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<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-
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<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.
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