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of Trustees to meet the necessary expenses of operation and maintenance of the Company. The secretary shall mail the bills to the stockholders no later than April 1 sl of each year. This annual assessment shall be paid no later than May 15th each year. 3. In the event that the assessment described above is not paid by May 15th, a late fee of seventy-five (75) dollars per shareholder per month shall be due and owing at once, and the Board of Trustees shall cease delivery afwater, If the assessment and late fees have not been paid by December 31 sl of the year in which levied the Board of Trustees may proceed to collect said assessments and fees, with interest, costs and attorneys fees, by suit for the recovery thereof against the delinquent stockholder, or the Company may sell the stock, at the annual stockholders meeting or in any other forum, for the purpose of paying the unpaid assessment and interest, together with necessary expenses incurred in selling the stock. All sales offorfeited stock shall be t1y public auction conducted by the president of the Board of Trustees, and the proceeds of such sale, over and above the amount due on said shares, including late fees and interest, plus the expenses of the sale, shall be paid to the delinquent stockholder. No such sale shall occur until the delinquent stockholder has been given notice of the time, place, manner and purpose of the sale by mail or personal service at least thirty (30) days before the proposed sale or by publication at least ten (10) days before the proposed sale. Inclusion of the notice of sale in the notice of annual meeting mailed to stockholders and published pursuant to Section 3 of these bylaws shall constitute sufficient notice to the delinquent stockholder. In the event the sale of the stock shall not cover the unpaid assessment, the Company may seek recovery against the stockholder by any other lawful means available. 4. The address as shown on the books of the company shall be deemed the correct address, SECTION 13 WATER DELIVERIES 1, All stockholders of the company shall be entitled to receive from the company's ditches and reservoirs, by reason of being such stockholders so much water as may be necessary for the irrigation of their lands and for domestic purposes, in the ratio and proportion which his shares shall bear to the total outstanding shares of said Company, subject to the limitations and conditions set forth in this Section and Section 16 of these bylaws. 10