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,. . . shareholder, demand payment of the amount of the assessment and shall also, at such time, notify the shareholder that unless such payment is made within thirty (30) days from the date of such demand, then and at the end of such time the shares owned by such delinquent share- holder will be subject to forfeiture and sale as by law provided. If ~ such assessment shall not have been paid at the end of said thirty (30) ~~days, the Board of Directors may declare said stock forfeited and may order the same sold. Upon such order being made, the secretary shall publish a notice of the sale of stock giving the time and place of the sale in a newspaper published or having general circulation in the area served by the company's canal system. There shall be published a mini- mum of two .insertions appearing at least a week apart. No greater number of shares of said stock shall be sold than an amount necessary to bring the amount of the assessments and costs of sale, and the pro- ceeds derived from such sale over and above the amount due on such shares and the expense incident to and occasioned by the sale thereof shall be paid over to the delinquent stockholder. The Board of Directors may take either of the above actions to enforce the payment of assessments as they may deem fit. The share- holders of this company, by taking stock therein, shall be deemed to assent and agree to the above methods of making and enforcing the col- lection of assessments on capital stock of the company. Section 7. Water Contracts and Assessment. (a) Any person or persons owning a contract for water with the Redlands Irrigation and Power Company, or its successor, who shall turn over to this company for cancellation such contract, and by proper assignment or conveyance transfer his interest in such contract and the water rights thereunder in the Redlands Irrigation and Power Company shall be given stock in the Redlands Water & Power Company of the class pertaining to the location of his land or lands that he may desire to irrigate with water thereon, calling for an equivalent pro- rata amount of water represented hy the contract held by him in the Redlands Irrigation and Power Company. (b) All back water dues must be paid on said contract prior to its cancellation and the issuance of stock as herein provided; provided that if any such contract shall be encumbered by mortgages or otherwise, then the stock issued therefor shall be held by this company in escrow until such t~e as the written consent to the conversion of such water contract into the stock of this company from the party hold- ing such encumbrance shall have been obtained or the cloud upon such title shall have been removed or the title of the party making such conveyance shall have become perfect. (c) Provided, further, that any person or persons whose stock may be so held in escrow as hereinabove provided, shall be entitled to all the rights and privileges of the stockholder so long as his right to the use of water under such water rights shall remain. Cd} The assessment for such contracts shall be the same as for the comparable class of water stock. Section 8. Installment Purchase of Stock. In the event any purchaser of stock in the corporation shall not pay for such stock in full, then the stock certificate shall not be issued and shall be re- tained by the company until the purchase price and all assessments to the date of delivery of stock shall be paid in full. Such installment purchaser shall not be entitled to the rights and privileges of a stockholder with respect to voting, proxies or other participation in the affairs of the company. Such purchaser shall be required to pay the assessments imposed upon such classes of stock as they are purchasing where ~hey are to receive the water rc~resented thereby. ARTICLE VI Class E St.,ck Section 1. Pursuant to the 1\.rticl-es of Incorporation, as -10-