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<br />date of issue, the number of shares for
<br />which it is issued. and the name of the
<br />person to whom it is issued. Several
<br />certificates may be issued to the same
<br />person or persons, provided that, in the
<br />aggregate. the number of shares so issued
<br />shall not exceed the number of shares so
<br />belonging to such persons.
<br />Section 3. The Company shall have a lien
<br />on all shares of stock for the payment of
<br />assessments thereon, and any other
<br />indebtedness owed to the Company by the
<br />owner thereof; all stock certificates printed
<br />shall have a notice printed thereon stating
<br />that a lien is reserved by the Company upon
<br />such stock for the payment of assessments
<br />and any other indebtedness due the
<br />Company and also stating the restriction
<br />upon the transfer of such stock imposed by
<br />Sections 5 and 6 of Article VIII of these By-
<br />Laws.
<br />Section 4. The Secretary shall keep a
<br />stock ledger and a true account of all
<br />shares issued and re-issued by the
<br />Company, in accordance with the
<br />provisions of the Statutes of the State of
<br />Colorado.
<br />Section 5. Transfers of stock to entitle a
<br />stockholder to vote the same must be made
<br />and registered at least ten (10) days prior to
<br />the time of the meeting at which such stock
<br />is voted. All stock shall be transferred on
<br />the books of the Company by assignment
<br />either in person or by attorney.
<br />
<br />-10-
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<br />Section 6. No transfers of stock shall be
<br />made except upon the surrender of the
<br />original certificates for cancellation, nor
<br />shall any transfer be made upon which
<br />assessments are due or unpaid, or while the
<br />holder is indebted to the Company on any
<br />account whatever. In case of loss of any
<br />stock certificate, a duplicate certificate
<br />may be issued in lieu thereof within three
<br />(3) years from the time such loss has been
<br />reported by the stockholder to the
<br />Company on furnishing proof of such loss
<br />to the Board and the execution and delivery
<br />of a surety bond in the penal sum of at least
<br />two (2) times the par value of the stock
<br />represented, indemnifying the Company
<br />against any loss that may result from the
<br />reappearance of the lost certificate, or by
<br />reason of reissuance of such duplicate
<br />certificate. If more than three (3) years shall
<br />have elapsed since the stockholder, his
<br />legal representative or assigns have
<br />notified the Company that such certificate
<br />has been lost, mislaid, or destroyed, the
<br />Company shall issue a duplicate certificate
<br />in accordance with the provisions of 31-14-
<br />13, Colorado Revised Statutes, 1953.
<br />Sect.ion 7. The shares of the Company,
<br />when Issued, shall be issued as full paid
<br />stock of the par value of Five Dollars
<br />($5.00) per share.
<br />
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<br />ARTICLE IX
<br />ASSESSMENTS
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