C150115 Feasibility Study

• Contract/PO #: C150115
• Contractor Name: Riverside Ditch and Allen Extension Company, The
• Contract Type: Loan
• Water District: 11
• County: Chaffee
• Bill Number: MC3
• Loan Projects - Doc Type: Feasibility Study

10.2 SALE OF SHARES FOR DELINQUENT ASSESSMENTS. The Board of
Directors shall have the authority to sell the stock of any
stockholder in the event the assessment levied against said stock
remains due and unpaid for the period of (thirty) 30 days after
personal demand therefor or, if personal demand is not made. within
(one hundred and eighty) 180 days after a written or printed demand
has been deposited in .the post office properly addressed to the
post office address of the delinquent stockholder. The proceeds of
any sale of the stock over and above the amount due on said shares
shall be paid to the delinquent stockholder.
In addition' to the authority to collect the delinquent
assessments by the sale of the stock as in this paragraph provided,
the Board of Directors is authorized and empowered to refuse to
deliver water. to any stockholder who has not made the payment of'
his assessment on the due date prescribed.
In the event there is no buyer for such stock. the Corporation
shall take possession of the shares of stock and the water rights
represented by the same in payment for all debts owed to the
corporation. All rights under the original certificate shall
immediately cease and determine and no person shall at any time
thereafter assert any claim or demand against the corporation or
any other person on account of such original certificate. A new
certificate shall be made out to the corporation and the Board of
Directors shall have the authority to determine the use of the
water from those shares.

ARTICLE XI

AMENDMENTS

The power to alter, amend or repeal the Bylaws shall require a
two thirds majority of a. quorum of the Shareholders.

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