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increased, enlarged or improved by such purchase; and, from time to time, to levy and collect <br />assessments on the stock of our Company for the payment of such bonds, principal and interest, <br />according to the terms and provisions of the bonds and the mortgage or deed of trust securing the <br />same; the bonds and mortgage or deed of trust to expressly provide in each case, however, for <br />Partial Releases from such mortgage or deed of trust, so that any stockholder may, by paying his <br />ascertained and agreed proportionate share of such bonded debt, both interest and principal, as <br />fixed and specified in and by such mortgage or deed of trust, be entitled to and have his water <br />rights, stock and property, (for and on account of which such payments in full have been made by <br />him for such release), released from such mortgage or deed of trust; and neither such water rights, <br />stock and property so released, nor the owner thereof shall thereafter be subject to or liable for <br />any further or future assessments on the property or stock so released, for the payment of the bal- <br />ance of the said bond issue or the interest thereon. Any and all assessments made for any of the <br />purposes authorized by our Articles of Incorporation to be levied and collected as provided by <br />law and the By -Laws of our Company. <br />THIRD: (Amendment adopted November 10, 1913) The capital stock of our <br />Company shall be $220,000 divided into 44,000 shares of the par value of $5.00 per share, and <br />which stock shall be issued and thereafter subject to assessments to be levied rU o rata on all the <br />shares of stock, at such times and in such amounts as shall be adequate at all times for the <br />purposes of maintaining, altering, enlarging, improving and extending said reservoirs, headgates, <br />canals, ditches and other fixtures, appliances, property and property rights of the Company, and <br />keeping the property of the Company in good repair, and also in defraying the current and other <br />proper expenses of the Company in carrying on, conducting and protecting its business, <br />operations and interests, and for the payment or any claim against the Company, and not <br />otherwise provided for; and such assessments may be levied upon the holders of the paid up <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 4 <br />