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<br />That Section 1, Article IX of the By-Laws
<br />of The San Luis Valley Canal Company be
<br />amended by repealing the following
<br />sentence thereof, to-wit:
<br />"The total amount levied or assessed
<br />against stock of the Company in any
<br />one year shall not exceed twenty
<br />percent (20%) of the par value of the
<br />stock."
<br />Section 1, Article IX of the By-Laws of The
<br />San Luis Valley Canal Company shall now
<br />read as follows, to-wit:
<br />Section 1, All outstanding capital stock
<br />of this Company shall be subject to
<br />assessment for all lawful purposes,
<br />including the maintenance of the canal
<br />system and other business of this
<br />Company and the payment of claim against
<br />the Company not otherwise provided for.
<br />All such assessments shall be payable in
<br />money, labor or services, or any
<br />combination of these, and shall be levied
<br />pro rata on all shares of stock issued and
<br />outstanding at the time of the levy of any
<br />such assessment. No water is to be
<br />delivered to any stockholder until all
<br />assessments have been paid in full,
<br />Section 2. No such assessment shall be
<br />made unless the question of making the
<br />same shall have first been submitted to the
<br />stockholders of the Company at an annual
<br />meeting or at a special meeting called for
<br />that purpose, and a majority of the stock
<br />issued and outstanding, represented either
<br />
<br />by the owner in person or by proxy, voting
<br />thereon, shall vote in favor of making such
<br />assessment. Provided. that in case said
<br />stockholders fail to hOld such a meeting, or
<br />fail to make or authorize any such
<br />assessment by the First of April in any year,
<br />then the Board of Directors shall have
<br />power to make such assessment for that
<br />year, at any regular or special meeting of
<br />said Board called for that purpose,
<br />Section 3. The Board of Directors shall
<br />each year, after an 3ssessment on the stock
<br />of the Company shall have been levied,
<br />whether by a stockholders' meeting or by
<br />the Board of Directors, fix by resolution the
<br />date upon which assessments shall
<br />become due and the Secretary shall
<br />thereupon give notice of said due date at
<br />least fifteen (15) days prior thereto by
<br />mailing a notice to each stockholder as
<br />shown by the books of the Company.
<br />Section 4. All assessments so levied shall
<br />bear interest from their due date as fixed by
<br />the resolution of the Board of Directors, at
<br />the rate of eighteen percent (18%) per
<br />annum until paid, and nineteen (19)
<br />months after such due date if they, or any
<br />part thereof, remain unpaid all such unpaid
<br />assessments shall be and become
<br />delinquent, and the stock upon which such
<br />assessments are delinquent shall be
<br />subject to sale as provided in this Article.
<br />Section 5. At the expiration of nineteen
<br />(19) months after any assessment shall
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