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capital stock of the Company in such manner and at such times as may be provided for or <br />authorized by the provisions of the Statutes of the State of Colorado, in such case made and <br />provided, for in accordance with the By -Laws of the Company; and the payment of such <br />assessment or assessments as may be properly levied, as provided by law, may be enforced by <br />strict forfeiture of the stock in default, or in such other mode or modes as the Board of Directors <br />may prescribe. Assessments may also be levied and collected on the stock of our Company for <br />the payment or bonds, pprincipal and interest, according to the terms and provisions of the bonds <br />and the mortgage or deed of trust given to secure such bonds, issued for or in payment of property <br />purchased for the mutual benefit of our stockholders, under and pursuant to the terms and <br />provisions or Paragraph Second of our Articles of Incorporation as now amended; such levies to <br />be made rho rata on all the stock of our Company that shall then be subject to levies therefor by <br />reason of not having been released from the operation of the mortgage or deed of trust, and the <br />bonds secured thereby issued pursuant to the terms and provisions of said Paragraph Second of <br />our Articles of Incorporation as now amended. <br />FOURTH: <br />adopted January 13, 194 7) <br />FIFTH: <br />Our corporation shall have perpetual existence. (Amendment <br />(Amendment adopted November 10, 1913) The affairs and <br />management of our Company shall be under the control of a Board of Directors, consisting of <br />five (5) members or directors. <br />SIXTH: (Amendment adopted November 10, 1913) The principal office of our <br />Company shall be kept in the Town of Ordway, in Crowley County, Colorado, and the principal <br />business and operations of our Company in the State of Colorado shall be carried on in the <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 5 <br />