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. . (b) The corporation shall be entitled to treat the holder of record of any share of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as may be allowed by the laws of Colorado. (c) No transfer of any share of stock shall be valid or allowed upon the books of the company on which any assessments are due and unpaid until the company receives full payment thereof. Section 3. Lost Certificates. In case of the alleged loss, destruction or mutilation of a certificate of stock, the Board of Directors may direct the issuance of a new certificate in lieu thereof upon such terms and conditions and in conformity with law as it maf prescribe. The Board of Directors may in its discretion require bond in such form and amount and with such surety as it may determine before issuing a new certificate. Section 4~ Water Riqhts~ Each share of stock of each class shall be entitled to distribution of water in the following propor- tions: Classes A, Band E, Lift Canal and Junior Lift Canal stock, one-third (1/3) miner's inch or statute inch of water, or a prorata share of the water in the Lift Canal System; Classes C and D, Power Canal Stock, one-half (1/2) miner's inch or statute inch of water, or a prorata share of the water in the Power Canal System~ Each share shall be sUbject to assessment as provided in the Articles of Incorporation~ The outstanding shares of stock of all classes shall be entitled to the distribution of all the water from time to time available from the company's system, but each share of each class shall share in such distribution only in the proportion as to each share of the other classes stated in said articles. Such water shall be delivered under such rules and regulations as the Board of Directors may prescribe. Water may be delivered to third persons on the written order of the record owners of stock for use as requested subject to such rules and regulations as may be made by said Board. Section 5. Assessment~ Assessments shall be made pursuant to the Articles of Incorporation. The assessment shall be to defray the costs of operation and maintenance of the company, to raise funds and to pay any indebtedness and the interest thereon. Shareholders may be assessed at the annual meeting or a special meeting called for that purpose in proportion to their ownership of the company's stock. Section 6. Manner of Payment and Forfeiture. Notice of such assessment and of the t~me and manner in which the same is ordered to be paid. shall be given by depositing with the United States Postal Service, postage prepaid, a notice to that effect, directed to the last known post office address of the stockholders of record as shown on the corporate books. In case any of the stockholders shall fail to pay ~y such assessment so made at the time and in the manner ordered by the Board of Directors, the collection of such assessment may be enforced in the following manner, to-wit: (a) Ey the refusal on the part of the company to. deliver any water to such stockholder until such assessment has been paid, ~~d if, at anytime, the water is being used by such stockholder on his stock, water may be shut off and kept shut off until such assessment is paid~ (b) The stock of the shareholder so in default, may be sold at publiC auction to the highest and best bidder for cash by the secretary of the company on the order of the Board of Directors in the manner as follows, to-wit: the assessment shall not have been paid at the time that the same is mad'e due and pa.fable by the Board of Directors, the secretary shall, either in person or by written or printed notice mailed to the last known address of the delinquent -9-