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<br />g) turn over to any newly elected secretary-treasurer. <br /> <br />SECTION 4. DIRECTOR. It shall be the duty of each director to assist <br />the officers in the. duties of their office and be an active member of <br />the Board of Directors and conduct the business of the corporation in <br />the best interest of the majority of the stockholders. <br /> <br />SECTION 5. SHAREHOLDERS. The shareholders shall have the following <br />duties and responsibilities to the corpDration: <br />a) each shareholder has a duty to select the elected officers and <br />Board of Directors at any meeting called for such purpose. <br /> <br />b) each shareholder will pay his respective assessment each year <br />within thirty (30) days of notification of the amount due. <br /> <br />c) each shareholder shall notify the Secretary-Treasurer of any <br />change of ownership of land anG corresponding stock. Any change <br />of ownership shall be accompanied by a transfer of Tilton Lateral, <br />Inc. stock and any applicable transfer fees. <br /> <br />d) each shareholder shall notify the secretary-Treasurer of <br />changes in Grand Valley Water stock ownerships. <br /> <br />'. e) each shareholder.shall notify the Secretary-Treasurer of any <br />change of mailing address. <br /> <br />f) each shareholder is responsible for the maintenance, burning <br />weeds, and keeping ditch banks clean along their own property and <br />keeping division boxes free of trash and debris. Each shareholder <br />will be responsible for any and all damage to the ditch system due <br />to the negligence of the shareholder or his lessee, and the <br />shareholder will pay for all such damage done to the ditch by the <br />shareholder or lessee. <br /> <br />g) Each shareholder is help with maintenance of the main supply <br />system from the headgate to his property line whenever such <br />maintenance is required. <br /> <br />h) Each shareholder is responsible for his waste water and waste <br />water ditches. <br /> <br />ARTICLE VIII. ASSESSMENTS AND RESTRICTIONS. <br />SECTION 1. All classes of shares shall, after the time of issuance, be <br />assessable and transferable under the following terms and conditions: <br /> <br />a) Each share will have an initial minimum annual assessment of <br />$15.00. <br /> <br />b) Assessments may be increased annually by the Board of Directors to <br />such amounts as may be necessary to payor the operation, <br />management, repir ar.d rr.aintenance of t~!e d tch system and to <br />estab:ish a reserve for future co~tingen:ies. <br /> <br />~ <br />