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� � � � � � � � � � � � � � � � � � <br />Section 3 <br />Each share oi stock shall entitle the holder theroi to recieve water <br />from the reaervoirs under nuch rules antl regulation as the Board ot <br />Directors may preecribe, providad that water may 6e delivered to third <br />persons upon.the written order af the holtler of stock. <br />A r t i c 1 e V I <br />Stock holders rights. <br />7here is only one class of Stockholder, with each share of mtock <br />entitling the owner ta one vote per share. Membership is limited to <br />ownera of at least one shere of stoc� in the Cerperntion. <br />Each share of stock �ha11 entitl� the owner to a proreted ahare of all <br />water rights rnd other property held by the Corperation. This includen <br />any savings and any a�sets acquired with such savings held by the <br />Corperation. <br />Upon cancellation or withdrewl of inemberahip, e farmer member'e righta <br />a�d interest in assets af the Corperation will not be forfeited. I4 <br />hin atocY, is sold ta another party these rights �nd intereet are <br />traneferred with the stxk. <br />Upon dissolution, all assets remaining after peyment of debts shall 6e <br />distributed to memhera in tlirect proportion ta the amount of their <br />patronage Hith the Corparation, lnsoiar as practicable. <br />Ar t i c 1� V Z I <br />Assessments <br />Section 1 <br />The 9tocicholders, shall, whenever legally called or convened� authorize <br />the levy of assessments upon all the capital stock�of the Company {or <br />the purpose of tlefraying the expenses necessary to repairing and <br />keeping in repair the property of the Company and far the purpo�e of <br />paying any 1ega1 claim against the Company not otherwiee pravided far <br />to 6e payed in labar or money or Deth as the Board of Directora shell <br />direct. Provided nothing herein contained shall prevant the <br />Stockholdera amsessed from adop{;�9 advisory resolutionc canceling auch <br />levy ar assessment� when euch asnemsment shall have been made es <br />aforesaid� the Board of 0lrectors ehall ceuse the Secretary to notify <br />nll of the Stocicholders o{ such aasessments and also of the time and <br />mann:r in which the same is ordered to be paid by depositing in the <br />Post Offiice a notic• to thet offect, dirvctod to the laat known Addre�s <br />of the several Stockholders. Said notices shall be glven within <br />4ifteen days before beinq due an May ist� end ehall be in default <br />collactable 6y law May 1st af the followfng year. Unpaid assessments <br />shall bear Snterest of 10% efter June 1si of the year levied. <br />Sectlon 2 <br />In case eny of the Stockholders shall iail to pay such assessment go <br />made� at the time and in the manner ortlered by the BoArd of Directors� <br />the collection oi such ansessments may be �nforced in the following <br />mannere <br />The atock of the Stockholdere so in default may be sold at public <br />auetlon to {he highest and best bidder for cash by the Secretary of the <br />Company on the order of the Board af Directors upon publiahing a notiee <br />of such eala, eigned by the 9ecretary giving the time and place of the <br />snle for at least ten days prior to the date o4 saitl sale, in some <br />newspaper puhliahed in Mesa County Colorado in the nearest ta the piace <br />where the principel of4ice i5 Y.ept, provided� however, that no greeter <br />number of sharos af said stocl: mhall he sald than an amount necessary <br />to brSng the amount of rsse9sments and costs af sale. <br />3ection 3 <br />In cPSe of emergency when the annual asse6sments prove to be <br />inaufficient to meet the requirements of the Company� the Board of <br />Directars may also levy a further aenessment 4ar the purpose of <br />providing for such de4lcency in revenue. Such assesments will bear 10'/. <br />interest 30 days aftar due date and shall be in deiau]t and collecta63e <br />by law one year after�the assessment date. <br />Arti�1� VI I I <br />Annual Mesting <br />Seelian ! <br />The wnnual meeting of the Stoc�holders for khs eleciion of directore <br />ahall bs held en the secontl Saturday in March S� eac� year, but !f for <br />any reason it should not be held on such dav it mev be held on any day <br />suhsequent thereto as hereinafter provided. <br />Section 2 <br />The Board of Directors ahall he elected by the Stockholdera at the <br />regular annual meeting. StocYholtl�rs aha11 he notified of the time and <br />place af holdirtg such annual meeting and election in writing and <br />depositing in the post office at least 30• days befo�e 9uch moetings <br />properly addressed to each Stockholder and aigned by the President or <br />Secrelary and the said election sAall be made by such of the <br />Stocl:holders a6 shall Pttend for that purpose� either in person or by <br />praxy, provided a ma�ority o4 the stack is represented. If a majority <br />of stock is not repr�aented auch meeting mAy be adjourned by the <br />Stockholder� present for a period not to exceed 60 days. qll electians <br />shall be by ballot and each Stockhoider shall be entitled to as many <br />votss as he owns shares of stock in the ssid Company for each �dlrector <br />and eaeh ltem ai bueine�s brought before the Stockholders. The <br />directors shali hald their office until their successors are elected <br />�nd qualified. <br />Ar t i c 1� I X <br />Section 1 <br />� <br />-5- . -6- <br />