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<br />change, and/or use has, to the extent required, been authorized by the Water Court, State <br />Engineer, and/or any other state or local agency from which approval is needed to be in full <br />compliance with all laws and regulations of the State of Colorado. Such a change would <br />include any different type or manner of use or irrigation practice (including, but not limited to, <br />a change from flood irrigation to sprinkler irrigation) that could place an increased demand <br />for replacement water on the Company's augmentation plan. <br /> <br />ARTICLE XI <br /> <br />Any shareholder failing to pay any assessment duly levied by the Board of Directors, <br />shall be subject to the provisions for the collection of assessments provided by law, or if the <br />Board of Directors shall deem it more expedient to declare a forfeiture or sale of the shares of <br />stock on failure to pay the assessments that may from time to time become due; then upon the <br />action of the Board of Directors declaring the shares of stock of such delinquent stockholder <br />as forfeited and subject to sale for the unpaid assessments, then thereupon such delinquent <br />shares of stock shall become forfeited and subject to sale to pay sueh unpaid assessments as <br />may then be due, provided that no forfeiture of shares of stock or of the amounts paid thereon <br />shall be declared as against any estate, or against any shares of stock, before demand shall <br />have been made for the amount due thereon, either in person or by a written or printed notice, <br />duly mailed to the last know address of such shareholder at least sixty (60) days prior to the <br />time when such forfeiture is to take effect. Any proceeds of any sale over and above the <br />amounts due on said shares, shall be paid to the delinquent shareholder. <br /> <br />/ <br /> <br />ARTICLE XII <br /> <br />The books and papers in the office of the Secretary and Treasurer shall at all times in <br />business hours be open to the inspection of the Board of Directors, and of any shareholder. <br /> <br />ARTICLE XIII <br /> <br />These by-laws may be altered or amended at any meeting of the Board of Directors <br />called for that purpose, provided a notice of such intended alterations or amendment be given <br />in the call for such special meeting. <br /> <br />ARTICLE XIV <br /> <br />These by-laws shall always remain in the possession of the Secretary of the Company. <br /> <br />ARTICLE XV <br /> <br />The Secretary shall notify the shareholder by mail at the last known post office <br />address of assessments to be made, and such notice shall be given at least fifteen (15) days <br />before the assessment is due, If the assessment or assessments upon such shares of stock shall <br />remain unpaid for the period of ninety days after the day upon which it is required to be paid <br />as aforesaid, sueh shares of stock shall be and are hereby declared as forfeited to the <br /> <br />6 <br />