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<br />term lease, and will be governed by the same rules and regulations, fees, rates, etc <br />to which other members of Montezuma Water Company are subjected. <br />The Board of Directors shall also have the sole authority to set annual Association <br />membership fees, USDA Rural Development loan repayment fees, special <br />assessments to cover anticipated monetary shortages, or to refund to the <br />membership, excess funds in the Association account. In the event of delinquency in <br />the payment of fees, assessments, water charges, USDA-RD loan repayments or <br />water usage charges, the Board of Directors shall have the power to enforce the <br />collection thereof by either, or by any combination of the following remedies: <br /> <br />a. By personal action of debt brought against the delinquent member. <br /> <br />b. By withholding the delivery of water to the delinquent. <br /> <br />FIFTH: The Officers of this Association shall be a President, a Vice-President, and <br />a Secretary-Treasurer. All officers of the Association must be members of the Board <br />of Directors. The term of office of the Officers of this Association shall be for a <br />period of three (3) years, or until their successors are duly elected and qualified as <br />provided in the bylaws. <br /> <br />SIXTH: This Association shall have no capital stock. There shall be only one class <br />of membership. The evidence of membership shall be a Certificate of Membership. <br />The interest, rights and obligations of all members of the association shall be equal, <br />except as may be provided in the bylaws of this Association. <br /> <br />SEVENTH: The President, or the Vice-President in case of the absence of the <br />President, together with the Secretary-Treasurer shall have the authority to convey <br />or encumber the real and personal property of the Association and to make, <br />execute, and acknowledge instruments of conveyance or encumbrances thereof. <br />A two-thirds (2/3) vote of the Association membership, represented either in person, <br />by proxy, or absentee ballot can resend any action of the Board of Directors. <br /> <br />EIGHTH: These articles of incorporation may be amended at any meeting of the <br />members with a two-thirds (2/3) vote of the Association membership, represented <br />either by proxy, ballot or in person. <br /> <br />NINTH: Bylaws of this Association for the management of its affairs shall be <br />adopted by the Board of Directors of said Association and said Board of Directors <br />shall be empowered to amend or appeal the bylaws. <br /> <br />TENTH: Cumulative voting shall not be allowed. <br /> <br />ELEVENTH: The principal office and registered office of said Association shall be <br />Pa2;e 2 of 3 <br />