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of a shareholder, as part of a foreclosure or exercise of a security in�erest on a loan or financing where the hank or institution does not use the services af the corporation, such transfer will be presumetl to be without injury un]ess rebutted on the facts of any particulaz circumstance. The subsequent assignm�nt and #ransfer of such share to a izser sha11 require Board approvat as required bythese bylaws. The decision of the Board of Directors shall be final and shalI be transmitted to the requesting shareholder in writing. Section 3. Surrender of Certificate and Assignment for Transfers. No transfer of stock certifica.tes shall be made an the books of the corporation except upon surrender of the duly endorsed original, duplicate or temparary duplicate stock c�rtificate and the writtezi assigiment of the person to whom the same was iss�ed, or in fhe case of his death, the written assign�ment of his personal representative. Section 4, Assessments. The Board ofDirectors shall determine the assessment propased to be Ievied on the stock of the eorporation for tbe ensuing year and shall preserft the question.Qf maldng #he assessment to the members at an annual meeting or a special rneeting caI3ed for that purpose. A. If the mexnbers vote .in favor of making such assessment, the Board of Directars shall levy sazne. B. If the members fail to hold such a meeting or fail to make or authorize any assessment within niriety (90) days after the close of the corporatians fiscal- year, th� Board of Directors shall have. #he p�wer to make any such assessment at an.y regular or special meeting called for that purpose. � Said assessinent shall become due thirry (34) days after the date of billing. Assessments paad later fihan 60 days after biliing shall rec�uire the additional payment of a 20% pen.al��. The Secretary shall give v�7itten notice to each shareholder af the amount of each assessment and tlne time when the same will be due, which notice shall be given by delivering the sa�r e personally to each shareholder or mailing the same to the address o�f the shareholder as shown by the books of tbe corpora#ion. Tf auy shareholder fa.ils to pay st�ch assessment and penalty within nin.ety (90} days after �he assessment is due, his stock sha11 be forfeited to the corparation, and may be sold. Sectian 5. Effects of Non-Use on Membership Suspension or Termination. Stack shall not be forfeited due to non-use dut �t may be forfeiYed for non-payment of assessments. If a membership is terminated pursuant to the bylaws, stock owned by that member is not forfeited as Iong as assessments conf.inue to be paid. Section 6. Duplicate Stock Certificates. The Board of Directors may order a duplica.te stock cez�#ificate to be issued in place of any stock r.�raficate of the corpora�ion alleged to have been lost, mislaid or destroyed, but iz� every such case, the owner of the Iost, mislaid or destroyed stock cerEificate shall comp�y with the provisions of the Ditch and Reservoir Companies Act as codif ed at Title 7, Article 42, Colorado Revised Statutes, as amended.