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<br />10- 1-03; ,0:25AM;ANDERSON CHAPIN PC <br /> <br />;970+842+5563 <br /> <br /># 20/ 26 <br /> <br />the number of shares for which and person or persons to whom <br /> <br /> <br />it is issued and that same is assE!ssable only for maintenance, <br /> <br /> <br />superintendence, repairs and necessary indebtedness to be <br /> <br />incurred by the company under its by-laws. <br /> <br /> <br />Certificate of stock may be t:ransferred between holder <br /> <br /> <br />thereof, in person, or by attorney legally constituted or by <br /> <br /> <br />their legal representatives. The transfer may be made by <br /> <br /> <br />endorsement on the certificate of stock and surrendering the <br /> <br /> <br />same, provided that such transfer shall not be valid except <br /> <br /> <br />between the parties thereto until the same shall have been <br /> <br /> <br />noted in the proper form on the books of the company. No <br /> <br /> <br />transfer of any share of stock shall be valid until all <br /> <br /> <br />assessments duly made and outstanding against the owner of <br /> <br /> <br />such stock shall have been paid, nor shall any such transfer <br /> <br /> <br />be valid where the holder of the stock at the time of the <br /> <br /> <br />transfer is in any manner indebted to the company on any <br /> <br /> <br />account whatever, unless the Board of Directors shall expressly <br /> <br /> <br />otherwise direct. <br /> <br />ARTICLE V <br /> <br /> <br />Assessments of Stock and Payment Thereof <br /> <br /> <br />Sec. 1. The stock of this company, though fully paid <br /> <br /> <br />up when issued, shall be assessable under the statutes of <br /> <br /> <br />Colorado for superintendence, maintenance, necessary repairs <br /> <br /> <br />on the canal, and any necessary indebtedness incurred in the <br /> <br /> <br />management of the affairs of the company by the Board of <br /> <br /> <br />Directors. Such assessments when made shall be liens upon <br /> <br /> <br />the respective shares of stock, and no transfers of stock <br /> <br /> <br />shall be allowed until all assessments are paid. <br /> <br />Sec. 2. In case any assessm'~nt is made by the Board of <br /> <br /> <br />Directors upon the stock of the company for maintenance, <br /> <br /> <br />superintendence, repairs or any necessary indebtedness <br /> <br /> <br />incurred by the company, the owner of such stock shall pay <br /> <br />the same within thirty days after notice of such assessment <br /> <br /> <br />or at such time as provided by the resolution of the Board <br /> <br /> <br />of Directors making such assessment. Upon his failure so <br /> <br />to do such assessment shall draw interest at the rate of <br /> <br /> <br />-4- <br /> <br />~ ~ <br />