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ARTICLE VII <br /> Assessments <br /> Section 1 . The Board of Directors shall have the power, and it shall <br /> be their duty to levy an assessment upon the shares of the capital stock prorata, <br /> share and share alike, for the purpose of keeping the property of this Company <br /> in good repair , and for the payment of any claim against this Company not otherwise <br /> provided for, all such assessments to be levied prorata on all shares of the <br /> Company, payable in money and an action may be maintained in the name of this <br /> Company to recover any assessments against any delinquent shareholder which <br /> shall remain due and unpaid for a period of twenty (20) days after personal demand <br /> therefore or, in cases where personal demand is not made, within thirty (30) days <br /> after a written or printed demand has been deposited in the post office, properly <br /> addressed to the post office address of such delinquent stockholder, as shown on <br /> the Company's books. <br /> Section 2. All assessments levied or made under the provisions of these <br /> By-laws or the laws of the State of Colorado shall be due and payable, the first <br /> half on the 1st day of April, and the second half on the 15th day of November <br /> of each year, and shall be and remain a lien upon each share of stock until the <br /> assessments upon such shares of stock shall be fully paid; and if such assessment <br /> or any part thereof shall not be paid when due, interest shall be charged thereon <br /> from the date the same becomes due at the rate of ten percent (10%) per annum, <br /> and the shares of stock on which the same is due may be considered delinquent <br /> and in default and may be sold on failure to pay the assessments thereon. <br /> Section 3. Whenever an assessment has been levied as hereinbefore <br /> provided, the Secretary of this Company shall, within fifteen (15) days thereafter, <br /> send a notice to each stockholder informing him or them of the date and the amount <br /> of such assessment and the time or times when the same shall become due and <br /> where payable, such notice to be sealed in an envelope with postage prepaid and <br /> deposited in the post office addressed to each stockhol t is a, nown post <br /> er-to <br /> office address , and it shall thereupon become thes c h der-to <br /> er-to <br /> ;duty nt. <br /> attend such place and pay such assessment before the <br /> ot��:=0 Vi ,• <br /> ti ise, <br /> Section 4. No water shall be carried or ed ii- o� T <br /> y s., son <br /> who shall be indebted to the Company, either as i c al, <br /> on any overdue debt, and no water shall be carried or delivere orttf0 ` er <br /> of or on account of or by virtue of any stock, during any year while there remains <br /> unpaid any overdue installment of any assessment made upon such stock. <br /> Section 5. All shares of stock upon which any assessment so levied <br /> shall not have been fully paid when due shall be considered delinquent, and the <br /> Secretary of this Company shall within ninety (90) days after the last installment <br /> of such assessment becomes due upon order of the Board of Directors make demand <br /> upon the delinquent stockholder so in default for the amount due on all the shares <br /> of stock upon which the assessment has not been fully paid, either in person or <br /> by written or printed notice duly mailed by registered mail with a return card, <br /> to the last known address of each such stockholder, at least thirty (30) days <br /> prior to the time when said stock so in default shall be forfeited and sold, and <br /> which notice shall also state the,itime and place where such delinquent stock will <br /> be sold unless the amount due thereon, including interest and the cost of ad- <br /> vertising is not paid before the time fixed for such sale and shall within said <br /> ninety (90) days make a list of all the shares of stock on which the assessment <br /> has not been fully paid and which are delinquent, giving the name of the stock- <br /> holder as shown upon the books of the Company the number of the certificate , the <br /> number of shares and the amount of such assessment remaining unpaid, and have <br /> the same advertised by publication at least once each week for four (4) successive <br /> weeks in a daily or weekly newspaper published in the City of Brighton, Colorado, <br /> -7- <br />