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ARTICLE IV <br /> CERTIFICATES OF STOCK AND TRANSFER THEREOF <br /> SECTION 1. STOCK in the Company shall be issued in the ratio of eight shares for every <br /> eighty acre water right. Certificates of stock shall be issued under the seal of the Company as <br /> paid up stock of the par value of$100.00 per share and shall be signed by the President and <br /> sealed and attested by the Secretary. Each certificate shall show on its face its number,the date <br /> of its issuance,the person or persons to whom issued, and the number of shares evidenced <br /> thereby; further,that the same is assessable for maintenance, superintendence, repairs and legal <br /> indebtedness to be incurred by the Company under its by-laws. Stockholders shall have the <br /> privilege of having their stock evidenced by certificates of such amount as they may desire, <br /> provided that the aggregate shares evidenced thereby do not exceed the number of shares owned <br /> by such stockholder. The stock certificate book shall contain margins or stubs on which shall be <br /> entered the number, date,number of shares,the name or names of the persons to whom the stock <br /> was issued and the person to whom such certificate was delivered and the date of such delivery. <br /> PROVIDED that only persons, associations, and companies owning lands situated below and <br /> susceptible of irrigation or domestic use incidental thereto from the Upper Platte and Beaver <br /> Canal Company, shall be eligible to become stockholders of the Company, by transfer, sale, or <br /> assignment of stock or otherwise. The Board of Directors shall maintain at the office of the <br /> Company a map depicting the aforesaid lands situated below and susceptible of use from the <br /> Upper Platte and Beaver Canal Company. AND PROVIDED that the water rights evidenced by <br /> shares of stock issued by the Company shall only be used for irrigation or domestic purposes <br /> incidental thereto on the aforesaid lands situated below and susceptible of use from the Upper <br /> Platte and Beaver Canal Company, and each stock certificate issued by the Company shall bear a <br />