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<br />. <br /> <br />. <br /> <br />RESOLVIm That Article IV of the Certif:l.cate of Incorporatl.on <br />of th:l.s ColIIpany be amancIad &0 as to r..aG1 <br /> <br />ARTICLE IV <br />Capital Stook <br /> <br />Section 1. <br /> <br />Al.Ithor1zad Shares. - The aggregate nWAber <br />of ahares, wh:l.eb the Corporation shell <br />have authortty to issue, is 3,000 8harea, <br />cons1ating ofl <br /> <br />a. ~1600 share!l wh1ch 8hall be either <br />~ass A or CLaS8 B, L:l.ft Canal Stock, <br />~thout par value; and <br /> <br />b. 400 sbare8, wh:I.ch shall be either <br />Cla.. C or Cla.. D, Po_r Cenal Stock, <br />~thout par value. <br /> <br />Sectl.on 2. Clas"8 A and B. <br /> <br />.; <br /> <br />a. <br /> <br />Every user of _tar under the L:l.ft <br />Canal. System shall be required to own <br />at least one shere of Claas A, Lift <br />Canal. Stock, as a prerequi8ite to ob- <br />ta1n:l.ng watar through the facilities <br />of the C-<mpany. Any 8heres of Class <br />A stock in exce.. of one share owned <br />by any individual, individual~l or <br />entity IIlllY be converted into Q.aSIl B <br />stock upon the request of INch owner. <br /> <br />Shareholders owning in exc&ss of one <br />(1) share of Lift Canal Stock are en- <br />titled to receive INch excess in Class <br />B stock. In the event of the transfer <br />or ..le of any share or shares of Class <br />S stock, Neb transfer shall be deemed <br />an elact10n on the part of the transferor <br />and .transf_ to convert such share, or <br />the fun abare, if 1IlOr& than one share <br />ill being transferred. of auch cu.s Il stock <br />80 tranafe.rred, to Class A stock; Provided, <br />howrver, that if INch transf_ owns any <br />share or aharea of Clan A stock at the <br />time of INch transfer or sale, then in <br />that event Neb tran8fer or _le shall not- <br />be d_d an election to .convert such sher.., <br />or the first 8hare, as above described, to <br />Class A. In the event any owner of both <br />Class A and Cla.. S stock attelllpt& to convey, <br />transfer or sell all of the Class A stock so <br />owned, retaining only Cla.. B stock, such <br />conveyanca, transfer or sale shall be deemed <br />null and void and of no force or effect as <br />to one sh are of such Class A stook concerned. <br /> <br />Each share of Class A or Class B stock shall <br />entitle the owner thereof to receive 1/3 <br />statute inch of water, or s pro-rata ahare <br />of the water in the Lift Canal Syst8lll. <br /> <br />b. <br /> <br />c. <br /> <br />- 2 - <br />