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<br />ditch, in the ratio and proportion which his shares shall bear to the total outstanding <br />shares of said Company, subject to the limitations and conditions set forth in this <br />Section and Section 16 of these bylaws, <br /> <br />8. No transfer of shares for uses on land not historically irrigated by water of this ditch <br />(hereinafter "new land") or for uses not historically made (hereinafter "new uses") <br />shall be permitted, except ..by and upon orders and approval of the Board of <br />Trustees. If a person acquiring stock (hereinafter the "applicant") expresses an <br />intent to use the purchased shares for new uses or upon new lands, the secretary <br />of this Company shall suspend the re-issuance of certificates pending review by the <br />Board of Trustees, The applicant shall submit an application to the board <br />describing the new uses and/or locations that is sufficiently detailed to permit the <br />board to determine whether the proposed uses will be detrimental to the operation <br />of the Company's delivery system, in violation of the Company's water rights <br />decrees or these bylaws, or otherwise injurious to the stockholders and the <br />Company as a whole, The board shall review any such application in a timely <br />manner, and, if the board determines that the application cannot be granted as <br />presented, it shall allow the applicant an opportunity to revise its plan to address the <br />board's concerns, The board is authorized to engage engineering and legal help <br />to assist in its review of the application, and any fees thereby generated which <br />would not have been incurred but for the application shall be borne by the applicant. <br /> <br />9. Any person seeking reissuance of a lost stock certificate may do so pursuant to <br />997-42-113 to 117 C.R.S, If the Board of Trustees determines a bond would protect <br />the Company, a new certificate may be issued upon proof of a bond in an amount <br />to be determined by the Board, The person seeking reissuance of a lost stock <br />certificate shall also pay all the costs incurred by the Company to reissue the lost <br />certificate, including, secretary time, all costs and attorney fees. <br /> <br />SECTION 12 <br />ASSESSMENTS <br /> <br />1, The Company shall have the power to make an assessment on the capital stock, <br />to be levied pro-rata on the shares of the stock payable in money for any of the <br />purposes of the Company, <br /> <br />2. All assessments for every purpose necessary for the operation and maintenance <br />of the Schneider Ditch Company, and its property, shall be levied by the <br />stockholders at the annual or any special meeting of the stockholders. In the event <br />that the stockholders fail to levy an assessment, a levy may be made by the Board <br /> <br />9 <br />