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without par value. A statement of the designations, <br />preferences, qualifications, limitations, restrictions and special <br />or relative rights of the shares of each class shall be set forth in <br />full or summarized and attached to the certificates which the <br />Corporation shall issue. Each certificate shall be otherwise in <br />such form as may be prescribed by the Board of Directors and <br />as shall conform to the rules for ditch companies in the State of <br />Colorado. <br />The Corporation shall collect all issued and outstanding <br />certificates issued prior to May 14, 1991, and shall issue in lieu <br />thereof new certificates representing the same shares of stock <br />as the existing certificate so delivered to the Corporation. Each <br />shareholder shall prior to April 1, 1992, deliver to the <br />Corporation's secretary each certificate owned by such <br />shareholder. When the certificate or certificates have been so <br />delivered to the Corporation secretary, the Corporation shall <br />issue a new certificate in the identical number and class of <br />shares and shall forthwith cancel the former certificate having <br />these transactions completed by May 1, 1992. Shareholders <br />who have not delivered existing certificates to the Corporation <br />secretary by April 1, 1992, shall be deemed to owners of LOST, <br />STOLEN OR DESTROYED CERTIFICATES as set forth in <br />paragraph 9.5 below and shall be required to replace such <br />certificates as provided herein below for lost, stolen or <br />destroyed certificates. <br />The Corporation shall not issue certificates representing <br />less than twenty-five (25) shares. <br />9.3 WATER RIGHTS AND CARRYING RIGHTS. Each share of <br />stock shall represent a proportionate amount of the water <br />available for any irrigation season as that share of stock bears <br />to the total number of outstanding shares of stock and in <br />addition thereto will represent a carrying right for said water. <br />Frank Mayol Ditch water rights, with an appropriation date <br />of November 1, 1872, as decreed on January 19, 1904 in Case <br />No. 1830 by the District Court of Chaffee County, Colorado <br />(together with rights and appurtenances thereto under Case <br />Nos. 4581 and W-4513, decreed on April 16, 1957 and <br />November 10, 1977, by Division 2 Water Court), to be issued in <br />16 <br />