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which the water runs or is furnished; to the end that each Stockholder may receive his proper <br />proportion of water, as near as practicable. <br />Section 25. Defaulting Stockholders Not Entitled To Water No Stockholder who <br />shall become in arrears in the payment of any regular or special assessment shall receive or be <br />entitled to receive any water distributed by the Company, until such arrearages shall have been <br />fully paid, and the Board of Directors or Manager of the Company is authorized to shut down the <br />headgate or other diversion device of such Stockholder so in arrears until such arrearages shall <br />have been fully paid. <br />ASSESSMENTS <br />Section 26. Voting of Assessments Assessments shall be levied from time to time on <br />the capital Stock of the Company to be levied pro rata on all the shares of stock of the Company, <br />payable in money, for all or any one or more of the purposes mentioned in the Articles or <br />Incorporation and all Amendments thereto, by submitting the question of making such <br />assessments to the Stockholders at an annual meeting, or at any special meeting called for that <br />purpose; provided that unless otherwise required by the Articles of Incorporation the holders of a <br />majority of shares of stock voting thereon shall, either in person or by proxy, vote in favor of <br />making such assessment. Assessments so voted may be made to be thereafter payable in full or in <br />installments, in such amounts and at such time or times as the holders of a plurality of the shares <br />voting thereon shall determine at such meeting. <br />Section 27. Notice of Proposed Assessments In all cases where the question of <br />levying an assessment on the stock of the Company is to be voted on, either at an annual or at any <br />special Stockholders' meeting, a statement shall be embodied in the notice of such meeting <br />required by Section 17 of these By -Laws that the amount of and due date for an assessment is to <br />be determined at such meeting. <br />Section 28. Notice of Approved Assessments {Adopted November 13, 1984} The <br />Secretary shall notify the several stockholders of any assessment having been made, the amount <br />thereof and the time when the same, or any installment thereon, shall become due and payable, <br />and demanding payment thereof, by written or printed notice and demand, either delivered in <br />person or duly mailed to the last known address of the stockholders, respectively; provided that <br />no assessment or installment of any assessment shall become due or payable sooner than fifteen <br />days after the serving or mailing of the notice and demand. Assessments shall draw interest, at a <br />rate fixed by the Board of Directors, from the time the same become due and payable, or from <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 8 <br />