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<br />maintaining and operating the Company's property and they shall fix the time when the <br />same shall be paid. If at any time any stockholder shall fail or neglect to pay said <br />assessment or tax after the same becomes due, it shall be the duty of the Board of <br />Directors to stop the issue of water on the stock so in default and to advertise the same for <br />thirty (30) days in apaper(sic.) published in Berthoud or Loveland and sell the same or so <br />much of it as may be necessary to pay said assessment or tax with costs. The officers of <br />this Company shall not make any transfers of stock on the Company's stock books of any <br />stock until all assessments due against said stock have been paid in full. <br /> <br />12. 6DISTRIBUTION AND STORAGE OF WATER. It shall be the duty of <br />the Directors to fill as near as possible the reservoirs of this Company before the first day <br />of June in each year and before any water is drawn from them to assertain(sic.} as near as <br />may be the amount of water contained in said reservoirs and to make an estimate of the <br />number of days said water can be run continuously in the ditches of the Company upon a <br />basis of eight inches of water to the share (estimating 38 cubic inches of water per second <br />of time as constituting a cubic foot of water for the above measurement and making due <br />allowances for loss of water by seepage, evaporation, transportation and xxxxxxxxx3 and <br />in other ways) and stockholders desiring to use water for irrigation may have the same <br />turned out to them upon this basisxx at any time between the first day of June and the <br />first day of November of each year, and stockholders not desiring to use water for early <br />irrigation may have their proportion held in storage for them for future use within the <br />time above named. And each year at the option of the Board of Directors water may be <br />run into the Company's reservoirs provided said reservoirs will admit of it between the <br />first day of June and the first day of September by the individual stockholders and held <br />there in storage for future use as stated in the preceeding(sic.) sentence. <br /> <br />PROVIDED, That in order that water shall not be run to disadvantage or waste it <br />shall be necessary that the water on a sufficient number of shares which number of shares <br />shall be determined at all times by the Board of Directors shall be run at the same time in <br />order that the same may be turned out to them or kept running in the ditches. <br /> <br />AND PROVIDED FURTHER, That the Board of Directors shall at all times have <br />absolute controlxx of the waters of the Company and shall have full power and authority <br />to make rules and regulations for the filling of the Companys(sic.) reservoirs for the <br />storage of water in the same and for the delivery of the said water to the stockholders and <br />in all disputes that may arise therefrom(sic.) they shall settle the same and the decision of <br />said Board of Directors shall be final and conclusive. <br /> <br />13, AMENDMENTS. These By-Laws may be changed amended or revoked at <br />any meeting called for the purpose by the stockholders by a two-thirds vote of all the <br />shares issued. <br /> <br />6 Amended on 03/31/2007. See Amendment to Provision #12 on page 28. <br />Loveland Lake and Ditch Company 24 of 47 <br />Inlet Structure Upgrade Feasibility Study <br />February 1,2008 <br />