necessary connecting lines of pipe, ditch or flume, in part or entirely at their own expense, before they shall be entitled to the delivery of water.
6: Should the income of the Company arising from the water rates and interest on invested funds not be sufficient to pay the cost of operation, taxes and other ordinary current expenses, the Directors may, at any time, levy assessments on the issued stock to meet the deficiency.
7: The Directors are hereby empowered to make and adopt, from time to time, such further rules and regulations, for the distribution, sale, delivery and use of the water of this Corporation for the collecting and enforcing the collection of water rates, and for preventing waste and misuse of water by consumers, as in their judgment are advisable and necessary and not inconsistent with the law, the Articles of incorporation and these by-laws.