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THE JACKSON llI'1'Cl1 C;OMI'ANY <br />AMENDMEN`I' `1'U `l'HE BYLAWS <br />AR'1'ICLL, 9 <br />l. 'I'he Board of Directors ma`•, at it.s option, purchzse on <br />behalf of the Jaclisati. Ditch Oomp..inv �.ny or al.l stocl: <br />upon cahieh anv assessment, s11a11 retnair� due F1.I1C� unp�.ic�, <br />ir► whole or in part., f'or.• a period OY OIlE'. �-e�r or <br />longer. The purchase price for the stoc.l� so �urch�sed <br />shall be the amount of t}te delinc�uerlt �sse�•sm�r�t. i.iPo►1 <br />such stocl�, together witti a 11 app.1 ic�bl e i nt:erest . <br />Payment for stock so purc}Z:�sed sha.tl be m�,ci� 1�� <br />cancelin� al:l such de_linyuent zssessments and i.nterest <br />tipon the stoclz to be purchased. F�ilur.e in �.n�- or�E' <br />yeflr by the Bo�.rd of Directors to purchase �,n�- �tock <br />sub,ject to purchase shall not be deemed a�:�aiver uf <br />the Board of Directors' right to so purchase si.zcl� <br />stock in any si.icceedin� year. A:l.l st.ock so purch�sed <br />may be canceled, decl_ared t;o be tre�surv stock, so:ld <br />or transferred, o.r otherwise treated �.s the Board of <br />Directors may determine. Provided, however, no stoc.k <br />shall be so purch�sed before demand shal.l havc be�n <br />made for the amount due thereon, e.ither in pe.rson or <br />by written or printed notice du.l.y delivered 02 mai.]_ed <br />to the last-known adc�ress of the owner of said stc�elc, <br />as shown b,v t.he books of the compan�r, said clemai�d to <br />be made at least 30 days pri.or to the time whFn <br />purchase of sai.d stock b�- i:he c;ompan� is to take <br />place, the first dav of said period to be tl�e date <br />�ahen said demarid is plzced in t}ie mail ar � i��e11 i ti <br />person, as appropriate. <br />� <br />�/ � <br />L'i � <br />! �, <br />U <br />� . ���; � a � <br />� <br />� �� <br />