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<br />Company is authorized to shut down the headgate of such stockholder so in arrears until such arrearages
<br />shall have been fully paid.
<br />
<br />It shall be the policy of our Company to encourage, foster, support and pennit the maximum flexibility in
<br />the use of water by our stockholders, including municipal, domestic and industrial uses by any municipal
<br />stockholders within their corporate limits and relocation of the place of use to other more productive lands
<br />or locations, all as shall be requested by the individual stockholder and shall be consistent with the by-laws
<br />of the Company and with the decrees entered in case Nos. 84CW62, 84CW63, and 84CW64.
<br />
<br />ASSESSMENTS
<br />
<br />Section 13. Assessments shall be levied from time to time on the capital stock of the Company, to be
<br />levied pro-rata on all outstanding shares of stock, payable in money, for all or anyone or more of the
<br />purposes mentioned in our Articles of Incorporation and all amendments thereto, by submitting the
<br />question of making such assessment to the stockholders of our corporation at the annual meeting, or at
<br />any special meeting called for that purpose, if a majority of the outstanding stock represented either in
<br />person or by proxy, voting thereon, shall vote in favor of making such assessments. Assessments may be
<br />so voted and made to be thereafter paid in such amounts and at such times as the Board of Directors may
<br />detennine upon and provide, according to the needs of the Company.
<br />
<br />In all cases where the question of levying an assessment on the stock in our Company is to be voted on,
<br />either at an annual or at any special stockholders' meeting, a statement to that effect must be embodied in
<br />the notice of such meeting required by Section 10 of these by-laws; and the certificate of the Secretary
<br />entered of record on the record book of the Company showing personal service of any notice or demand or
<br />of mailing any notice or demand or of having published any notice or demand, required by these by-laws,
<br />shall constitute and be prima facie evidence of the facts contained in such certificate and shall be
<br />sufficient to authorize the order of forfeiture of stock, as herein provided. The Secretary, shall, however,
<br />obtain and keep on file as part of the records of the Company a copy of each notice published in any
<br />newspaper pursuant to these by-laws, together with the certificate of affidavit of the publisher showing the
<br />publication thereof; and all books and records of the Company shall be open to the inspection of all
<br />stockholders of the Company, who are not in arrears in the payment of assessments, during all reasonable
<br />business hours.
<br />
<br />NOTICE OF ASSESSMENTS
<br />
<br />Section 14. Secretary shall notify the several stockholders of any assessment having been made, the
<br />amount thereof and the time when the same, or any installment thereon, shall become due and payable,
<br />and demanding payment thereof, by written or printed notice and demand, either delivered in person or
<br />duly mailed to the last known address of the stockholders respectively; PROVIDED, that no assessment,
<br />or installment of any assessment, shall become due or payable, or sooner than fifteen days after the
<br />serving or mailing of the notice and demand. Assessments shall draw interest at a rate fixed by the Board
<br />of Directors, from the time the same becomes due and payable, or from such time thereafter as the Board
<br />of Directors may detennine, which interest shall be chargeable against the stock assessed.
<br />
<br />DEFAULT
<br />
<br />Section 15. Whenever any stockholder shall fail to pay any assessment in full, or any installment of any
<br />assessment, when the same becomes due and payable, as provided in Section 14 of these by-laws, his
<br />stock shall be subject to forfeiture, as herein provided. At any time after such default the Secretary may
<br />make demand for payment thereof by written or printed notice or demand either served or delivered in
<br />person or by duly mailing the same to the last known address of the stockholder so in default, at least thirty
<br />days prior to the time when such forfeiture is to take effect; and if such assessment or installment
<br />mentioned in such notice and demand, together with any accrued interest, be not paid within thirty days
<br />next after such personal notice or after the mailing thereof as above stated, the Board of Directors at any
<br />time thereafter may declare such stock in default and not earlier than two years after the declaration of
<br />such default may order the sale thereof for the propose of paying such assessment or installment, together
<br />with interest and expenses of forfeiture and sale; and upon such order of forfeiture and sale being made
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