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Section 2. Any request for transfer of water represented by the shares in this Companv <br />shall be accompanied by an equal request for transfer of water represented by an equiva- <br />lent ownership of shares in the CATLIN CANAL COMPANY or THE CANON HEIGHTS <br />IRRIGATION AND RESERVOIR COMPANY and whether or not such requests are for <br />inner -ditch or outer -ditch transfers, said transfers shall be solely subject to the discretion of <br />the Board of Directors as to whether said transfer can be made without creating injury to <br />the Company, the canal, or the other stockholders. In making such determination, the <br />Board of Directors, upon receiving any such request, may require the requesting party to <br />advance sufficient funds for engineering and legal expenses which the Company may incur <br />in analyzing such request to enable them to make such determination. The Board of <br />Directors may refuse to act upon anv such request until such estimated costs have in fact <br />been paid by the requesting party. <br />Section 3, Any attempt by any stockholder to either mortgage, sell, or hypothecate stock <br />in this Companv separate and apart from the equivalent ownership of shares in the <br />C 4TT,TN CANAL C'OMPANV or TUP CANON HFIC;HTS IRRTGA'T`ION AN11 RFSF'.R- <br />VOIR COMPANY, other than as provided in Section 1 above, shall be ineffective to <br />require the Company to transfer any such stock independently of the provisions of these <br />By -laws and all stock issued by this Companv shall bear a legend upon which the same <br />shall be stated so that these By -laws together with such legend shall become notice to any <br />third persons, parties, individuals, partnerships, or corporations. <br />CT,OS1NG OF TRANSFER ROOTS <br />41. The Board of Directors may close the transfer books, in its discretion, for a period <br />not exceeding ten days preceding any meeting, annual or special, of the stockholders, or the <br />day appointed for the payment of a dividend. <br />1,0ST CF.RT1FICATF. <br />42. No new certificate shall be issued in case one is stated to be lost except (1) by order <br />of the Board of Directors after proper legal evidence tinder oath of such lost certificate and <br />a bond of indemnity satisfactory to the Board of Directors shall have been received and <br />approved at a regular or special meeting. or (2) in the absence of a bond, if more than three <br />years have elapsed since such stockholder, legal representative, or assignee has notified the <br />corporation in writing that such certificate has been lost, mislaid, or destroyed, and such <br />stockholder, legal representative, or assignee has paid all assessments levied by such <br />corporation against such stock since such notification, the stockholder or his legal represen- <br />tative or assignee may file with the Secretary of said corporation a statement under oath <br />that the certificate of stock has been lost, mislaid, or destroyed and that the certificate is <br />the property of the person making such statement and has not been transferred or <br />hypothecated by him, and demand the issuance of a duplicate certificate in accordance <br />with these provisions. <br />