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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />'" <br /> <br />.. <br />. . <br /> <br />An action at law may be maintained by our Company to <br />recover any assessment, or any installment thereof, again&~ a <br />delinquent stockholder, and/or the stock on which assessments are <br />delinquent. may be sold or forfeited for the failure to pay such <br />assessments in the manner provided by law and by these By-laws, and <br />the Company reserves the right to recover such assessments, either <br />by action or by sale and forfeiture, as well as by other remedies <br />that may be available for the collection of said assessments. And <br />our Company shall have a perpetual lien upon such stock and the water <br />rights represented by the same for any and all such assessments, and <br />all parts thereof, and interest thereon, until the same are fully <br />paid. <br /> <br />In the event the Board determines to collect said delinquent <br />assessments by forfeiture or sale. the Board shall direct the Secretary <br />to make demand upon the delinquent stockholder and any other person <br />interested in said stock as lienee or otherwise, as appears frea the <br />records of the Company, for the amount due on all shares of stock upon <br />which said assessments with interest, have not been fully paid; which <br />said demand shall be by written or printed' notice and ~uly mailed by <br />registered mail to the last known address of such delinquent stock- <br />holder and any person interested in said stock as lienee or otherwise <br />as appears from the records of our Company; said demand shall also <br />state that such delinquent stock and the water rights represented by <br />the same will be declared forfeited and will be thereafter sold unless <br />the amount due thereon, including interest, be paid within thirty (30) <br />days of the mailing of such demand notice. If said delinquent <br />assessments, with interest thereon. shall not be paid witnin said <br />thirty (30) day period, then the ~oard of Directors may declare said <br />stock and the water rights represented thereby forfeited for failure <br />to pay the assessments or ins~allments thereof which have from time <br />to time become due, and shall direct the Secretary to sell at public <br />sale said delinquent stock and the water rights' represented thereby, <br />or so much thereof as may be necessary to pay and discharge the amount <br />due upon such stock for delinquent assessments or installments thereof, <br />together with interest, costs and expenses incident to such forfeiture <br />and sale. Notice of such public sale shall be given by publication at <br />least once a week for three consecutive weeks (four times) in a daily <br />or weekly newspaper published in the City of Greeley, Weld County, <br />Colorado, and/or in such other newspaper published outside of Weld <br />County, Colorado, as the Board of Directors may deem proper, the first <br />publication thereof to be at least thirty (30) days prior to the date <br />fixed in such notice for. such sale; and said notice shall also state <br />the time and place at which such shares of stock and the water rights <br />represented by the same shall be sold, unless payment of the amount <br />due thereon. with interest, costs and expenses, shall have been made <br />prior to the time of sale. A copy of such notice shall be mailed by <br />the Secretary to the delinquent stockholder and any other person <br />interested in said stock as lienee or otherwise, as appears from the <br />records of our Company. If the amount due upon such shares, together <br />with accrued interest thereon, and all costs and expenses incident to <br />said forfeiture and sale, shall not have been paid before the time <br />fixed in such notice for such sale, said delinquent stock and the <br />water rights represented by the same shall be forfeited, and the <br />Secretary shall proceed to sell at public auction, at the time and <br />place designated in said notice, for the highest and best bid for cash <br />in hand, the said .delinquent stock and the water rights represented <br />by the same, or as many shares of stock belonging to such delinquent <br />stockholder as may be necessary to pay the delinquent assessments, <br />together with accrued interest, costs and expenses incident to said <br />forfeiture and sale. If the price for which the necessary share or <br /> <br />-8- <br />