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From: . 0711012007 07:00 #102 P.008/012 <br /> • <br /> • <br /> Section 6, The company shall have a lien on all the stock held by its stockholders to secure payment of <br /> assessments levied on the stock of such stockholder. together with all interest: and the company shall also <br /> have a lien for all charges for headgates.measuring devices and all other items sold to the stockholder and <br /> for such other items as are directed to be charted to any stockholder by the Board of Directors,together <br /> with all costs of collection whether by sale, suit or otherwise. Any stockholder who fails to pay any <br /> assessment on stock or to pay for any headgate,measuring device or other items sold or property charged to <br /> said stockholder based on the stock owned by said stockholder or held by him or standing in his name on • <br /> the company books or any installment thereof at the time fixed for the payment thereof shall pay interest on <br /> all delinquent amounts at the rate established from time to time by the Board of Directors and in case such <br /> default shall continue to the thirty first day of December. the Secretary shall report the same to the•board: <br /> Demand notices will be sent on the first day of January following the default and after the demand made <br /> upon said stockholder the Board of Directors may order a sale to the highest bidder at public venue of said • <br /> stock or such portion thereof as may be necessary to pay the amount due the company and the costs and <br /> expenses of such sale. Notice of such sale shall be given by publication in some daily or weekly newspaper <br /> published at Cortez.Colorado(the first publication of which shall be at least thirty(30)days prior to the <br /> date of sale)for four consecutive weekly insertions. On the date of sale.in the event the shareholder has not • <br /> paid all delinquent assessments together with costs of sale.publication and interest. the stock shall be sold <br /> to the highest bidder and transferred by the appropriate corporate officers to said bidder. Notice of said sale <br /> amount and accounting shall be sent to the shareholder within 10 days after sale. <br /> • <br /> Section 7. Each share of Class A snick shall entitle its holder. under such rules as may he adopted by • <br /> the company. to the use each >ear of water upon the basis as to amount and subject to the right of the <br /> company to prorate. as in these bylaws provided. <br /> Section 8, lo the event of'lost certificate of stock.the owner thereof may procure a new.certiticate upon <br /> satisfactory proof to the Board of Directors that said certificate has been lust and cannot he found.and the <br /> circumstances surrounding said loss.and by tiling with die Board a satisfactory surety bond executed by <br /> claimant and a corporate surety in such amount as the Board shall from time to time determine. <br /> Section 9. Each stockholder.upon receiving his certificate ofstock.shall ei\;e his post office address. • <br /> • <br /> and upon changing the same shall at once notify the Secretary. for the purpose of;giving all notices to <br /> • members of meetinus.and assessments. l ite address as shown upon the books of the company shall be <br /> deemed the correct address. . <br /> • <br /> Section 10. No transfer of ownership on the company books will be made whereby Class A stock <br /> ownership will be divided so that any one ownership interest«•ill be of less than 5 shares of Class A stock. <br /> (Adopted 1 2,11-78)The following transfers will be accepted from such restriction: (1) Division of • <br /> ownership made prior to the adoption of this restriction will not be affected. (2)Transfers of less than <br /> shares to a Class A stockholder resulting in an increase in the number of Class A shares owned by the <br /> transferee to a number less than 5 shares.will be transferred upon the company books provided the - <br /> transferor retains ownership of 5 Class A shares or more.or transfers all of the Class A shares owned by <br /> such transferor. (3) Division of ownership pursuant to order of a Court of competent jurisdiction of any <br /> number of Class A shares will be transferred upon the company books. (4)Divisions of ownership resulting <br /> • from the sale of Class A stock in accordance with-Section 6 of this Article VIII %hill be transferred upon the <br /> company books regardless of the number of Class A shares sold. • <br /> Section 11. Ownership interest as used in Section 10 of this Article shall mean all of the Class A stock <br /> owned by any one person,partnership,corporation.or other entity.regardless of whether said total Class A <br /> stock shares are represented by one or more certificates. <br /> Section 12. Class B stock shall have no voting power with the corporation for any purpose whatsoever, <br /> and the holders of common stock Class A shall, to the exclusion of the holders of common stock Class B. <br /> • have full voting power for all purposes. The holder of Class B stock. however.may appoint a <br /> MVIC Bylaws 8 Revised:June 14.2005 <br /> • <br />