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<br />, <br /> <br />STOCKHOLDERS' MEETINGS <br /> <br />Section 10. The annual stockholders' meeting of the Company shall be held in the Town of Sugar City, <br />Colorado, at the hour stated in the notice, on the fourth Monday in January, beginning with the year 1951, <br />and on the same day of each seceding year thereafter. If for any reason such meeting shall not be held on <br />said date the Directors then in office shall hold over until their successors are elected; and such <br />stockholders meeting may be held at any time thereafter, after giving the notice herein provided. Written <br />notice shall be given of all stockholders' meetings, either by delivering the same personally or by mailing <br />the same enclosed in an envelope, sealed and properly addressed to each stockholder at his last known <br />Post Office address, with postage prepaid, at least thirty days prior to the date fixed for such meeting; and <br />by publishing notice thereof in one daily or weekly paper published in the County of Crowley, and State of <br />Colorado, the first insertion being not less than ten days nor more than thirty days prior to the date fixed for <br />such meeting. <br /> <br />Stockholders may be represented by proxy in writing, which must be submitted to, and filed with, the <br />Secretary of the meeting before such proxy shall be allowed to vote; PROVIDED, that no stockholder shall <br />be entitled to vote, on account of any stock on which assessments are past due and unpaid, after forfeiture <br />has been declared. <br /> <br />At any stockholders' meeting a majority of the outstanding stock entitled to vote thereat, represented either <br />in person or by proxy, shall constitute a quorum for the transaction of business. <br /> <br />STOCKHOLDERS <br /> <br />Section 11. The shares of stock of the Company shall be freely transferable to any person, corporation, <br />principal corporation, municipal corporation or other entity and the person, corporation, principal <br />corporation, municipal corporation or any other entity to whom such shares are transferred shall enjoy the <br />same rights and privileges conferred by these Articles of Incorporation as if he or it as the case may be <br />had been the original holder of such shares. <br /> <br />USE OF WATER <br /> <br />Section 12. Each shareholder of the Company who is not in default of payment of Company assessments <br />shall be entitled to a pro-rata share of water diverted under the Company's decrees. Each shareholder of <br />the Company who is not in default of payment of Company assessments shall be entitled to use a pro-rata <br />portion of the actual capacity of Lake Henry based upon the ratio of the number of said shareholder's <br />shares to the total number of shares then current in payment of assessments. Shareholders may store <br />their respective shares of the water diverted under the Company's rights or other water owned by the <br />shareholder in lake Henry and may utilize other shareholder's unused space or capacity on a totally <br />subordinate basis, bearing all risk of spill. Shareholders may lease or assign their pro-rata share of <br />storage in lake Henry to others provided that said leases are consistent with the requirements of the <br />decree on case Nos. 84CW62, 84CW63, 84CW64 and the stipulations incorporated therein, and a copy <br />thereof is provided to the General Manager prior to the lease being effective. The General Manger shall <br />be responsible to account for the use of all storage space in Lake Henry for and by each shareholder. The <br />Company shall have no obligation to construct additional facilities if a stockholder changes the type or <br />place of use of his water entitlement. All cost to effectuate any change shall be paid by the stockholder <br />making such change. <br /> <br />Water stored in the reservoir of this Company which stockholders choose to use for irrigation purposes, <br />shall be drawn therefrom for distribution among such stockholders only at such times as the Board of <br />Directors may provide or direct; and the water allowed to flow therefrom shall be distributed pro-rata <br />among those stockholders of the Company only who shall have paid all assessments regularly made and <br />payable, according to the number of shares held by such stockholders respectively, and not otherwise. No <br />stockholder who shall become in arrears in the payment of any regular or special assessment shall receive <br />or be entitled to receive any water from the Company or to utilize his pro-rata portion of the storage in <br />Lake Henry until such arrearages shall have been fully paid, and the Board of Directors or Manager of this <br /> <br />3 <br />