C150389 Attorney Opinion Letter and Shareholders Info

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BYLAWS OF HALDI DITCH COMPANY Page Nine Section 4. Iepoo sits. All funds of the corporation not otherwise employed shall be time y eposited to the credit of the corporation in such banks, trust companies, or other depositaries as the board of directors may select. ARTICLE Vi. CERTIFICATES POR SHARES AND THEIR TRANSFER Section 1. Certificates of Membership. Certificates representing member ship in the corporation shall be in such form as shall be determined by the board of directors. Such certificates shall be signed by the president or the vice- president and by the secretary and sealed with the corporate seal or a facsimile thereof. Each certificate shall be consecutively numbered or otherwise identified. The name and address of the person to whom the membership represented thereby is issued, with the number of applicable Left Hand Ditch Company shares and date of issue, shall be entered on the books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificates shall be issued until the former certificate shall have been surrendered and cancelled, and all membership indebtednesses paid, except that in case of a lost, destroyed, or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the board of directors may prescribe. Section 2. Transfer of Memberships. Transfer of memberships of the corporation shall be made only on the books of the corporation by the holder of record thereof or by his, her, or its legal representative, who shall furnish proper evidence of authority to transfer, or by his, her, or its attorney there- unto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such membership, and on all membership indebtedness being paid. The person in whose name the membership stands on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes. Section 3. Fee for Issuance and Transfer of Memberships. The board of directors shall, from time to time, establish a reasonable fee to cover the expenses incurred by the corporation for the issuance, cancellation, and transfer of memberships. ARTICLE ViI. FISCAL YEAR The fiscal year of the corporation shall begin on the tS{day of JAOuA2y and end on the 34ST day of DWcEm8E=2 in each yea,. ARTICLE VIII. DIVIDENDS The board of directors shall not declare and the corporation shill not p.iy dividends in any manner. e.. ....n.. tn...a i ..Trr.�;`Se4K ..._r..