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transfer and that the method used to effect such involuntary transfer is not a method recognized under Colorado law as valid to effect an involuntary transfer of real property. STOCKHOLDER LIABILITY Section 18. The private property of the stockholders shall not be subject to the payment to corporate debts to any extent whatsoever. No stockholder shall be personally liable for the payment of any assessment, the Company's remedy in the event of nonpayment of the assessment being limited to the remedy provided for in Sections 15, 16 and 17 hereof. AMENDMENTS Section 19. These by-laws, or any of them. may be altered, amended or repealed or additional by-laws adopted at any regular meeting of the Board of Directors by a majority of the Board, or at any special meeting by four-fifths vote of the Board; PROVIDED, always that any proposed amendment or change must be submitted in writing and filed with the Secretary at least thirty (30) days, and copy of the same must be personally delivered or properly mailed to each director no less than ten (10) days, before the same can be acted upon or adopted by the Board of Directors. COMPLIANCE WITH CHANGE DECREES Section 20. Reveoetation. Any shareholder desiring to convert any shares of stock in the Company to non-irrigation use as pennitted by the final Decree entered in Case Nos. 84CW62, 63 and 64, Water Court, Water Division No.2, shall first apply to the Board of Directors for approval of such conversion, and shall specify in writing: (1) the number of shares to be converted; (2) the proposed use and place of use of such shares; (3) the description of lands to be dried up as a result of such conversion; (4) how such dried up lands will be revegetated as required by paragraph 11 of the Stipulation with Proxy Group in Case Nos. 84CW62, 63 and 64 dated October 16, 1985, and the Stipulation to Dismiss with Prejudice in Case No. 88CW16, Water Court, Water Division No.2; and (5) the names of the party or parties responsible for revegetation. In considering such request, the Board may also require the shareholders requesting conversion and the party or parties to be responsible for revegetation to execute such other written undertakings or agreements as the Board detennines are necessary to assure full compliance with the final Decrees in Case Nos. 84CW62, 63 and 64, the Stipulation with Proxy Group in said cases, the Stipulation to Dismiss with Prejudice in Case No. 88CW16, the Company's Articles of Incorporation, by-laws and Regulations, and to prevent injury to the Company's water rights and to mitigate any interference with the Company's operations. Based upon the infonnation, undertakings and agreements which are submitted, the Board shall consider the request and shall approve the same if it detennines that the request is in full compliance with all requirements of the final Decree, the Stipulation with Proxy Group and the Stipulation to Dismiss with Prejudice, the Company's Articles, by-laws and Regulations and will not materially injure the Company's water rights and will not cause undue interference with the Company's operations. The Board of Directors shall have authority to promulgate regulation to insure that all such conversions comply with the requirements of this by-law. NON-IRRIGATION USE Section 21. Non-Irriaation Use. For purposes of interpreting the decree in Case Nos. 84CW62, 84CW63, and 84CW64 dated October 16, 1985, non-irrigation use is defined as all beneficial uses, including irrigation. Adopted by the Board of Directors July 17th, 1984. Adopted amendments to Sections 7, 10 and 14, January 14th, 1985. Adopted amendment to Section 7, December 8th, 1987. 6