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<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 /> <br />special meeting of the shareholders, the shareholders may <br />make any special assessment necessary ~o meet additional <br />operating or Qaintenance expenses, provided that the notice <br />of such special meeting includes the fact that a special <br />assessment will be considered at said meeting. If the <br />shareholders shall fail to make or authorize any regular <br />assessment by the first of April in any year, the board of <br />directors shall have the power to make such an assessment <br />for that year. <br />2. Delinquent assessments: Every assessment, <br />whether made at the annual meeting or at a special meeting <br />of shareholders, or by the board of directors, shall be due <br />in full within 90 days after the date on which the assessment <br />is made, and shall thereafter be delinquent, unless the <br />board of directors shall in writing approve a shareholder's <br />request for a later due date. Every delinquent assessment <br />shall be subject to a penalty of one percent per month until <br />paid, such penalty to attach upon the first day of each <br />calendar month after delinquency. All such penalties shall <br />be deemed a part of the assessment and collected as such. <br />All assessments and any penalties levied thereon shall <br />constitute a perpetual lien on the subject shares, in favor <br />of the company. In its discretion, the board of directors <br />may determine that no water be delivered on shares as to <br />which any assessment is delinquent, or as to which any <br />penalty on assessment remains unpaid. <br /> <br />-17- <br />