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ARTICLE XI <br />Any stockholder failing to pay any assessments duly levied by the Board of Directors, <br />shall be subject to the provisions for the collection of assessments provided by law or if the <br />Board of Directors shall deem it more expedient to declare a forfeiture or sale of the stock on <br />failure to pay the assessments that may from time to time become due; then upon the action of <br />the Board of Directors declaring the stock of such delinquent stockholder as forfeited and subject <br />to sale for the unpaid assessments; then thereupon such delinquent stock shall become forfeited <br />and subject to sale to pay such unpaid assessments as may then be due, provided that no <br />forfeiture of stock or of the amounts paid thereon shall be declared as against any estate, or <br />against any stockholder, before demand shall have been made for the amount due thereon, either <br />in person or by a written or printed notice, duly mailed to the last known address of such <br />stockholder at least sixty (60) days prior to the time when such forfeiture is to take effect. Any <br />proceeds of any sale, over and above the amount due on said shares, shall be paid to the <br />delinquent stockholder. <br />ARTICLE XII <br />The books and papers in the office of the Secretary and Treasurer shall at all times in <br />business hours be open to the inspection of the Board of Directors, and of any stockholder. <br />ARTICLE XIII <br />These bylaws may be altered or amended at any annual meeting of the Company, or at <br />any special meeting of the Board of Directors called for that purpose provided a notice of such <br />intended alterations or amendment be given in the call for such special meeting. <br />ARTICLE XIV <br />These bylaws shall always remain in the possession of the secretary of the Company. <br />ARTICLE XV <br />The Secretary shall notify the stockholders by mail at the last known post office address <br />of assessments to be made, and such notice shall be given at least fifteen (15) days before <br />assessment is due. If the assessment or assessments upon such share or shares shall remain <br />unpaid for the period of ninety days after the day upon which it is required to be paid as <br />aforesaid, such share or shares shall be and is hereby declared as forfeited to the Company, and <br />subject to sale on order of the Board of Directors directing the Secretary to sell said share or <br />shares for the purpose of paying to the Company the assessments remaining unpaid as aforesaid. <br />Notice of the time and place of sale shall be given by publication once a week for two weeks <br />successively in one of the weekly printed in the Town of Fort Morgan. Any surplus over and <br />above paying the expenses of sale and paying the unpaid assessments, shall be paid to the owner <br />10 <br />