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<br />Cind used, .:!rld the n~\mtos tine! ~!\:idreS5{;"s of i:\ny holder Or' tlL'.i.du~, of \;~nculilbr,~f;CI:.'S or l.iE.'f)~. {~n
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<br />or against the sall\e~ \l,Ihich !.;hall be r&:'coqni:z~'d iHld cOlltinl.:ed ;;;q;:dnst ctf:Y ""-uch stock. if!
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<br />or.der to p..ptect the holder OJ' owner uf such enntmbr-;;!nc€:',,-, Dr llt'GS to tr;;:. Si:,me extern: as
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<br />his clttim' g,r rights ~ire not:J
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<br />such manner~as may be oeemeo
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<br />No su~h stDcl: ::;hidl be
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<br />/'"2cDgr;.L:~d and covered b~'" ~-;ucl1 2f:Cumr.r;:m[E':- ,,. liens, .~nd In
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<br />sufficient a~d sDtisiDctor~' t~ s~id Court.
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<br />so i5SLled unLd thE ()14fiL-t' c'f <.11,,' Wi:i'(e, r10]rlt fo,.. ~mich Si:ir~e- is
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<br />to be so issued shEdJ. have f?;,:ecuted Einti cif,'liverl;?d to the -:c;flptLny, If: E, for" III to be tlPpr'oved
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<br />by the Board of Directors and deemed sufficient bv tn~ S~!D ~ourt~ ~ COflveY8nce cf all his.
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<br />right~ title ilnd interest in ~;nd to sLlch w~d.e-r ri{lht for t-Ilrlich 5'b.:k ir; tiH: ::olnf!2.ny shall
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<br />be 50 exch~nged, which conveyance shall co~stitute a surr=nder of all the ~iQht, title and
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<br />interest. of such C\\lflet in such !<tat"'r right under the contri:lct or deed ~;":ecuted b~l .tfl?
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<br />ArkafiSilS V;:llle::y Sugilr BE-et ;:lnd Il'"rigilted Land COr.lp<:lny" or Dill? O't its predE'c:e-sscors if;
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<br />ownership and interest o'f the irrigEltion sys,tem ()I;;neo b',' this comp;:,")!,. to such Nm~r OJ'" to
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<br />his immedii:lte or ffiE.'dir.lte -ql"antc'I's~ and to thE' enc th2.t H,e ShilJ'"E'S of "'-tock Df this comD~inv
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<br />issued to such owner ShBll c:ons.ti.tut.t' the sole <ind onl~' r-ight 0'1: SllCh .stockholder to
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<br />receive water for irrigation and domestic purposes for the lands own~d by hiill entitled to
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<br />water from the irrigi:\tiDn sy'si:em of the company.
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<br />Se'ction 5 -_. That no tran's'fe,.. of wi'lte-r 1:rom onE' tr"ct nf .lOo,rj~ to Hlo-ther !C-in1l be
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<br />madE' or". pt'rmittcd.. e_':cept by <lnd upon cln cni,,'r i-'nd ,,(ppn-';!r.I~ ~:.-f t~e k:<Elni i."_!: Virec:clt"s.
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<br />Section 6 '-- No certificates for stock !h~ll De ]SSll~d in c~!e of o~e claimed to he
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<br />lost except upon the company receiving a 58tisfclctorv bond of indemnity ogo1n5t such lost
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<br />certificatE'~ and thl?n only by order of the Board of Di,..et:"tc.,..s idte/' sclthfClctory evidelice
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<br />of ownership and loss.
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<br />Section 7 ..- Each share of the Cilpi tal stock [jf thE' company ~.;h~d 1 bl.;' 5t1bjec1 t.o tIn
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<br />annual pr.Q ,..ata c,sst'ssment -For the lIlainten~;ncl:' and upkc--!!:O'p tlnd for pL'Iy'inq the operilting
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<br />E'>:penses of. the irr ig~tilJn s'ysteffl of thE' compiH1~} <tor! -tor othe,.. Ii-twful plli"pOSeS, in elO
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<br />i:mDunt to be determirwd. for th~' first yei'u" [,.f thE' cempe-,nX"s !?;;i!:-;tence, bv trre F\C1~.rd of
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<br />Directors of the compcloh ._j~ntl there-Elf tel' In ~Ln <1 ffioun"l t.~:! be cfetermineC! at the regul<:lr
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<br />annltcll meeting of 'the stocldH)lders~ or tIt !it special si.ockholdt'rs" 1f;(;,E'tirq:; Ctllled 'for "thdt
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<br />pu/'pose; provided, that at any special meeting of the stoCk!IOlders call fDr that purpose ~
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<br />majority of- the outstclflding s.tock shEdl !li-LVe the pow!:"/'" to levy .:H1V specicd asseSS{jHmt
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<br />render2d nC-!CD_ssary to !T;eet uf,foresE'E'o contir.gencies or f:,-:ncrgeno:::.ies l'~ ltle JJl"lintenclflce or
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<br />ope-rating r.i>:pen~:"E's of thf~ it'rig<:t:iDfI sys"tE'm Eind to fi:-; oj df.!h.' Or d,,(h.'~- of ~;E\'/{.~p.nt of
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<br />regular Dr
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<br />~~peci~ll
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<br />assessments, whicl1
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<br />assessments shall b~come d~]inQU2n1 II)
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<br />thirty ~3i))
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<br />Art. Ill.. ~",?c~
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<br />1~ ~ AI t. VII a~2nd2~ ~~;-ch 9, 1993
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