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(2) Proof of the loss, misplacement, or destruction of the certificate <br />satisfactory to the Board (which proof shall include a statement under <br />oath that the stock is the property of the person making such statement; <br />that the certificate has been lost, misplaced, or destroyed; and that the <br />stock has not been transferred, pledged, mortgaged, or hypothecated); <br />and <br />(3) A bond with sureties satisfactory to the Board in such penal sum as the <br />Board may decide, indemnifying the Company from loss on account of <br />the reappearance of the lost, misplaced, or destroyed certificate. <br />In the alternative, a stockholder may avail itself of the statutory procedure for <br />issuance of duplicate stock certificates set forth in the Colorado Ditch and <br />Reservoir Companies Statute, C.R.S. 7 -42 -101 et seq. <br />Section 35. Voluntary Transfers of Stock. Transfers of stock shall be made <br />upon the books of the Company, either in person, or by attorney, only upon surrender of <br />the original certificate, properly endorsed, and upon payment of the transfer fee fixed by <br />the Board of Directors from time to time; provided, that no transfer shall be made until <br />all assessments, interest, and charges due or authorized upon the stock have been paid. <br />Involuntary Transfers of Stock. An "involuntary transfer" shall include, but not <br />be limited to, a transfer of stock that is effected in order to satisfy a debt of the <br />stockholder that has been collateralized or secured by the stock or that is effected in the <br />course of bankruptcy proceedings. Absent a court order requiring such transfer, the <br />Company shall have no obligation to effect a transfer of stock if it reasonably, concludes, <br />based upon the information available to it at the time of its decision, that the transfer is <br />an involuntary transfer and that the method used to effect such involuntary transfer is not <br />a method recognized under Colorado law as valid to effect an involuntary transfer of real <br />property. <br />AMENDMENTS <br />Section 36. Amendments These By -Laws or any of them may be altered, amended or <br />repealed or additional By -laws adopted at any regular meeting or at any special meeting of the <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 11 <br />