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<br />.. ..' ,. <br /> <br />issuance of a new certificate as the Board shall deem reasonable <br />for the protection of the Company. <br /> <br />A price per share shall be set by the Directors upon request <br />for the amount necessary to obtain a security bond for lost stock <br />certificates. <br /> <br />ARTICLE V. <br /> <br />TRANSFER OF SHARES <br /> <br />No stock certificate shall be issued representing shares in a <br />denomination of a lesser amount than one-half (1/2) share. No <br />shares of stock may be transferred on the records of the Company <br />until all current assessments are paid in full. <br /> <br />ARTICLE VI. <br /> <br />CORPORATE SEAL <br /> <br />The corporate seal of this Company shall be and consist of an <br />ordinary scroll with the name of the Company inscribed therein. <br /> <br />ARTICLE VII. <br /> <br />AMENDMENT <br /> <br />These By-Laws may be changed, amended, supplemented or revoked <br />at any time by an affirmative vote of at least three (3) of the <br />Directors at any meeting of the Board of Directors. <br /> <br />ADOPTED BY ALL THE BOARD OF DIRECTORS this 14th day of April, <br />1998. <br /> <br />LAKE CANAL COMPANY <br /> <br />( SEAL) <br /> <br />By: /' F~/~.Vl i' (/--,'~ <br />SecretarY "j.-..'j rl..--c( /';', (; - '1' 5 <br /> <br />Certified to be a true and correct <br />copy of By-Laws <br /> <br />By:--J:!~e ~a~ 10 - {, - 'l~ <br /> <br />lavh3/1..kQC:l\M.l.byl J <br /> <br />6 <br />