PROJ02111

• Contract/PO #: C150066
• Contractor Name: Tilton Lateral, Inc.
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Feasibility Study

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c) All assessments shall be effective upon written notice deposited
in the United states mail, postage p~epaid, add~essed to
stockholder membe~s of record. Any stock upon which an assessment
is not paid within fifty (50) days of such mailing shall subject
the shareholder to forfeitu~e of.his stock, ,but except as to such
fo~feiture,the stockholder .shall .' not ',be personally liable by
.-rea.son: .~f any :assessmentmadeby ,thecorp"oration. . Fo~fei ture of
stockfOl:~n()npaymentiof ,assessmentshall'be ,effective c immediately
upon;>appropriate -resolution of the Board of 'Directors. When any
share shall have been .so .forfei ted, an entry of.suchforfei ture
showing the date thereof shall be made in the minutes of the Boare
"of Directorsand~such shares so foIfei tedshall thereupon be
deemed :to be . the property of the corporation. Forfe i ture of a
share ,shall automatically result in the extinction of all interest
in the corporation with respect to such are and the termination of
rights to use the facilities and services of the Corporation.

ARTICLE IX. VOTING~1U~D MEETINGS
SECTION 1. ~OTINGRIGHTS. Each shareholder of record shall have one
,(1) vote for each .share of stock standing in his name on the books of
the corporation and-entitled to vote; Only memb~rs in good standing
shall be entitled to vote or hold office. A member will be deemed in
good standing if all.~assessmentare paid in full fo~ ..the cu~rent year as
well as all prior years :--.

SECTION 2. PROXIES. At all meeting of the shareholders, a shareholder
may vote by proxy executed in writing by-the shareholder or by his duly
authorized attorney-in-fact. such proxy shall be filed with th~
Secretary of the corporation no later than twenty-four (24) hours before
the time set for said meeting. No proxy shall be valie after eleven
(11) months from the date of its execution, unless otherwise provided in
the proxy.

SECTION 3. ANNUAL MEETING. The annual meeting of the shareholders
shall be held on the first Tuesday of the month of March, beginning with
the year 1991, for the purpose of election of officers and directors in
accordance with the Articles of Incorporation and these By-laws. If the
day fixed for the annual meeting shall be a legal holiday in the State
of Colorado, such meeting shall be held on the next succeeding business
day.

SECTION 4. SPECIAL MEETINGS. Special meetings of the shareholders, for
any purpose. or purposes, unless otherwise prescribed by statute, may be
called by the President or by the Board of Directors and shall be called
by the President at the request of the holders of ten (10) percent of
all outstanding shares of the corporation entitled to vote at the
meeting.

SECTION 5. PLACE OF MEE:'rUG: The Board cf DiIect.:J:s may dEsignat.e ar.y
plaCE, within Mesa County, ~tatE of Culorado, as the place of meet.!:.;
for any annual meeting 0: fc: any special rneetit; cal:ed t; the Boa:~ :~
Directors.

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