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<br />. <br /> <br />. <br /> <br />i <br />assessment or comply with any such obligations. The board of directors shall have the power <br />and authority to dispose of any of the corporation's stobk returned to the corporation because of <br />nonpayment of assessments or failure to comply with a'ny such obligations, at such price and on <br />such other terms and conditions as they deem advisablJ. <br /> <br />(b) If a shareholder fails to pay any Lsessment under Section 8.1 (c) of the <br />articles of incorporation within 60 days after written request for payment is made to such <br />shareholder, the corporation may declare a forfeiture o( such delinquent shareholder's stock as <br />provided in the articles of incorporation upon a failure to pay any such assessment. The board of <br />directors shall have the power and authority to dispose ~fany of the corporation's stock returned <br />to the corporation because of nonpayment of assessmeq.ts at such price and on such other terms <br />and conditions as they deem advisable. I <br /> <br />Section 2.3 Transfer of Stock. Stock in the dorporation may be transferred upon the <br />following: (a) notice to the corporation's secretary containing the name and address of the <br />transferor and transferee, together with the certificate rJpresenting the shares to be transferred <br />I <br />and a duly executed stock power; (b) the payment of$25.00; and (c) execution by the transferee <br />of such covenants as are applicable to the transferred sHares, including without limitation all <br />obligations to comply with any requirements imposed by the corporation on the use of water <br />from the Eagle Park Reservoir. I <br /> <br />I <br />Section 2.4 Annual Meeting ofShareholdersj An annual meeting of the shareholders <br />shall be held on the second Thursday in the month of January in each year, beginning with the <br />I <br />year 1999, for the purpose of electing directors and for the transaction of such other business as <br />may come before the meeting. If the day fixed for the Jrmual meeting shall be a legal holiday in <br />Colorado, such meeting shall be held on the next succeJding business day. If the election of <br />directors shall not be held on the day designated herein Ifor the annual meeting of the <br />shareholders, or at any adjournment thereof, the board <if directors shall cause the election to be <br />held at a meeting of the shareholders as soon thereafter 'as conveniently may be. Failure to hold <br />I <br />an annual meeting as required by these bylaws shall not work a forfeiture or dissolution of the <br />corporation or invalidate any action taken by the board bf directors or officers of the corporation. <br />I <br /> <br />Section 2.5 Special Meetings. Special meeti~gs of the shareholders or of any class of <br />shareholders, for any purpose or purposes, unless otherivise prescribed by statute, may be called <br />I <br />by the president or the board of directors, and shall be c~lIed by the president at the request of <br />shareholders having at least 15% of the votes entitled t<1 be cast at such meetings. <br />I <br /> <br />Section 2.6 Place of Meeting. Each meeting bf the shareholders or of any class of <br />shareholder shall be held at such place, either within or butside Colorado, as may be designated <br />in the notice of meeting, or, ifno place is designated in the notice, at the registered office of the <br />I <br />corporation in Colorado. I <br />i <br />I <br />I <br />I <br />I <br />I <br /> <br />fd0985 <br /> <br />-2- <br />