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certificate has been lost, apparently destroyed or wrongfully taken and the holder of record fails <br /> to notify the Company within a reasonable time after he/she has actual or constructive <br /> knowledge of it, and the Company registers a transfer of the shares represented by the certificate <br /> before receiving such notification, the holder of record shall be precluded from making any <br /> claim against the Company for the transfer or a new certificate. <br /> ARTICLE VII. MISCELLANEOUS <br /> Section 7.01 Power to Shut Off Water;Declare Forfeiture. The Board of Directors shall have <br /> the power thirty(30) days after the due date of any assessment,to close the headgate of any <br /> water user that is delinquent in payment of any assessment, The Board of Directors is <br /> empowered to declare a forfeiture, and sale or forfeiture without sale, of stock for any unpaid <br /> assessment, which may at any time be or becomes due thereon, said forfeiture to be made in <br /> accordance with the applicable statutes of the State of Colorado. It is hereby made the duty of <br /> the Secretary to sell and dispose of any forfeited capital stock at a sale to company shareholders <br /> or other third-parties at such time and place as and when the directors may determine, thirty days <br /> notice of such sale having been given by advertisement in a daily or weekly newspaper published <br /> in the County of Bent, Colorado, and demand for the amount due thereon having been made <br /> either in person or by written notice duly mailed to the last known address of the owner or holder <br /> of such stock, at least thirty days prior to such sale. Forfeited stock may be retained and not sold <br /> when in the judgment of the Board of Directors it is in the best interests of the Company and <br /> other shareholders to retain it <br /> Section 7.02 Private Laterals. Maintenance of private laterals in good condition is the <br /> responsibility of the lateral owner. The Company has the right to shut off water to any lateral if <br /> the lateral is causing injury to the property of others due to the failure to maintain the lateral in <br /> good condition.. <br /> Section 7.03 Expenses and Maintenance. For the purpose of defraying the expenses of the <br /> Company, of any kind whatsoever, and of paying the costs of maintenance, management, <br /> construction, operation, repair and such indebtedness as it may legally incur, the Board of <br /> Directors may raise the money or revenue required by assessing shares of capital stock of the <br /> Company. <br /> Section 7.04 Assessments. All assessments shall be apportioned equally among all the shares <br /> of stock issued by the Company. The assessments shall be payable to the Company and mailed <br /> or delivered to the attention of the Secretary at the principal office of the Company. <br /> Assessments shall be due in such installments and at such times as specified by the Board of <br /> Directors in the notice of assessment, resolution of Board of Directors or other form of notice. <br /> Assessments shall become delinquent thirty (30) days after the designated due date for each <br /> assessment. All delinquent assessments shall bear interest at the rate of one percent per month or <br /> fraction thereof from the due date thereof, and nothing herein contained shall be construed to <br /> prevent the Company from maintaining an action against any shareholder, in any court having <br /> jurisdiction, to collect delinquent assessments and interest thereon. The Company shall have a <br /> lien upon capital stock for delinquent assessments. All remedies herein provided for the <br /> collection of delinquent assessments upon capital stock of this Company shall be cumulative and <br /> the exercise of one or more of such remedies shall not prevent the Board of Directors from <br /> invoking the other or others for the collection of such assessments. <br /> Revised 2/6/2009 6 <br />