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<br />remains unsatisfied, shall not take away or postpone the right of the Company to <br />proceed by forfeiture and sale of stock, as described above. <br />Transfer of stock shall be made only upon the books of the Company upon <br />application of the holders or owners, by endorsement on the certificate, and upon <br />the surrender of the certificate for such shares; and all surrendered shares shall be <br />canceled and filed by the Secretary; provided, that no stock shall be transferred <br />until all the assessments, interest and charges due or authorized thereon shall have <br />been paid. No stock certificate shall be issued in case of one stated to be lost <br />except upon receipt of a satisfactory bond of indemnity against such lost <br />certificate. <br /> <br />Loveland Lake and Ditch Company%Inlet Structure Upgrade Feasibility Study <br />February 1,2008 <br /> <br />27 of 47 <br />