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<br />shares shall be sold shall exceed tne amounts due, with interest,~.co8~s
<br />and expenses incident to said sale, such excess shall be paid to the
<br />delinquent stockholder and/or any other person interested therein,
<br />whether lienee or otherwise, as appears from the records of our Company,
<br />and no sale of delinquent stock shall take place within less than twelve
<br />(12) months from the date the assessment was made.
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<br />The Company, in furtherance of its statutory rights and lien,
<br />may become the purchaser of any stock' forfeited and sold as aforesaid
<br />for the failure to pay assessments, interest, costs and expenses; and if
<br />at any such sale there shall be no bids made for such delinquent stock
<br />in excess of the amount of the delinquent assessment, interest thereon,
<br />costs and expenses of such forfeiture and sale, the Secretary of this
<br />Company may bid the same in in the name of the Company for the amount of
<br />assessments due thereon, including interest, costs and expenses.
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<br />A new certificate or certificates of stock shall be delivered
<br />to the purchaser in lieu of the stock forfeited and sold, and thereupon
<br />the certificate of stock of the delinquent stockholder shall be taken
<br />and deemed to be cancelled and void, and shall be so marked when and if
<br />such forfeited and sold certificate be surrendered; and. the Secretary
<br />shall also make proper entries in the books and records of our Company,
<br />including the stub of the cancelled certificate, reciting the forfeiture,
<br />sale and cancellation of said forfeited and sold certificate and ~he
<br />issuance of such new certificate.
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<br />The remedies herein provided for the collection of such
<br />assessments are cumulative and shall be in addition to every other
<br />remedy now or hereafter existing or provided by law.
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<br />ARTICLE VII.
<br />DISTRIBUTION OF WATER
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<br />All water shall be delivered under the rules and regulations
<br />established by the Board of Directors and as modified by resolution.
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<br />ARTICLE VIII.
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<br />The following shall be the seal of the corporation: The words "The
<br />Greeley and Loveland Irrigation Company" in a circle, and a sheaf in the
<br />center, substantially as follows:
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<br />We hereby certify that the foregoing By-laws, consisting of Eight
<br />Articles, have been duly adopted as the By-laws of said corporation.
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