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such time thereafter as the Board of Directors may determine, which interest shall be chargeable <br />against the stock assessed. <br />Section 29. Forfeiture of Stock; Notice of Sale Whenever any Stockholder shall fail <br />to pay any assessment in full, or any installment of any assessment, when the same becomes due <br />and payable, as provided in any notice given pursuant to Section 28 of these By -Laws, his stock <br />shall be subject to forfeiture, as herein provided. At any time after such failure the Secretary may <br />make demand for payment thereof by written or printed notice or demand either served or <br />delivered in person or by duly mailing the same to the last known address of the stockholder, at <br />least thirty days prior to the time when such default is to be declared; and if such assessment or <br />installment mentioned in such notice and demand, together with any accrued interest and <br />penalties thereon, shall not be paid within thirty days next after such personal notice or after the <br />mailing thereof as above stated, the Board of Directors at any time thereafter may declare such <br />stock in default and shall, not earlier than two years after the declaration of default shall have <br />been adopted order the sale thereof for the Purpose of paying such assessment or installment, <br />together with interest and expenses of forfeiture and sale; and, upon such order of forfeiture and <br />sale being made, the Secretary shall prepare and sign a notice of sale which notice shall refer to <br />the stock to be sold by date and number of the certificate and number of shares, and shall state <br />that such stock has been ordered forfeited and sold by the Board of Directors for the payment of <br />such assessment or installment with interest and other charges thereon, and shall designate the <br />time, place and manner of the public sale, which notice shall be published in a public newspaper <br />published in the Town of Ordway, Colorado, at least once a week for not less than two weeks <br />prior to the date of sale; and the Secretary shall mail a written notice of such sale to such <br />delinquent stockholder at his last known post office address at least 30 days prior to the date of <br />the sale. <br />Section 30. Manner of Sale. etc All sales of forfeited stock provided for in these By- <br />Laws shall be at public auction held either at the office of the Company or at such other place as <br />may be designated in the order or notice of sale, and such public auction shall be conducted by <br />any officer of the Company, or any other person designated by the Board of Directors, and all <br />proceeds thereof over and above the amount due on the stock sold, including interest, penalties <br />and costs and expenses of forfeiture, notice and sale chargeable against such stock shall be paid to <br />the delinquent stockholder. <br />Section 31. Issuance of New Certificates, etc Six months after any sale of forfeited <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 9 <br />