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't" , <br /> <br /> <br />.'~:~ i.:_ L~;~_j~",;:) ),;: ,~'~ii~;;:':: ~~J(;t;;;S?~~;;~:',~{~f.~\14::<;':,,;:}; ;" ,'; ';i <br /> <br />,. ,\ ' <br /> <br />.~: ~ :",:)~'}~''':~~'~<':.~>:':.,: . . : ' <br /> <br />.'" . <br /> <br />. .:.' . ~. ~,. ,> <br /> <br />· have become due against any stock in this <br />Company, the Secretary of this Company <br />shall make a demand in writing upon such <br />delinquent stockholder for payment of <br />such assessment. which demand shall <br />state the amount of such assessment, the <br />amount of accrued interest thereon. as <br />provided by these By-Laws, and the time <br />when and the place where such stock will <br />be offered for sale if said assessment and <br />interest are not sooner paid, and upon the <br />failure of the stockholder to pay such <br />assessment before said time, said stock or <br />so much thereof as shall be necessary to <br />satisfy said assessment, the interest <br />thereon and the cost of sale. shall be sold at <br />the time and place mentioned in said <br />Notice and Demand. <br />Section 6. The Notice and Demand <br />mentioned in Section 5 shall be duly mailed <br />to the last known address to such <br />stockholder at least thirty (30) days prior to <br />the time when such sale is held, and in all <br />other respects compliance shall be made <br />with Colorado Revised Statutes 1953, <br />Chapter 31, Article 1, Section 13, and <br />Chapter 31 0 Article 14, Section 4, relating to <br />the sale or forfeiture of corporate stock for <br />non-payment of assessments, in making <br />such sale or declaring the forfeiture of such <br />stock. <br />Section 7. If upon sale of any stock under <br />the provisions of Section 5 and 6 of this <br />Article. sufficient money shall be realized <br />to pay said assessment with interest <br />-14- <br /> <br />thereon at the rate provided by the By-Laws <br />of this Company and costs of sale. if any <br />surplus shall remain, offer to pay said <br />surplus shall be immediately mailed to the <br />stockholder at his last known address. <br />Section 8. If at any such sale no person <br />shall bid for such stock so to be sold, or if <br />the highest and best bid made shall be <br />insufficient to pay and discharge said <br />assessment, the accrued interest thereon <br />and the costs of sale, the stock, or so much <br />thereof as shall be considered by the Board <br />of Directors (or by the acting officer of the <br />Company duly authorized by the Board of <br />Directors to act at such sale) to be of a value <br />sufficient to satisfy said assessment, <br />interest and costs, shall be bid in by the <br />officer of the Company conducting such <br />sale at the full amount of the delinquent <br />assessments and interest due thereon <br />together with the costs, and thereupon said <br />stock shall be forfeited to the Company and <br />proper entries to that effect shall be made <br />upon the books of the Company. Any stock <br />so forfeited to the Company shall thereafter <br />be held as Treasury stock until such time as <br />the Board of Directors shall decide to sell it. <br />The Board shall never sell less than fifty <br />(50) full shares of Treasury stock to anyone <br />person who is not already a stockholder in <br />the Company. <br /> <br />-15- <br /> <br />, .. . .. <br /> <br />, : .'.. <br /> <br />-:. . .... ':', .' \~. ~ " <br />... " . I ';" <br /> <br />, : :,::-~,>>:;'!s~~$11 <br /> <br /> <br />. . '. . a: .; .~ ," :~ '~:~.. <br />..', .:. 'I~f:..;.~ .~""':.. <br /> <br />~. <br /> <br />... ..,. <br /> <br />., <br /> <br />. '. <br /> <br />'... '.., <br /> <br />. .: <br /> <br />:; <br />'I <br />II <br />\: <br /> <br />I' <br />I <br />i. <br /> <br />'. . <br /> <br />. .';.~ ..,' <br /> <br />, '. <br /> <br />.. <br /> <br />. 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