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Section 7. Te�nporarv Dupiicate Stock Certificates. <br />A. Th.e Board of Directors may order a temporary duplicate stock certificate to <br />be issued in place of any stack certificate of the corporation a�leged to have <br />haez� lost, mislaid or �lestrayed if the owneT of the lost, mislaid or destroyed <br />stock certificate �rovides a bond #o the corporarion, with security, to be <br />agproved by fhe Board of Directors on such sum as the Board of Directors <br />may determine and direc�, as indemnity against any Ioss or claim that the <br />corporation may incur bq reason of issuance of fihe temporary duplicate stack <br />certificafe. <br />B. Sa long as the stockhalder complies with all of the obligatio�ts and <br />requirements of the corporations' Articles Bytaws, policies and rules, and so <br />long as no contrary claim ofintezest or ownerslup in the subject stock is made <br />to the corporatian a temporary duplicate stock certificate issued by the Board <br />of Directors in accordance with Section 7(A}-of this ArticIe VI shall be valid <br />unt�l aIl of the requirements of the Ditch and Reservoir Companies Act for <br />tkze issuance of duplicate stock certificates have been satisfied by the <br />stockholder and a duplicate stock certificate has becn issued by the <br />corporation in accardance wi�th #he provision of tbe Ditch and Reservair <br />Companies Act. <br />C. Upon compliance with the provisions of the Ditch and Reservoir Companies <br />Act and surrender of the temporary duplicate stock certificate issued pursuant <br />to Seciion 7(A} ofthis Article VI a duplicate stock certificate shall be issued <br />by the carporaxion to the stockholder to replace the temporary duplicate stoci� <br />certifieate and original stock certificate alIeged to have been Iost, mislaid or <br />destroyed and �e bond provided to the corporation as indemnity against any <br />loss or cla�n the carporation may have incurred by reason of the issuance af <br />the temporary dupiicate stock certificate shall be released. <br />Sec�ion 8. Possession of St�ck Certificate. Possession of a stock certificate shal� not <br />be regarded. as evidence of ownership of the sazne unless it appears on the stock book�of the <br />corporatian �Izat said stack certifica.te was issued or duly traasferred to the halder of the same. The <br />Board of Directors may in its discretion, refuse #o issue a stock certificate, temporary duglicate stock <br />certificate or a dupiica#e stock c,.-rtificate except npon the order of some court having jurisdiction in <br />such matter. <br />Section 9. .Issuance af Shares of LAWMA Stoek. No issuance of shares of treasury <br />stack sha,�I be allowed #o a LAWMA member without the approval of the Board of Directors. The <br />Board may adopt rules �overning approval af �he issuance of shares of treasiuy stack. If in the <br />opinzon of the Baa� the issuance of shares of stock to a LAWMA member may be made without <br />injury to the coxparation, t�e corporation's water rights and other re�lacement water saurces or ather <br />membexs, or ta the integrity or administrabiliiy of its plan for augmentation, the Board may approve <br />the issuaazce of shares of stock to the member and any such approval and issuance of shares shall <br />include terms and conditions deemed necessary by the Board af Directors' to prevent such injury. <br />Such terms and conditions shall be refereuced an the face of the stock certificate. Additionally, <br />preferred stoek maybe issued to a m�mberupon surrendering to the corporation two and three-tenths <br />� <br />