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<br />No transfer of stock shall be made separate <br />and apart from the land except upon surrender of the <br />original certificate for cancellation and upon payment <br />of a transfer charge of One Hundred Dollars ($100.00) <br />per share, nor shall any such transfer be made where <br />stock is sold in connection with the land on which the <br />same has heretofore been used, except on payment of a <br />transfer charge of Ten Dollars ($10.00) per transfer or <br />certificate. Transfers shall not be made upon which <br />assessmetns are due or unpaid or while the holder is <br />indebt~d -to the company on any account whatsoever. <br />Section 6. Lost Certificates. Duplicate <br />.rtificates may be issued in lieu thereof upon the <br />'ockholder furnishing proof of such loss of a bond <br />with surety satisfactory to the board in such penal sum <br />as it may decide upon, indemnifying the company from <br />loss on account of the re-appearance of the lost <br />certificate. A fee of Ten Dollars ($10.00) shall be <br />charged for issuance of a duplicate certificate. <br />Section 7. The shares of the Company shall <br />he issued as fully paid stock of no par value. <br />Section 8. Certificates of stock may be <br />issued to the company as treasury shares only, for <br />lease Ot sale by the company to a Colorado municipality <br />or special district located in the vicinity of Penrose, <br />Colorado, of the water represented by such shares but not <br />of the shares themselves. Provided, however, that no <br />such lease or sale shall become effective without <br />~proval by a majority vote of the shareholders present <br />~t any annual meeting, or any special meeting called <br />for that purpose. <br /> <br />ARTICLE XI <br />ASSESSMENTS <br />Section 1. The stockholders of this Company <br />shall have power to levy assessments for all lawful <br />purposes, and that in case of the making of such levy, the <br />stockholders of record on the books of the company shall <br />be entitled to ten days previous notice of the levy of <br />any assessment, to be given prior to the payment of such <br />assessment, by mail. Such notice shall be addressed to <br /> <br />such stockholder at the place of residence as evidenced <br />by the stock record of this company. Said notice shall <br />be in writing and shall state the total amount of the <br />assessment, and shall also state the time or times re- <br />quired for the payment thereof and in default of the <br />payment of such assessment, notice whereof shall be <br />given in the manner herein provided, and such stock <br />kmay be sold in the manner provided by law, for the <br />payment of such assessment. All delinquent assess- <br />ments shall bear interest at the rate of 8~% per annum. <br />Section 2. Assessments levied as <br />aforesaid shall be levied on all issued shares of <br />the Company alike, and shall be payable in money <br />for the purpose of keeping the property of this <br />corporation in good repair, for the proper operation <br />thereof, as well as for the purpose of paying any <br />claim against this company not otherwise provided for. <br />Section 3. No such assessment shall be made <br />unless the quetioD of making such assessment shall <br />be voted upon by the stockholders of said corpor- <br />ation at an annual meeting or at a special meeting <br />called for that purpose, and a majority of stock- <br />holders, either in person or by proxy, voting <br />thereon shall vote in favor of making such <br />assessments. Provided, however, that if for any <br />reason the stockholders shall fail or neglect to <br />make a levy for the maintenance and operation of <br />the canal system for any year prior to the first <br />day of April of that year, the Board may make <br />such levy as may be necessary for such purposes <br />and this action in that regard shall be final <br />and binding on all stockholders and shall have the <br />same force and effect as though made by the <br />stockholders. <br /> <br />-6- <br /> <br />-7- <br />