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Directors may adopt from time -to -time a resolution establishing a stock transfer fee, which shall <br />be paid prior to the approval of the transfer. The transfers shall be made by endorsement on the <br />certificates of stock and surrender of the same to the Company with (1) the stock transfer fee <br />established by the Board of Directors by resolution, and (2) a certificate from the secretary of the <br />lateral company, if any, which has delivered water pursuant to the share of stock, indicating that <br />all outstanding assessments on the stock have been paid in full, provided that such transfer shall <br />not be valid except between the parties thereto, until same shall have been noted in the proper <br />form on the books of the Company and the stockholder has complied with all other terms of <br />these By -laws and the Articles of Incorporation. The surrendered certificates shall be canceled <br />before a new certificate in lieu thereof shall be issued. No transfer of any share of stock shall be <br />valid upon which any assessments are due and unpaid, to either the Company or a particular <br />lateral, if any, where the share of stock has had water delivered or the holder of which is indebted <br />to the Company or any particular lateral on any account whatever, or upon failure to comply with <br />the terms of these By -laws and the Articles of Incorporation. (Amended December 7, 1996) <br />CHANGE OF LOCATION OR USE <br />Section 2. All water associated with any share of stock shall be delivered to the location <br />and for the use specified in the records of the Company. The Company may refuse to deliver <br />water to shareholders other than the record owner and may refuse to deliver water to a location <br />or for a use other than contained in the records of the Company, unless a change has been <br />approved by the Board of Directors, pursuant to Section 2.1 below. <br />Section 2.1. If any stockholder wishes to file an application with any court of <br />the State of Colorado or with the Office of the State Engineer, concerning the use of the water <br />deliverable to them by virtue of ownership of shares of stock in the Company, including but not <br />limited to water court cases seeking a change of water rights in order to deliver water to the <br />South Platte River for augmentation, exchange or replacement purposes, the following procedure <br />applies: <br />1) The stockholder must provide written notice to the Board of Directors of the <br />stockholder's intent to file such an application. The notice shall include a copy of the proposed <br />application along with any and all legal and engineering information the stockholder has <br />available to it concerning the application. <br />2) Upon receipt of said notice, the Board of Directors shall review the application <br />and other pertinent information provided to it by the stockholder, and, if determined by the <br />Board to be necessary, shall have the application reviewed by its water consultants, lawyers, or <br />other professionals, to determine what effect said application may have on any water rights <br />decreed to the Company. <br />3) Within a reasonable amount of time after receipt of the notice, if the Board deems <br />necessary, the Board shall meet with the stockholder to discuss the proposed application and any <br />concerns or comments the Board of Directors may have concerning the application. Within 45 <br />days after such meeting, but not longer than 90 days after the stockholder provides notice, the <br />7 <br />