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<br />SECTION 11 <br />TRANSFER OF STOCK <br /> <br />1. Certification of stock in the Company for whole or fractional shares may be issued <br />by the secretary, upon surrender of any outstanding certificate, with authority for <br />transfer duly endorsed thereon, provided the conditions set forth in this Article are <br />satisfied, <br /> <br />2. All certificates of stock, when issued, shall be signed by the president, <br />countersigned by the secretary, or the Board of Trustees, and shall be sealed with <br />the Company's seal, and such certificate shall be numbered in the order of its <br />issuance, and each certificate shall express on its face its number, the date of its <br />issue, the number of shares which it represents, the name of the holder, the par <br />value of each share, and if fully paid up such fact shall be therein expressed, <br /> <br />, <br /> <br />3. At no time shall certificates of stock be outstanding and uncancelled for any shares <br />in excess of the total number of shares of the Company, and any stock issued in <br />excess of the limit shall be null and void, <br /> <br />4, Stock can be transferred only on the books of the Company upon surrender of the <br />certificate with authority for the transfer endorsed thereon either by the owner in <br />person or by his authorized agent, or attorney in fact, having written authority <br />therefor. Such surrendered certificate shall be canceled before the issuance of a <br />new certificate in lieu thereof; but no certificate of stock transferred until all <br />assessments and interest thereon up to the date of cancellation or transfer shall <br />have been paid in full. <br /> <br />5. Any person acquiring stock by purchase, or transfer, either at public or private sale, <br />shall be subject to all liabilities incurred and assumed by the original subscriber to <br />the certificate of stock, and to all provisions of these by-laws, <br /> <br />6. The secretary may collect, as his fee for each transfer of capital stock, such sum as <br />set by the Board of Trustees each year, the same to be paid by the person, or <br />persons, making such transfer. <br /> <br />7, Each stockholder in this ditch Company shall be entitled to freely transfer his stock <br />to any other stockholder or to any purchaser of land heretofore irrigated by said <br />Company I and each holder of capital stock shall be entitled to receive from the <br />Company's ditch, water owned or controlled by the stockholder for the irrigation of <br />lands heretofore irrigated by said ditch, in such amount of water as carried in said <br /> <br />8 <br />