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<br />cutively numbered and the names of the owners, the number of <br />the shares and the date of issue shall be entered on the <br />books of the company. Each certificate representins shares <br />issued or transferred on or after the effective date of <br />these bylaws shall state upon its face (a) that the company <br />is organized under the laws of the state of Colorado, (b) <br />the name of the person to whom the certificate is issued, <br />and (c) the number of shares which the certificate represents. <br />2. Transfers of Stock: Transfers of shares on <br />or after the effective date of these bylaws shall be made on <br />the books of the company only upon presentation of the <br />certificate or certificates representing such shares properly <br />endorsed by the person or persons appearing upon the face of <br />such certificate to be the owner, or accompanied by a proper <br />transfer or assignment separate from the certificate, except <br />as may otherwise be expressly provided by the statutes of <br />the state of Colorado or by order of a court of competent <br />jurisdiction. The officers or transfer ~gents of the <br />company may, in their discretion, require a signature <br />guaranty before making any transfer. The company shall be <br />entitled to treat the person in whose name any shares of <br />stock are registered on its books as the owner of those <br />shares for all purposes, and shall not be bound to recognize <br />any equitable or other claim or interest in the shares on <br />the part of any other person, whether or not the company <br />shall have notice of such claim or interest. <br /> <br />-12- <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />