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<br />. . <br /> <br />c. Forfeiture. - The Directors of the <br />Company by By-Ulws may pre8cribe for <br />11 forfeiture or sale of stock on fail- <br />ure to pay such 68aessments a8 the _ <br />become due from ti.ma to ti.ma. but no for- <br />feiture of stock shall be declared againBt <br />any estate or aga1n8t any stockholclar <br />baton d_nd shall have been 1IMide for the <br />amount: due tbareon. eithar in person or <br />by IOritten or printed matter, duly lIlI1iled. <br />to the last known address of such stock- <br />holdar, at least 30 days prior to the <br />time wilen such forfeiture is to taka <br />effect; but the proceeds of any sale, <br />over and ahave the amount due on such <br />shares, shall be paid to the delinquent <br />stockholder. The Colllpany shell have a <br />perpetual lien upon ell shares of the <br />Colllpllny stock and the water rights rep- <br />resented by the llama, for any and all <br />such asseu_nts and all parts thereof <br />until the _ am fully paid, The <br />Company Bhall not be required to deliver <br />water to any stockholder unt:il all asseS8- <br />ments owed by such stockholder shall have <br />firllt been paid. <br /> <br />Section S. Voting. <br /> <br />The votin,l: power shall vest solely in the <br />holders 01' the capital stock. At every <br />me.t~ of the stockholders every holder <br />of cap1.tal stock, whether it be Class A, <br />B, C or D, shllJ.l be entitled to one vote <br />for each share standing in his name on the <br />books of the Corporl1tion. Every holder of <br />the capital stock Bhall have the right to <br />vote in person or by proxy. the number of <br />shares owned by him for aB lIl8nY persons as <br />tbere are Directors to be elected end for <br />whose election he has a right to vote, or <br />to ,.,-.1"te hiB votes by giving one can- <br />d1date as IIlaI1Y votes as the number of such <br />DirectorB multiplied by the number of his <br />shares Bhall equal, or by distributing <br />such votes on the _ principle among any <br />number of such candidateB. <br /> <br />Denial of Pre-emptive Rights, <br /> <br />Section 6, <br /> <br />; <br /> <br />No holder of shares of capital stock shall <br />have any pre-emptive or other rights as such <br />holder to purcbaaa, subscribe for, or other- <br />wise acquire any part of any new or additional <br />shares of stock of any class whatsoever, or <br />of seCl.1rities convertible into any class what- <br />soever, or of wa=ants, rights, or other in- <br />struments which carry the right to purchase <br />shareB of stock of any claBs IoThatsoever, whether <br />now or hereafter authorized, or whether issued <br />for cash, pxoperty or services, <br /> <br />- 5 - <br />