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Section 2. Stock .Book. The book of stock certificates <br />shall contain a marg n opposite to each certificate on which <br />shall be noted the number of the certificate, the date, the <br />number of shares, and the name of the person to whom issued, <br />corresponding to the certificate issued. <br />Section 3. Transfer of Stock. Certificates of stock may <br />be transferred and the — tra'n9ier—hall be noted on the books of <br />the Company to such transferee upon the surrender of the <br />certificate properly endorsed, provided that no transfer of <br />stock shall be valid until all of the indebtedness owed to <br />the Company is paid or adjusted to the satisfaction of the <br />Board of Directors. <br />Section 4. Water Ri,hts and Carr in Rights. Zach share <br />Of stock shall represent a carry ng r H t on a proportionate <br />amount of the water available for any irrigation season as <br />that share of stock bears to the total number of outstanding <br />shares of stock. The rights and interests represented by each <br />share of stock shall be equal. <br />ARTICL3 XI <br />Amendments <br />These By -Laws, or any section or article thereof, may be <br />changed at any regular stockholders' meeting, or any special <br />meeting of the stockholders provided notice of such proposed <br />change has been incorvorated in the call for such meeting. <br />C:MTIFICATION <br />I, Genevieve Hartig, Secretary of The North Delta Ir- <br />rigation Company, do hereby cerrif7 that the above and fore- <br />going is a true and correct copy of the By-Laws adopted by the <br />North Delta Irrigation Company at a meeting of the Board duly <br />held at Delta, Colorado, on the 21st day of April 1951, at <br />10 o'clock A.M. <br />( S.AL ) <br />/s/ Genevieve Hartig <br />Secretary <br />