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<br />. <br /> <br />. <br /> <br />1~" Lot <br />amende~ June 13, ~, the Board of Directors has the authority to . <br />establ~sh th~nature and character of Class E and Class F Lift Canal <br />Stock. The ~rticles, as amended, authorize the issuance of 1,000 such <br />shares. It is the Board's decision to issue only Class E stock which <br />shall be designated as Class E, Junior Lift Canal Stock. <br /> <br />Section 2. The officers of the company as described in <br />Article III hereof, are authorized to issue up to and including 1,000 <br />shares of Class E, Junior Lift Canal Stock with the designations, <br />preferences, limitations and relative rights hereafter set forth: <br /> <br />(a) Name'. Such shares shall be identified as IIClass <br />E, Junior Lift Canal Stock'.. <br /> <br />(b) ~. Such shares shall be Lift Canal Stock as <br />described in the Articles of Incorporation. <br /> <br />(e) Priority. As herein. described, the rights of the <br />owner of Class E shares shall be junior in priority for the delivery <br />~f water to the rights of owners of Class A and Class B shares. In <br />the event the company should not receive, by virtue of an upstream <br />call for water by one with a Gunnison River Priority earlier than <br />Number 739, sufficient water to deliver to the owners of all classes <br />of stock, delivery shall be made first to owners of Class A and Class <br />B stock and then to owners of class E stock. Such allocation shall <br />be made pursuant to rules and regulations which the Board of Directors <br />might then impose. A warning shall be printed in bold black type on <br />each certificate for Class E stock with the words "ATTENTJON: LIMI- <br />TATION OF WATER RIGHTS" and the statement that the rights of owners <br />of Class E Junior Lift Canal Stock shares are junior in certain circum- <br />stances in priority to the rights of owners of Class A and Class B <br />shareS for the delivery of water as more fully described in the by- <br />laws of the Company. <br /> <br />(d) Water. Each share of Class E stock shall entitle <br />the owner thereof to-receive 1/3 statute inch of water, or a prorata <br />share of the water flowing in the Lift Canal System subject to the <br />priority set forth in paragraph (c) above. <br /> <br />(e) Preference. Prior to the initial offering of <br />Class E stock, the Board of Directors shall first make Class Estock <br />available to existing Class A shareholders of record or to persons or <br />entit!es who are purchasing shares from the company under contract. <br /> <br />(f) ~. The ~nitial sale price of Class Estock <br />shall be $350.00 per share and such stock shall be offered for a <br />reasonable time at such price. Subsequent sales of such stock shall <br />be at the price as determined by the Board of Directors. <br /> <br />(g) Assessment. The Board of Directors shall de- <br />tCII!line a fair assessment for Class E, -Junior Lift Canal Stock prior <br />to the annual shareholders meeting and shall submit such proposed <br />assessment to the shareholders of said meeting. The assessment for <br />Class E stock shall be determined after the assessment on other classes <br />of stock has been established at such meeting. <br /> <br />(h) Vote. Each share of Class E stock shall entitle <br />the owner thereof or his duly designated proxy to cast one vote at <br />. company shareholder meetings. <br /> <br />(i) Riqhts and Liabilities. Ail the rights, privileges, <br />restrictions and limitations which pertain to Classes A, B, C and D <br />stock not inconsistent herewith shall apply to Class Estock. <br /> <br />ARTICLE VII <br /> <br />Delivery of Water <br /> <br />Section 1. Delivery By the Company. The company shall de- <br />liver its water to each shareholder in the main canals, laterals, <br />stubs, or subsidiary canals of the company through itn headgates and <br />wairs to an appropriate pick up syst~m provided by the shareholder. <br /> <br />-ll~ <br />