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<br /> <br />- <br /> <br />! <br /> <br /> <br />~ <br /> <br />. <br /> <br />. <br /> <br />,[ <br /> <br />~ <br /> <br />, SECTION 2. TRANSFER OF SHARES. Transfer of shares of <br />the corp-oration shall be made only on the stock transfer books of <br />the corporation by the holder of record thereof or by his legal <br />representative, who shall furnish proper evidence of authority to <br />transfer, or by his attorney thereunto authorized by power of <br />attorney duly executed and filed with the Secretary of the <br />corporation, and on surrender for cancellation of the certificate <br />for such shares. The cerson in whose name shares stand on the <br />books of the corporation'shall be deemed by the corporation to be <br />the owner thereof for all purposes. The transfer of shares of <br />the corporation shall occur only with the sale of real estate <br />property appurtenant to the shares in the corporation. <br /> <br />. <br /> <br />SECTION 3. FORFEITURE OF SHARES AND TE~~INATION OF <br />WATER DELIVERY. Notice or the annual assessment determined shall <br />be provided shareholders not later than May 1st of the year of <br />determination. Assess~ents shall be due on July 1st of the year <br />of determination. Assess~ents which remain unpaid after July 1st <br />shall bear interest at the rate of 18% per annum. In the event <br />assessments remain uncai~, then on Aoril 1st or the year <br />following the date of assessment, the divider boxes serving-the <br />real pro~erty appurtenen~ to delinquent shares shall be <br />perma~ently closed. 3e=ore res~ption of delivery of water to <br />such reel property, all delinquent assessments, interest thereon, <br />actual cost of closure and reopening of the divider boxes, ani <br />any other costs incurred by the corporation in te~inating <br />delivery shall be paid in full. Shares and the rights thereunder <br />,shall be forfeited when the assessment payment, or any Fart <br />thereof, fees or penalties have not been paid in full on or <br />before April 1st of the year following the date of assessment. <br />Forfeited shares shall be held by the corporation, and shall not <br />counted to determine voting rights or the number of shares for a <br />quorum. <br /> <br />SECTION 4. <br />corporation shall not be <br />one half (1/2) share., <br /> <br />DIVISION OF SHARES. Shares of the <br />divided into a denomination of less than <br /> <br />ARTICLE VII. OPERATIONS <br /> <br />SECTION 1. SRA-~HOLDERS RESPONSIBILITIES. Share- <br />holders have ~~e right to delivery of water allocated to them for <br />the irrigation of their land within the prescribed times and <br />limits as established by the Board of Directors of the <br />corporation. Shareholders shall 'use,every means within their <br />disposal to conserve water by closing their divider box when not <br />'in use and by maintaining ditches in good repair. 'Any share- <br />holder in non-compliance with those articles may be subject, to <br />termination of water delivery at the discretion of the Board or <br />Directors. <br /> <br />9 <br />