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payment of such assessment, either personally or by leaving at <br />the place of residence of any such stockholder such notice with <br />any member of such stockholder's family over the age of fifteen <br />years, or by depositing such notice in the post office of Buena <br />Vista, Colorado, addressed to such stockholder at the place of <br />residence as evidenced by the stock record of this Corporation. <br />The said notice shall be in writing and shall state the pro rata <br />share thereto to be paid by the stockholders thus notified, and <br />shall also state the time or times required for the payment <br />thereof. When, in the opinion of the Board of Directors or the <br />Executive Committee, an emergency exists, then and in that <br />event, personal notice shall be considered equivalent to written <br />notice, and the length of time may be shortened as the urgency <br />of the matter may require. <br />10.2 SALE OF SHARES FOR DELINQUENT ASSESSMENTS. �The <br />Board of Directors shall have the authority to sell the stock of <br />any stockholder in the event the assessment levied against said <br />stock remains due and unpaid for the period of twenty (20) day� <br />after personal demand is not made, within thirty (30) days after <br />a written or printed demand has been deposited in the post <br />office address of the delinquent stockholder. The proceeds of <br />any sale of the stock over and above the amount due on said <br />shares shall be paid to the delinquent stockholder. In addition <br />to the authority to collect the delinquent assessments by the <br />sale of the stock as in this paragraph provided, the Board �of <br />Direetors is authorized and empowered to refuse to deliver <br />water to any stockholder who has not made the payment of his� <br />assessment on the date prescribed. <br />In the event there is no buyer for such stock within six (6) <br />months after demand for the sale has been initiated, the <br />Corporation shall take possession of the shares of stock and <br />the water rights represented by the same in payment for all <br />debts owed to the Corporation. All rights under the original <br />certificate shall immediately cease, and no person shall at any <br />time thereafter assert any claim or demand against the <br />Corporation or any other person on account of such original <br />certificate. A new certificate shall be made out to the <br />Corporation. The Board of Directors shall have the authority to <br />determine the use of the water from those shares. <br />21 <br />