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<br />IX.
<br />STOCK LEDGER
<br />
<br />The Secretary shall keep a book called a stock ledger containing the
<br />names of all persons who are or shall have been within one year, slock.
<br />holders in the Corporalion, showing their place of residence, as last known,
<br />the number of shares of slack held by them respectively; and the time
<br />when they respectively became the owners thereof; which book shall,
<br />during the usual business hours of the day, be open for inspection of the
<br />slockholders and creditors of the Corporation, and their personal repre-
<br />sentative, at ils principal office; and any and every stockholder, credilor or
<br />representative shall have the right to make extracls from said book. The
<br />secretary shall also keep a certificate book and stubs. The stub shall show
<br />how the certificate was issued.
<br />Upon wrillen request of a North Poudre stockholder of record, stating
<br />a proper purpose and paymenl of $25.00, such stockholder shall be en.
<br />tilled to a copy of the list of North Poudre stockholders then being used
<br />by the Company. On \vrillen request for a list of more recent date by a
<br />stockholder of record, North Poudre will extend the list to more recent
<br />date upon payment in advance of the approximate cost of revising the list.
<br />Any stockholder who uses Ihe list and runs for office of director shall be
<br />refunded the amount paid, whether or not elected. Any stockholder reo
<br />questing a list shall stale the purpose for which it is to be used, and shall
<br />agree and certify in writing thaI the list will not be sold or released to any-
<br />one. The Secretary may decline 10 furnish the list if, in the Secretary's judg-
<br />ment, the Secrelary believes the request improper for any reason. Denial
<br />of the list by the Secretary may be appealed in writing to the North Poudre
<br />Board within thirly days after the wrillen refusal to furnish same.
<br />
<br />XI.
<br />PAID UP STOCK
<br />The stock of the Corporation shall all be issued as fully paid stock, and
<br />shall not be liable to future calls.
<br />
<br />X.
<br />VOTING STOCK
<br />
<br />The slock shall be considered and treated by the Corporation as per.
<br />sonill property, and any person pledging or mortgaging the same as security
<br />fOr any debt, shall be considered as holding the same and liable accordingly
<br />as a sto~kholder.
<br />Every personal representative, legal representative, executor,admini-
<br />slrator, conservator and guardian shall represent the stock in his or her
<br />hands at all stockholders' meetings, and shall vote the same as a stock-
<br />holder, and shall be liable in the same manner and to the same extent as
<br />the testator, intestate or ward would or should if living or competent to
<br />act; and every person who shall pledge or mortgage his or her stock as
<br />collateral security or as security at all for any debt shall nevertheless be
<br />entitled to vOle the same at all slockholders' meetings while he or she reo
<br />mains the equitable owner and until the legal and equitable title shall have
<br />been forfeited against him or her by foreclosure.
<br />
<br />XII.
<br />ASSESSMENTS
<br />When the corporation shall have no income or funds sufficient to meet
<br />Ihe necessary expenses of maintenance and repairs of its property, to pay
<br />to its officers, agents and employees, to protect and defend its righls, and
<br />to pay its legal indebtedness of whatever nature, an assessme~t shall be
<br />levied on its paid up stock, pro rata, on all shares, and payable In money.
<br />Except as provided by law, no assessment shall be made unless the ques-
<br />tion of making the same shall have first been submitted to the stockholders
<br />al an annual meeting, or a special meeting called for that purpose and a
<br />majorily of the stockholders, either in person or by proxy, voting thereon,
<br />shall vole in favor of making such assessment.
<br />When such an assessment shall have been duly made, any stockholder
<br />who shall fail neglect or refuse to pay the same when due and after notice
<br />thereof shall' not be entitled to draw or receive any \vater from the canals
<br />or rese;voirs of the Corporation or to receive other benefits of any kind or
<br />nature by reason of his or her ownership in the capital stock of the Corpor.
<br />ation, until assessment is fully paid. .,
<br />The Board, to reduce administrative expense, may preSCribe certain
<br />minimum assessment payments which shall be made in one lump sum by
<br />the date required,
<br />All assessments shall be due and payable as soon as levied, and shall
<br />be delinquent at such time as the Board of Directors shall prescribe, and
<br />shall draw interest from the date they are delinquent until they are paid, at
<br />such rate of interest as may be prescribed by the Board of Directors.
<br />The interest on an unpaid assessment is an integral part of the assess-
<br />ment and no stockholder who fails, neglects or refuses t.o pay the interest
<br />on a past due assessment after notice thereof shall be entilled to draw or
<br />receive any water from the canals or reservoirs of the Corporation or re-
<br />ceive other benefits of any kind or nature by reason of ownership in the
<br />capilal stock of the Corporation until the unpaid interest is paid in full.
<br />When assessments are unpaid and interest has accrued thereon any
<br />payment received by North Poudre thereafter shall first be applied to t~e
<br />payment of delinquent interest and the balance, jf any, toward the unpaid
<br />assessment.
<br />When any stockholder shall be in default in the payment of any install.
<br />menl or assessment upon the stock pursuant to the determination and levy
<br />of the Board of Directors for the period of thirty days after personal notice
<br />thereof, and demand thereof by the Secretary or after a written or printed
<br />notice and demand therefor has been deposited in the po~t office, properly
<br />addressed to the last known post office address of such delinquent slock-
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