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legend to that effect. The Board of Directors shall establish, by appropriate rules or regulations, <br /> reasonable procedures for effectuating inclusion of such a legend on the stock certificates of <br /> existing and future stockholders. The Board of Directors shall be the judge as to the eligibility of <br /> applicants for stock who hereafter seek to acquire stock by assignment,transfer, sale or <br /> otherwise. All existing stockholders of record, as of the date of the adoption hereof, shall be <br /> deemed to qualify as eligible stockholders under this section,and all actual,vested uses of water <br /> made as of the date of adoption hereof shall be deemed to qualify as irrigation or domestic uses <br /> incidental thereto. <br /> SECTION 2. Certificates of stock may be transferred at any time by the holders thereof in <br /> person or by attorney, legally constituted, or by their legal representatives, so long as any transfer <br /> and any subsequent use of the water rights evidenced by shares of stock is in conformance with <br /> the provisos contained in Article IV, Section 1 of these By-Laws. The transfer may be made by <br /> an endorsement of the certificate of stock and the delivery of the same,provided that such <br /> transfer shall not be valid, except between the parties thereto, until the same shall have been <br /> surrendered to the Secretary of the Company and a new certificate issued to the transferee <br /> therefor.No transfer of stock shall be valid until all assessments due against the same shall have <br /> been paid in full,nor shall any transfer be valid where the holder of the stock at the time of the <br /> transfer is in any manner indebted to the Company unless the Board of Directors shall expressly <br /> approve and authorize the Secretary of the Company to make such transfer. <br /> SECTION 3. In the event any stock certificate shall be lost or destroyed,the Board of Directors, <br /> upon being convinced of the loss or destruction thereof, and upon the furnishing of a suitable <br /> bond to be approved by the Board, conditioned so as to indemnify the Company against all loss, <br />