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<br />10 the slockho'lders of the corporation at an annual <br />meeting 01' at a special meeting called for that purpose, if a <br />quorum is present, and the majority of stock represented <br />at such meeting, either by the owner in 'person or proxy, <br />entitled to vote thereon shall vote in favor of making such <br />assessmentj and if said stockholders fail to hold any such <br />meeting or fail to make or' authorize any assessment <br />within ninety days after the close of the company's fiscal <br />year, the directors shall have power to make any such <br />assessment at any regular or special meeting called <br />therefor for that year, <br /> <br />I <br />I <br />I <br />I <br /> <br />3. The corporation hereby provides for the sale <br />and forfeiture of shares of stock for such assessment as <br />provided in subsection (4) of this section and has Ihe <br />benefit of said subsection (4) for the recovery of such <br />assessments by forfeiture or sale of the slock in default, <br />and the corporation shall have a perpetual lien upon such <br />shares of stock and the waler rights represented by the <br />same for any and an such assessments or other amounts <br />due until the same are (ully paid. The corporation hereby <br />provides that no water shall be delivered until <br />assessments or any other amounts due are paid, Unpaid <br />assessments shall bear interest at the rate of 18% per <br />annum compounded annually from the date due. . <br /> <br />4. The shares of stock shilll be deemed personal <br />property and transferable as such in the manner <br />provided by the bylaws, A forfeiture or sale of stock on <br />(ailure to pay the 'assessments or any other amounts due <br />that (rom time to time may become due are to be <br />conducted in the rT)anner provided in this bylaw, No <br />forfeiture o{ stock shall be declared as against any estate <br />or against any stockholder before demand has been <br />made {or the amount due thereon either in person or by <br />written or printed notice'duly mailed to the last known <br />address of such stockholder at least thirty days prior to <br />.Ihe time the forfeiture is to take e(fect. If the assessment is <br />nol paid within such 30 day period, then the Secretary is <br />directed to cancel on the books and records of the <br />company, the stock for "which the amount due is unpaid, <br />and is directed to reissue the stock in the name of the <br />Company, At the next annual meeting of the stockholders <br />of the Company, such stock shall be offered for sale to <br />the stockholders and shall be sold to the highest bidder. <br />If the proceeds from the sale are insufficient to satisfy the <br />amount due the Company, including all reasonable and <br />proper costs of making and giving such notice, the <br />Company may maintain an action to recover such' <br />deficiency. The proceeds of any sale, over and above the <br />amount due on said shares, shall be paid to the <br />delinquent stockholder, . <br /> <br />Enacted by the stockholders' 0", the corporation <br />on December 12, 1988. <br /> <br />" . "':r~:>'~'~-;:.l"'~'~-r.'':''':''')<'(''I,~.;.'~;,.!,,'~'I'2:' ,'~"." .-, <br />