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<br />BY-l. ,:'i(IJS <br /> <br />OF <br /> <br />,\ <br />~ <br />o <br /> <br />THE PUFFliLiJ MUTUAL IF:F:IGALFH-i CCWi;-;':"1Nv <br /> <br />fW:TJCLE I <br /> <br />:;:.. <br /> <br />STO(::K <br /> <br />S(~r.:tion 1 <br /> <br />C€'rt.ific~tes of ~,tDC!"( in -c;uch -form "\.~ ril~i\.' ~)2 appruved by' the lioi:lrd 0"1 <br /> <br />Directors sh~ll t:e issued to eO\ch stDckholder' of the- cc.;1ipi.~n)-' T\~;!. the nU{:lber o"r :.;hOlr~'s Cd <br /> <br />the cClpit<ill stoel: tD wnich tll? m"ljl D'2 ~ntith.d. whi::il (ertifl/";:lcE's ~:hi:<.ll be S8 lsslled ~. <br /> <br />numeric.:!l' order- -irwm the stock ct.~r'i.ifi:.~\"te b()fJk 8.nd !::,i-:~dl bt-) c:i9nE.d bj' U,2 Pre:::'lder,-t, <br /> <br />cpuntersigned by the Secretary <ilnd have affixed t~ereto tne Gor~or.te Seal of the compall~ <br /> <br />by the Secretary. <br /> <br />(1 n::'ccrd of 8iH:tl ~stock cer'hfic.::d.::.' ~SSl\elj sh<"111 be ke~n on t.he stut <br /> <br />thereo+ in the stock cf.'l"tiHO;:C"lte book~ i:IS wd.l "IS HI the stock .1ed~je)"", .to be kept by thE <br /> <br />company. <br /> <br />Section 2 -- TI"~lns.t"ers of SflC"lr2S Q"{ s-tock upon "thE' book" c.:f the CO!;p;:1ny sh;:-dl only bE <br /> <br />made bY' app.lication of thE- holder Dr D~'mer- in person "Dr by' ~luthDrity ~~ndol"st:'d thereon ';:,nd <br /> <br />the surrender uf the certificate or certificates .for such shares as mav be tr-ansferred, and <br /> <br />all surrender~d certificates. shall be d~tly canceled &nd filed by the, S~cretary. <br /> <br />Sl?ctiol1 ;:; -.- The stocl{ boof:s 0-+ the corr.p;lny sr:i::.l.l D~~ clOSi.X! -for' HIe -tr<:,l>sfer of stock <br /> <br />tet) (1(;.\ d;:i!'S bE.'TCre .th.E- 2,Hiu..l rnet.'-;;int~ of the ::;toc!-:i1D~0f;(S, i:~:l(j five' ~5.i cClYs bi::'fore an)/ <br /> <br />speci<ill meeting of the st(){:kholders. <br /> <br />Section 4 <br /> <br />The capital stock of the company shedl DE' 'is~,ued to the owners of right:- <br /> <br />to the use of water from the company's irrigatiun syst~m as found and determlned by the <br /> <br />District Court p.F the StatE' of Colorado in anti fer- liH" County of Pr0l4ers Hi Civil Action <br /> <br />ND. 74 entitled "The Ark,:,nsas VCll1~y SUgi<.I' Feet <;nd Irrl9::!ted LClnd CompCtny~ cl corporaticn~ <br /> <br />F'hintiff~ vs.. Mrs. A. L. Ahlfeldt~ et 011., DefE'nd.:lnts"~ Ciod under any StipLll~ltiOf)S. crc!E:'rs <br /> <br />or c1ecref.'s which m':lY' bf.> 'h.l~:!d or enten~d by s;:dd Csud ,1~odifyinq or ChclnQin9 tht~ <11I'Ki:lticm <br /> <br />of the right to '(~1(? use of It,!i'lt8r -from thE: '::O{';,')~I~j'l'S !::-y!:t~.>m or 1/)i.~!dn9 +udhe!r i:ldjudi::;:'.tion <br /> <br />of. the right ic the u~q of SLICh f~.:\*.P.I" to tbe ('~ncr'~, o'f BLIC'h Welter ri~lht.;;.~ un::ir?r tht? <br /> <br />~H'Qvi=.ions D.f SOlid decre~ retClining jnrisdict.ion 8;': 50;1[1 C.:lSC 1'<:",)" such ourposE'. ~lInonQ ether <br /> <br />things; ..thE' o.ff:i.c['!"s of thl? COmpi'lr.y bC'"!:ore issLting ",fly -,.ltch ',:i:eel-; to !~uch owrJl,.'t.~ of \J,).:!ter <br /> <br />rights 5h~11 satisfy themselves. in the mC"lnner and ~ur~uClnt tc such oYDvisions as m~v be <br /> <br />made .th~l"efor Dr be :;;'''ltis-fz:dor'l to s~dd COltl"'(~ C)"',: tile ic!fmt~t,;' ('[~: tr)f~ mmE'r <q}plYlP~J for <br /> <br />Dr dema~dinq the i5sua~c2 OT <br />~ . <br />. <br />right 'f~-b the u=r.~ of ~J~h~r <br /> <br />sucn <br /> <br />c:tod:.. the nl:iJ,btH" U1' i;;CI'l?S .,:."~I' ~;t;.i:::h such OllJner' cll.ms ~i <br /> <br />for <br /> <br />irr:lqi:,t:ion Oind dC'l!n2'j;:ic '-:'.-'C'JS€'~~ -fro;!! the CO!!';P':;rlj'"<j <br /> <br />irrigOition sydem~ tJ-H.' de-scription D.f t.he 1clnds on wilie!'! SL... '.:,ledE'!'" ri;-!f1ts is now located <br />