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<br />3. Classification of Shares. <br /> <br />ARTICLE VlI-FlSCAL YEAR <br />Fiscal )'ea1" is the caIeodar year. <br /> <br />ARTICLE VIIl-ORGANIZATION AND DIVIDENDS. <br />Tbe o~on is organized as a non-proftt oorpomtion. <br /> <br />Documentl <br /> <br />PAGE SIX <br /> <br />dut}. of tbc Corporation to issue a IICW c;atificatc to the person <br />entitled thereto, and QIlW (he aid c:crtif1C3tc: every mch <br />lransfer sbaJJ be entered on {be transfer book o{tbc Corpornuon <br />which shall be b:pl at its priDcipal oIficc. No tRUSfct or shares <br />\,ill oa:or unlil aU ;unousds due to the Ccnpomtion by lhe <br />stockholder have been paid in full. <br />(b) The Corpora\ioR shall be CDliIlalIO IfCill tm: <br />hoLder of (CXOId of all)' share as tbc holder ia fact dIc:R:OI: aDd. <br />3ccotdin&I)'. shall not be: bound to recognize all}' cqui1.abk: or <br />other claim 10 or iatcRSl in sudl share on the pan or any other <br />person \vbcthcr or DOl it $ball bavc ~1JCIISICS or Olbcr notice <br />thereof. except as ~pn:ssly providI::d by the laws oflhis Slale. <br />{c) The ofIi.cas of the COIpOf<\Uon sb3.Il not issue <br />ccrtifac3lCS for sb:u"cS in tile Corporalion for fnclioDs k:ss lhan <br />O\l~ share. elI.upl tb:1\ a tCttifica\e whith was ia ~c:ncc ou <br />Fcbnm111. 100-2. \:aU ~ tcissual uilh.tlE...~l portion <br />of lhe orieinal ccrtifacatc being rcissua1 with ;a separate <br />fraction."ll share. This provision ofthc bylaws sbaU be liberally <br />con.<;trucd to pw.-cnt tbe issuance of :ldd"'llional fractional shares <br />oC slock in we Col'poriItion. <br />(d) Upon Jcquc:st of aa)' of &he iocorporalcd <br />lateral ditch companies tbat n:cci\'C \later dcfu."CI)' from the <br />corporation, lIte Secretary of the Qn[Mabon sh~'\ na\. <br />complcu: uansfClS of ceniftcatcs for &lwcs fot" a stockholder of <br />!he Corpomlion thai also b:Js shares of $lock in the la(cral dilch <br />company \\;lhout ..he ;UlllLorizalion of the scactlry of lhe <br />lateral ditch COlnpaoy. II is !be intent or IRis bylaw provision 10 <br />require the lransfcr.:c of the sh3rcs of 1bc Corpof3Iion 10 also be <br />(he lr.lnSfw:c of the sJ.wcs of We lateral ditch company tc <br />ensure lhat &he tr.msfercc shaIl be rcquUcd to p.'y lhe <br />as.'iCSSftlCRlS of and abide b)' lbc b):laus, rules and rcgulalious <br />of the btcrnl ditch compaU)' whelltcr or notlbe facilities of lhe <br />\a\~ di\c!l 1:U\\\pa1" aI~ utifu~ by \he:; lr.l~ <br /> <br />3. CLASSJltlCA'I10N OF SHARES. <br />TIle Board of DW:ctors may~ ~ n:sobdioD. provide fo <br />creation of classificalions of sh::ucs of Slock of the Corpotaliol <br />into one or more classes of stOCk.. TIae Board of DiJcd.urs UlCJ <br />use criteria for Stach classes as lbey determine, and such roleri <br />may ioclude. but arc not limited to the use of 1m: waler by sue <br />cWs. lite costs of the ColpOT.ltion iDcurrCd for a elm. the: poi. <br />or dcli\-ecy of ".."lel (Of such class and me use of facilities · <br />lhc Corporation by tl\C elm. If tILe Bo:mi acalCS one or nlO: <br />~ c1assI:s of shareS or stock. Cbc8 (be Board slla11 assi{ <br />each share of lbe slock of tbc Corporation to $1JCh cI3sscs aft <br />such acalioCl. !::acl- share of lOlock assigocd (0 :I class of SIQl <br />established by thl: Hoard sh:J1l rctuo its Y(Iling rights <br />provided in lllCSC byl:lws. <br /> <br />ARTICLE vn - FISCAL YEAR <br />11le fuc:31 )car of the Corpor.dioa sbaU bcgia on I <br />I" day of January in caeb }'c.1f. <br /> <br />ARTICLE VlII- ORGANIZATION AND DlVlDEND~ <br />This COlJlOIalion is osganilJ:d as a IIOllpn <br />corpor.tlion C.....:lllSi\'Cly ror img:uion purposes. The Direct <br />lu;J.~' !lot ck."Clarc or pay di,'idcuds Oil lbe outslaudint; slmcs <br />the Corporation. <br />