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who becomes delinquent in the payment of any assessment ordered by the stockholders. or <br />the directors, if such case may arise as aforesaid, may be forfeited and sold in the following <br />Mgnner! <br />A notice in writing shall be mailed to such stockholder at his last known post office <br />address, which notice shall be signed by the president or secretary of the company, stating <br />such delinquency, the amount due, and demanding payment thereof. Said notice shall also <br />state that unless payment of such assessment be made on or before a certain date, which <br />shall not be less than thirty days from date of such notice, the stock so delinquent shall <br />stand forfeited to the Company, and will be sold pursuant to these by -laws. If payment be <br />not made on or before the date specified the president or secretary shall then give notice by <br />advertising in a weekly newspaper published in the County of Otero. in the State of <br />Colorado, for not less than three weeks, that the shares of such delinquent stockholder will <br />be sold for cash to the highest bidder at the office of the Company in Rocky Ford, Otero <br />County, Colorado, on a day and hour in said notice specified, for the purpose of realizing <br />such assessment. At the time and place aforesaid, the president or secretary shall offer said <br />stock for sale, and sell the same for the highest cash price obtainable, not less than the <br />amount of said assessment, with cost of said sale, and the proceeds of said sale over and <br />above the amount due on said shares, including costs of sale, shall be paid to the delinquent <br />stockholder. New certificate or certificates shall be issued to the purchaser, and the <br />certificate or certificates of the delinquent stockholder shall be cancelled on the books of the <br />Company. The remedy provided in this section for collecting delinquent and past due <br />assessments is cumulative and shall not be deemed to take away or affect any other right <br />which the Company now or may hereafter have relative to the collection of delinquent <br />assessments. Providing however, that the delinquent stockholder may at any time before <br />sale of stock have privilege of redemption by paying said assessment and all costs in the <br />rnOtpr. <br />F1.14',Al. AGFNT FOR C0 1,1,FCTION <br />43(a), (as adopted 3/6/89). For all stockholders who have equivalent stock in the <br />CATLIN CANAL COMPANY, the CATLIN CANAL COMPANY is appointed as the <br />fiscal agent for the collection of all assessments of this Company, which collection shall be <br />on a pro rata basis with the collection of assessments of the CATLIN CANAL COMPANY. <br />For all stock - holders who have equivalent stock in THE CANON HEIGHTS IRRIGATION <br />AND RESERVOIR COMPANY, THE CANON HEIGHTS IRRIGATION AND RESER- <br />VOIR COMPANY is appointed as the fiscal agent for the collection of all assessments of <br />this Company, which collection shall be on a pro rata basis with the collection of assess- <br />ment% of THF, CANON HF'IGHTS IRRIGATION ANT) RVSVRVO R COMPANY. <br />Funds shall be receioted for when received by each Company and the pro rata propor- <br />tion belonging to this Company shall be submitted monthly with a full accounting of the <br />c19me, <br />Lei <br />