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<br />...-- <br /> <br />the Directors shall have power to make such assessment at any <br />regular or special meeting called therefor for that year. <br /> <br />Sec. 3. Delinquent Assessments. <br /> <br />A. If an assessment is not paid by the due date, an <br />addi tional assessment shall be imposed. This additional assessment <br />is not interest, a late charge, or a penalty, but rather a true <br />assessment needed to cover the costs incurred by the Company or <br />losses it suffers resulting from the failure to pay the original <br />assessment. <br /> <br />B. <br />paid. <br /> <br />No water shall be delivered until all assessments are <br /> <br />Sec. 4. Forfeiture or Sale of Stock for Non-Payment of <br />Assessment. The Directors or Trustees of the Company may prescribe <br />either a forfeiture or a sale of stock on failure to pay the <br />installments or assessments that from time to time become due. No <br />forfeiture of stock or the amount paid thereon shall be declared <br />against any estate or against any stockholder before demand has <br />been made for the amount due thereon either in person or by written <br />or printed notice duly mailed to the last known address of such <br />stockholder at least thirty (30) days prior to the time the <br />forfeiture is to take effect. <br /> <br />When any stockholder shall be in default in the payment of any <br />installment or assessment upon the stock for the period of thirty <br />(30) days after personal notice thereof, and demand thereof by the <br />Secretary or after a written or printed notice and demand therefor <br />has been deposited in the post office, properly addressed to the <br />last known post office address of such delinquent stockholders, the <br />Board of Directors at any meeting may order that the share or <br />shares of stock held by such delinquent stockholder therein be sold <br />at Public Auction at some certain time and place to be designated <br />in such order, to the highest bidder for cash. Notice of the sale <br />shall be as provided by law. Any sale proceeds over and above the <br />amount due on such share or shares and all expenses incident to <br />such sale, shall be paid to the delinquent shareholder. <br /> <br />ARTICLE IV. <br /> <br />LOST STOCK CERTIFICATES <br /> <br />In any event any stockholder shall lose his certificate or <br />certificates representing such shares, the provisions of C.R.S. s <br />7-42-114, et seq. (1973), as it shall from time to time be amended, <br />shall apply. In the alternative, the stockholder may make a <br />presentation of the facts to the Board of Directors at a regular <br />meeting of the Board of Directors, or at a meeting called for such <br />purpose, and the Board of Directors shall have the authority to <br />prescribe for a lost instrument bond and such other steps for the <br /> <br />5 <br />