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and the manner of using and appropriating such water by said stockholders such regulations to provide for the use of water ratably by such stockholders in proportion to the stock owned by them, respectively, in our Company; the said Board of Directors shall likewise have power to declare any share or shares of stock to be forfeited, when the holder or holders thereof shall refuse or neglect to make full payment at any calls or assessments which may have been legally levied upon such stock, after notice, as provided by the By -Laws; any such stock when go forfeited by resolution of the Board of Directors, shall divest the defaulting holder or holders thereof at any and all right and interest, either equitable or legal, in or to the business, property or franchises of the Company, and such defaulting stockholder shall forever thereafter be barred from using or appropriating any water from said reservoir or from any reservoir of the Company, or any water whatever belonging to the Company; and the use or appropriation or any water from said reservoir or any reservoir of the Company by such defaulting stockholder or stockholders, after such forfeiture shall be declared by said Board of Directors, shall be held and deemed to be a trespass as against the said Company, and such defaulting stockholder or stockholders shall be liable accordingly; and the said Board or Directors shall have full power to cause other stock to be issued in lieu of such stock so forfeited and cancelled, and shall have power to sell said stock, which may be so issued to such owner or owners of lands, so situated as to be susceptible of irrigation from said reservoir, an may purchase the same; provided that the stock which may be so issued in lieu of such forfeited stock shall not be sold for less than the price to be fixed by a three - fourths vote of the full Board of Directors; or the said Board of Directors may, in its discretion, without declaring the stock held by such defaulting stockholder or stockholders forfeited as above set forth, after notice, as aforesaid, bar and prohibit such defaulting stockholder or stockholders from using or appropriating any water whatsoever from said reservoir or from any reservoir of the Company, until such defaulting stockholder or stockholders shall have made full payment and liquidation of the calls or assessments standing against him or them, with such penalties as may Lake Meredith Res. Co. 3/7/03 Feasibility of Outlet Channel Page 8