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<br />o <br />\...7 <br /> <br />& <br /> <br />. <br /> <br />. <br /> <br />Section 5. Transfers. Transfers of stock to entitle the <br />holder to vote must be made and registered at least ten (10) days <br />prior to the time of any meeting, at which said vote is tendered, <br />and all stock shall be transferred on the books of this company <br />by a"signment either in person or by attorney. <br /> <br />No trnnsfer of stock shall be mndc except upon the surrender <br />of the ori~inal certific~te for cnncellotion, nor shall nny transfer <br />of stock be made upon which assessments are due or unpaid, or while <br />the holder is indebted to the company on ahy account whatsoever, <br />except in case of lost certificates in which case duplicate certi- <br />ficates may be issued in lieu of such lost certificates upon the <br />stockholder furnishing proof of such loss satisfactory to the board, <br />and the execution imd delivery of a bond or other evidence of <br />indemnity, with sureties satisfactory to the board, in such penal <br />sum as it may decide upon, indemnifying the company from loss on <br />account of the re-appearance of the lost certificate. <br /> <br />No transfer of water from one tract Of land to another tract <br />of land shall be made or permitted except by and upon the order <br />and approval of the board of directors. <br /> <br />No transfer of water from the area included in the outer <br />boundaries of The Terrace Irrigation District at the time of the <br />organization of this company shall be made or permitted except <br />when authorized by'a majority vote of a regular meeting of stock- <br />holdcrD of the cornpr.tny, or a special meeting of the stockholders <br />called for that purpose. <br /> <br />Section 6. The shares of the company, \\Ihen issued, shull be <br />issued ns full paid stacIe of the par value of 11300.00 per share, <br /> <br />AHTICLE IX. <br /> <br />Assessments <br /> <br />Scc;t;ion 1. The .stockholders of this company shnll h:'lVC <br />power to levy assessments for all lawful purposes; in cnse of <br />rnaldng any such levy the stockholders of record on the books of <br />the company, shull be entitled to ten days prcviouG notice of <br />thc levy of an assessment to be given priOr to the payment thereof, <br />by mail. Such notice shall be addressed to such stockholder at <br />the place of residence as evidenced by the stock record of this <br />company. Said notice shall be in writing and shall state the <br />total amount of assessment, and also the pro-rata share or per <br />centum thereof to be paid by the stockholder thus notified, and <br />shall state the time or times required for the payment thereof, <br />and in default of the payment of such assessment, on notice given <br />in the manner as provided by the laws of the State of Colorado in <br />such case made and provided, such stock may be sold for the pay- <br />ment of such assessment. <br /> <br />All dellnquent a8GCG8InCnts shall bear interest os determined <br />from time to time by the bo~rd of directors. <br /> <br />:..Jcction 2. AS3cssrnents levied, as aforesaid, shall be levied <br />on nll shares of the company alike, for the purpose of kccpine; <br />the property of this corporation in good repair for the proper <br />operation thereof, as well as for the purpose of paying any claim <br />against this company not otherwise provided for. <br /> <br />-4- <br /> <br />~------._~.---- <br />-, <br /> <br />-:---.... <br />-~ <br />.~............... <br />