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<br />(10) clays automatically, ~,rithout right of recourse, forfeil.-s his shares <br />o.' :;l-.ock :i.n the Curportt.i.on and without any nccessi.ty of further action <br />by the Board crE Directors or shareholders. Immediately after the <br />ten (10) day assessment period or as soon thereafter as practicable, <br />tl-e shareholders or remaining shareholders shall meet to consider <br />~•rl~ettter. any other shareholder will subscribe to t!-e remainder of. tl-e <br />stoL:k forfeited by any shareholder as provided by this paragraph and <br />immediately pay the assessment. If the forfeited stock is so subscribed <br />ana paid, or if all the assessments are deposited within the ten (l0) <br />d.iy:;, th~~ hoard shall proceed with the project as contr~mplated. <br />Section ~. Regular Assessments. Notice of assessments <br />shall be c[.i.ven to all stockholders in writing by the Secretary. Said <br />nrrt.ice :.hall be served by depositing the same :in Lhe United SL•ates <br />rail addrease:d to the stockholder <Zt his last known address, postag,:~ <br />[~r.•ep:iid; and the mailing of such notice shall be deemed and held good <br />anti suLf:.icianL services oL same. Said notice of assessment shall inform <br />ti1F~ stockholder of the amount of t!-e assessment, demand payment of <br />said amount, and declare that if payment is not made within sixty <br />(Gel days of the date o.E mailing of said notice, said payment shall <br />l~::cc:ne delinq-.-ent; and the shares of stock registered on the boola <br />~f the Corporation iu the name of such stockholder, or at the discrr:tion <br />01' the Board of Uirectors, any number of stares, the proceeds of which <br />uiJon sale would be sufficient to pay the ~r-nount of the assessment, <br />[JlLIS irttere:;t, shall b~ forfeited to the Corpora lion and sold to [J:iy <br />the amount- o.C the a:;ses,ment or as much thereof as shall not have <br />1~:~:~n [,t~i~l C.a l.h:: Cor.por:-t.i.on wilhouf•. zny further: d.:~elaraLi.on of: :;uch <br />L.,-: Cr_•iL-urr: 1Jy lhe~ Corporation. Shares oL stock so f.orteited shall <br />~,:, L~~ld .by the Corporation for one (.l) year Lr.om the date of delinquency <br />b:.::o~ c sale.:; and th:: del.i.n:[uent sLoc};Colder si~a.ll hzrv•_ the: r.ig%~~ to <br />r::dac~m said shares at ~rny t:i.me within said p rind by paying the amount <br />o° the cl~l.inquent asse~snrent, plus interest on said amount at the <br />r.rJt:e of te•rolve [percent (128) per annum from d<rte said assessrent became <br />d~~li.i:yuenl•. If said amount, plus said interest is not paid wiL•hin <br />- 8 - <br /> <br />