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<br />. <br /> <br />. <br /> <br />d. Cla.... A and B, Lift Uanal Stock <br />shell be 1s.ued for the use of water <br />under the Lift Canal System above <br />deacrtbad aad under any _ten. iOn <br />thereof and add1tions thereto and <br />shell PDt be tr&n8ferred for u.. <br />under the Power C&mal Sy.tem. <br /> <br />Section 3. Cla.... C and D. <br /> <br />a. lWery user of water under the Power <br />Canal Sy.tem shall be req\Ured to <br />own at l...t one .nare of Cla.. C, <br />Power Canal Stock, .. . pr..requiait.. <br />to obtaining water through the fae- <br />iU.tiea of the Company. Any .hares <br />of Clan C stock in exce.. of one <br />share ownod by any indiv1dual, in- <br />dividual., or entity may be converted <br />into Cla.. D .tock upon the reque.t <br />of such own&U:'. . <br /> <br />-' <br /> <br />Sharaholclar. l)WIling in exce.s of ana <br />(1) .hara of Power Canal Stock are <br />entitled to receive auch exce.. in <br />Class D .tock. In the ev8llt of the <br />tr_sfer or sala of any .hare or <br />sheres of Cla.s D Stock, .uch tran.fer <br />.hall be deemed an election on the <br />part of tha tran.feror and l:ransferee <br />to oonvert such share, or the first <br />sharet if IIlOre then one .hare 11; being <br />tranaterred, of such Class D stock; <br />provided, however, that if such transferee <br />owne any share or share. of Cla.. C stock <br />at the t1.llle of BUcl\ tranafer or sale, <br />then in that event wch transfer or sale <br />shall not be cl..~-d an election to convert <br />such .hare, or the first share. a. above <br />described to Class C. In tha event any <br />owner of both Clan C and Claaa D stock <br />attlllllpts to convey, t:-ansfer or aell all <br />of the Cla.. C stock ~ owned, reta1.ning <br />only Clau D stock INch convey.alUl"j <br />tranafer or Nle sbail be cl."~ =1 and <br />void and of no force or effect as to one <br />share of such Clau C stock concerned. <br /> <br />c. Each 5hare of ClaSII C or Class D stock <br />shall entitla the 0Wll&r thereof to receive <br />1/2 statute inch of vatar, or a pro-rata <br />share of the wal:er in the Power Canal - <br />Syst.... <br /> <br />b. <br /> <br />d. Claues C and Dr Power Canal Stock shall <br />be issued for the us. of water under the <br />Power Canal Sysl:_ above dascrtbed and <br />under any extension thereof and addition. <br />thereto and shall not be transferred for <br />use under the Lift Canal Sy.tem. <br /> <br />.. 3 .. <br />