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<br />:;ect.ion 3. Lo::t Cc!rtificates. In case of tite 2O ,s or ilc:struc:- <br />tion at a :;tuck certificate, the lawful o;rnNr thereof may have ie;sued <br />to him a duplicate certificate thereof in accordance with the la:r <br />of Colorado in such case made and provided. <br />ARTICLL•' V <br />Section 1. Deposit. The moneys of the Corporation sit~ill <br />be deposited in the name of the Corporation in such bank or banks <br />as the IIoard of Directors shall designate and shall be drawn out only <br />by chec}: signed by two persons designated by resolution of l-he l;~arcl <br />e.: D.irector.s. Ong of Bair! persons shall b~ an officer of the Co:purat.iun <br />;!nd t:hH other Head not b4. <br />Section 2. Fiscal Year. The fi,cal year oL the Corpu=at:ion <br />shall Legin on the lst- clay of January and ertd on the 3l.st day of December <br />of E:aCll year, unless otltcrtr.ise provided }~y the P,oard of lli.r~~ctor.~. <br />Section 3. first assessment. The firs*_ ass~ss!r!errt shall <br />he an amount sufl'.icient, when combined wiClr the amount- quarar!lceil <br />li~i lh<~ l~n;!ing or fin.rncit!:J .i.nstitatlion, to :rclual the co: t ur.' c:~c;<:tr:•.rct-i.u, <br />of the iiast Fork Ditch P.roject-, includ incJ c::prrns:ic,n o.(: the Carl.~o~t <br />Ditch and al..l incidental costa. The Company shall advertise the 1>rujcect <br />Far a period of two (2) wee!k~; in Crand County newspapers and t!t 1•:.a~~t: <br />once in t!~u (2) Colorado newspapers that arc dsstribute~l trid,~ly to <br />the canst~uction industry. Prior to birl accept«nc~, the Company sii:ll.l <br />assess c~.:~~.;; of its shareholders un a pro rata b.~ ~.is, deL-erriirlad tw <br />a h.he number of sharc!s of sloe];, the amount nec:~ssa.r.y when a~'d::d to <br />i:he amount yuarantced L,y the! lcnvlin<1 or financing .inacY.i.tration to cy~-w a. <br />t-.he anticipated cost oL• the proj~et. The as,c,:e:srrants a~ovir ref:errnu <br />to w.i.ll bc:• depos.itc_;] i.n an escrow acco!utC in ~.L~_ T;ank of. I:rer!mli!!cl <br />r;.ith the l,rovisi.on tir~lt i L thr total a~aount a ~se::s:~d is not ilcpo:: it^ci <br />by tlra shareholders ca i.•..hin :-gin (].0) days oL r_hc Fate of. ~-s;essmer.'., <br />then the money so deposited will be refunded to the respective sl~arehol- <br />der.s. Any shareYrolder wlto L-ails to pay his assessment within ten <br />- 7 - <br />~~ <br />