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<br />Company, and subject to sale on order of the Board of Directors directing the Secretary to sell <br />said shares of stock for the purpose of paying to the Company the assessments remaining <br />unpaid. as aforesaid. Notice of the time and place of sale shall be given by publication once a <br />week for two weeks successively in one of the weekly papers printed in the City of Fort <br />Morgan. Any surplus over and above paying the expenses of sale and paying the unpaid <br />assessment, shall be paid to the owner or holder of the shares of stock so forfeited and sold. <br /> <br />ARTICLE XVI <br />[Added 1125/86] <br /> <br />Section 1. Commencing with the calendar year January 1, 1987, and thereafter, the <br />Company shall maintain records and accounting methods for all costs and expenses as <br />determined by the Board of the Company, to be attributable to the augmentation plan and <br />Decree with priority date of May 26, 1972, in Case Nos. W-2704 and W-9172-78 hereinafter <br />referred to as "Augmentation plan." In addition to the projected budget for the expenses of <br />said augmentation plan commencing January 1, 1987, accounting and budgeting for said <br />augmentation plan shall include a capitalization of and reimbursement plan as determined by <br />the Board of Directors of the Company for all past costs and expenditures of the Company for <br />the obtaining of said decreed water right for the benefit of the particular well owners as <br />described in Exhibit "A" attached to said decree. <br />Section 2. Commencing January 1, 1987, and annually thereafter, the Board of <br />Directors shall adopt a separate budget for the "augmentation plan" in accordance with this <br />By-Law and shall make such assessment annually, as the Board shall deem advisable, as <br />against the well owners or wells as described in Exhibit "A" attached to said Decree for <br />reimbursement of such expenses. <br />Section 3. The pro-rata assessment as against any such well or well owners under said <br />plan of augmentation shall be based upon the number of acres of land covered by said plan of <br />augmentation for each individual well or well owners as the same bears to the total number of <br />acres of all wells covered and included in said plan of augmentation. <br />Section 4. All amounts so assessed and collected shall be available for the use of the <br />Company at the direction of the Board of Directors of the Company in the same manner as all <br />other assessments. Said assessments for the augmentation plan shall be assessed and due and <br />payable as all other assessments of the Company to it's stockholders at the same time and in <br />the same manner and subject to the same restrictions. . <br />Section 5. In the event any well owner shall fail or refuse to pay the assessment as to <br />said well when the same is due and payable pursuant to notice of said assessment, then, in that <br />event, the Board of Directors of the Company may take appropriate action to permanently <br />exclude said well from the augmentation plan, and the Company shall thereafter be <br />responsible for supplying any augmentation water or credit for the subject well or wells. <br /> <br />SA~' ~"'~) <br />~ <br />A"'~, ~ <br /> <br />ARTICLE XVII <br />[Added 1131187, Amended 1/28/05] <br /> <br />Section 1. Except for a short term lease (not to exceed one year) for irrigation use <br />within the Bijou Irrigation System, any shareholder (referred to as "Applicant") desiring to <br /> <br />7 <br />