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Class "A-1 Frank Mayol" shares on the basis of 25 shares for <br />each 0.5 cfs ofi the 3.0 cfs of Frank Mayol Ditch water rights <br />owned by the Company (total issuance of 150 shares). <br />Ditch Number Eighty-seven (87) Priority Number Ninety- <br />Eight(98) dated February 22, 1882 [one (1) cubic foot per <br />second] equals fifty (50) shares. <br />Ditch number Eighty-seven (87)Priority Number One <br />hundred thirty-five (135) dated August 9, 1883 [nine (9) cubic <br />feet per second] equals four hundred and fifty (450) shares. <br />Ditch Number Eighty-seven (87) Priority Number One <br />hundred seventy-one (171) dated July 6, 1888 [sixteen (16) <br />cubic feet per second] equals eight hundred (800) shares. <br />9.4 CANCELLATION OF CERTIFICATES. All certificates <br />surrendered to the Corporation for transfer shall be cancelled <br />and no new certificates shall be issued in lieu thereof until the <br />former certificate for a like number of shares shall have been <br />surrendered and cancelled, except as herein provided with <br />respect to lost, stolen, or destroyed certificates. <br />9.5 LOST, STOLEN OR DESTROYED CERTIFICATES. Any <br />owner of shares, as shown by the records said Corporation <br />organized and existing under the laws of the State of Colorado, <br />entitling the Shareholder to the services of this ditch or to the <br />use of water subject to the payment of assessments, or the <br />legal representative or assignee of any such Shareholder, <br />whose stock certificate has been lost, mislaid, or destroyed, <br />may have a duplicate certificate issued in accordance with 9.6 <br />through 9.9. <br />9.6 STATEMENT OF LOSS. If more than three years have <br />elapsed since such Shareholder, legal representative, or <br />assignee has notified the Corporation that such certificate has <br />been lost, mislaid, or destroyed, and such Shareholder, legal <br />representative or assignee has paid all assessments levied by <br />said Corporation against such stock since such notification, the <br />Shareholder or his legal representative or assignee may file <br />with the Secretary of said Corporation a statement under oath <br />that the certificate of stock has been lost, mislaid, or destroyed, <br />and that the certificate is the property of the person making <br />17 <br />