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<br />, . <br /> <br />. ARTICLE 'VIII <br /> <br />.., 4." C', . ' ,,,,CaDi tal Stock,." <br /> <br />", Sectio'n'l."AuthoIitv.' The cOIP~~~tio~"shal1 have authority to issue <br /> <br />one (1) class of stock. The corporation shall have authority to issue a total <br /> <br />of 500 shares ,9f stock with no par valu~... <br />: ,', ~.,~ --~ .q.;, -~~ ':~-;-/' . . ,) ,; ~- " t -J - .'.'.. <br />sectfo'n 2. Distribution of OwnershiD. . Each owner of real property that <br /> <br />owns Grand Valley Water stock and' served by 'the Tilton Lateral ditch system <br />.-- ~ - :-:~- ""r- -\l~: ~;":<>J'v~'~--_:L: ~?'T ~ .. or"",, ._~'::":- ~ ;~.~_.~_- .;.;~~~:-", . -..r.-~--:; ---. ~ '~.':-:'C' <br />.wil'lbe issued ~ .one share of stock ~. The' stock shall be assessable and <br /> <br />transferable as provided in Secti?n. 4.below~ <br />.. . ''"' ";., ,i ~ ,0''0 .:. .' - , .. . 'I <br />,-.... ..J __, ~-. ~ .. ~ _.. <br />Section 3. Issuance of Additional Shares. Following the initial <br />incorporation, additional shares of stock may be issued 'by the Board of <br />Directors upon application of a shareholder bas~d upon.the ownership of real <br />property: owned, ownership of Grand. _Valley Irrigation water shares and the <br />reasonable capacity ,of the Tilton Lateral ditch. system. <br />Section 4. Assessments and Restrictions. All classes of shares' shall, <br />after ,the .time of issuance,b~ ,assessable and transferable under the following <br /> <br />. , <br />terms and conditions: . <br /> <br />at" Each share will have annual assessments as set by the By-laws and <br />as determined by the Board of 'Directors of the Tilton Lateral,' <br />Inc. <br /> <br />b) <br /> <br />Assessments may be increased annually as determined <br />of Directors to such amounts as may be necessary to <br />operation, management, repair and maintenance of the <br />and to establish a reserve for future contingencies. <br /> <br />by the Board <br />pay for the <br />ditch system <br /> <br />c) The Board of Directors are to meet within ninety (90) days after <br />the close of the corporation's fiscal year. The Board of <br />Directors shall have the power to increase the amount of any such <br />assessments at any regular or special meeting for that purpose, by <br />an affirmative vote of a majority of the Board of Directors. <br /> <br />d) All assessments shall be effective upon written notice deposited <br />in the United States mail, postage prepaid, addressed to Tilton <br />Lateral, Inc. stockholder members of record. Any Tilton Lateral, <br />Inc. stock upon which an assessment is not paid within fifty (50) <br />days of such mailing shall subject the shareholder to forfeiture <br />of his stock, but except as to such forfeiture, the stockholder <br />shall not be personally liable by reason of any assessment made by <br />the corporation. Forfeiture of stock for nonpayment of assessment <br />shall be effective immediately upon appropriate resolution of the <br />Board of Directors. When any share shall have been so forfeited, <br />an entry of such forfeiture showing the c3te thereof shall be mace <br /> <br />3 <br />