PROJC01841 ‎(2)‎

• Contract/PO #: C150270
• Contractor Name: Headgate 135 Lateral, Inc.
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Feasibility Study

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Shares standing in the name of a receiver may be
voted by the receiver, and shares held by or Under the control
of a receiver may be voted by the receiver without the transfer
thereof into the receiver's name if authority is contained in
an appropriate order of the court which appointed the receiver.

A shareholder whose shares are pledged shall be
entitled to vote the shares until the shares have been trans-
ferred into the name of the pledgee, and thereafter, the
pledgee shall be entitled to vote the shares so transferred.

Neither treasury shares of its own stock held by the
corporation, nor shares held by another corporation if a
majority of the shares entitled to vote for the election of
directors of such other corporation are held by the corporation,
shall be voted at any meeting or counted in determining the
total number of outstanding shares at any given time for
purposes of any meeting.

Section 11. Informal Action by Shareholders. Any
action required or. permitted to be taken at a meeting of the
shareholders may be taken without a meeting if a consent in
writing, setting forth the action so taken, shall be signed by
all of the shareholders entitled to vote with respect to the
subject matter thereof.

Section 12. Assessment for Shares. At each annual
meeting of the members, . the members shall adopt a resolution
setting forth the assessment on each share of stock for the
upcoming year. Within 60 days from the meeting in which the"
assessment is set, the secretary of the corporation shall send
notice to the members of the assessment for each member for the
fOllowing year. The assessment shall be due and payable in
full, at the offices of the corporation, no later than 120 days
from the date the assessment is set.

Section 13. Lien~_~~d shares of the Corporation.
The corporation shall have a lien upon the shares of its mem-
bers for any and all unpaid assessments or other debts of the
shareholder to the corporation. If a debt or assessment is
unpaid when due, at any time after 30 days from the due date,
the corporation may prepare to s~~ the shares of the de-
faulting member at public or private sale. If the Board of
Directors, by resolution, determines to satisfy the indebted-
ness by such sale, then the Board of Directors shall, by
resolution, authorize the secretary to send notice by first
class mail to the last known address of the member stating a f
date and time for the sale and shall publish in a newspaer 6>
general Circulation, at least seven days prior to the sale, a
notice of such sale. If the member has not paid his debt to
the corporation in full by the date of the sale, the corpora-
tion may sell the share of the member at such public or private

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