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r r i � � � � r� � � � � � � Section 3. �econd Notice. If the aeeeesment ie not paid vhen due, intereat at the rate of 128 per annum on the unpnid Ealance vill be aseeaeed. If the full amount of the aeseaement ia not paid within 40 dnye after notice of delinquency, the etock ehall he declared forfeited and may ba eold by the Board of Directora or retained for the Summit Reaervoir 6 Irrigation Company. All Stockholdere ehall be adviaed of the forfeitura and the sale of the etock eo that they may have the opportunity to bid on the etock. Section 4. No P,�ment. No Wat If any aseeesment ia unpeid thirty (30) days after the aseeeement becomee due, Stockholder ehall not be entitled to receiva any water until the aseenament, all intereat end other chargea are fully paid. The Board of Directora may include other charges to cover the expense of supplying vater to the delinquent Stxkholder. Seotion 5. Cartificates of Stock. Certificatee of etock ahoving the num6er of eharee ovned hy the Stockholder ehall be ieaued to ench Stockholder. BacA certificate ehall be numbered, ehall bear the eignaturea of the Preeident, the Secretary- Treasurer ae well ae the cozporate eeal of the Su�it Reaervoir 6 Irrigation Company end ehnll be ieaued in numericel ordar from the etock certificate book. A record of each certificate of atxk, ahall be entered on the corresponding etub in the etock cer[ificate book. Section 6. $tock Transfers. Tranefera of atxk shell be made in the etock 600ka of the Su�it Aeearvoir 6 Irrigation Company and muet be accompenied by the eurrendar of the endorsed certificate or cert3ficates. No certificate of atock ahall be tzansferred vhile the aseignor of such certificete of stxk shall be indebted to the Summit Reeervoir 6 Irrigation Company. Surrendered certificatea ahall ba cancelled and attached to the correaponding etube in the etock certificate 600k and the new certificatea isaued Co the pa�ty or partiee. A£ter January 23, 1993, no certificate ahell be eplit into leee than a full ahara, but all partial certificatee outstanding on euch date will continue to be honored. Section 7. New Certificatas. Nev cartifioatea of stock may be iseued by order of the Board of Directors to replace any certificate or certificates of the Summit Reeervoir S Irzigation Company alleged to be lost or destroyed, but the ovnez of the loat certificete or certificatee ahall provide the Summit Reeervoir S Zrrigntion Company a loat inetrument bond in tha emount of the per value of tha loet or destroyed certiPicate or certificatae of etxk ae indemnity againet eny losa or claim that the Summit Aeeervoir 6 Irrigetion�Compeny mny incur by zeaeon of the iesuance of tha repleced etock certificatae. Tha Boerd of DLrectore may refuee to replace any loet certificetea unlaee ordered to by a Court having juriediction in the matter. ARTICLE IV Meetinga of Stockholdeza Section 1. Annuel Neatina. The annuel meeting of the Stockholders of the Su�it Reeervoir 6 Irrigetion Company e4a11 be hald eaoh year on euch date ae may be f'viced by the Hoard of Directors. The eanuel meeting ahall be held for the election of Directors and the transaction of euch other bueineas an may properly come before it. At eech euch annual meeting, the Hoard of Directore ehall eubmit to the Stockholdere a zeport of the Summit Reeervoir S Irriga[ion Company'e bunineae activitiee during the preceding yeer and the genazal financial condition of the Summit Reservoir 6 Iriigatioa Company. All meetinge ehell ba conducted in accordenoe with Roberte Rulee of Order. Section 2. Soeciel Neettnas. Speciel meetings of the Stockholders may be called by or et the direction of the President, the Secretary-Treaeurer or by giving notice as required in Article III, Section 3. Section 3. Notica of Meetinas. Notice of any meetinge, annual or epecial, ehall epecify the time, placa nnd purpoae of the meeting end ehall be delivered, either pereonnlly or Dy meil, to all Stockholdera. Notice for meetinge ehall 6e eent not leae than 30 and no more than 50 daya priar to euch meeting. Section 6. Votina. All Stockholdaze in good etmding ahall hava voting privilegae. All acte and reaolutione of the Stockholders ehall be deemed adoptad upon a favorabla vote of a majority of the votea caet by Stockholdere quelified to vote and attending the meeting. A member entitled to vota may vote in person or by prorzy executed in writing by the Stxkholdeze or the Stockholdere duly authorized attornay-in-fact. Stockholdere holding one-third of the outetanding eharee of the company ehall conetitute e quorum. Section 5. Pledaed Stock. Pledged etock ehell ba repreeented end voted on at eny Stockholder'a meeting by the pledgor or hie/her proxy. Section 6. pdiournad Meetinas. If the annual meeting ie adjourned.for a lack of quorum or other renaon, the annual meeting may be recalled in nccordance vith Article III, Section 3. Section 7. flction W'thout x ettna /R tift t' 1_ � action which might be taken at a meetinq of the Stockholdere be teken without a meeting if a coneent in writing, aetting forth the action eo tnken, ie eigned by n mejority of tha Stxlchuldera entitled to vote at an annual or epeciel meeting.