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<br />In addition, in the discretion of the board of <br />directors, any shares upon which any aEsessment has been <br />delinquent for one year or more may be forfeited an{ sold ~n <br />the following manner: The board of directors shall cause a <br />demand for payment of the amount due to be made upon the <br />shareholder of such shares, either in person or by a written <br />notice signed by an officer of the company and mailed to the <br />last address furnished to the company by such shareholder. <br />Said demand whether written or in person, shall also include <br />the information that if the amount due is not paid by a date <br />certain, no less than 30 days after mailing or delivery of <br />such demand, the subject shares will be forfeited to the <br />company and sold. If payment is not made on or before the <br />date specified, the secretary shall cause to be mailed to <br />each shareholder of record On said specified date a notice <br />declaring the subject shares forfeited and advertising that <br />the subject shares will be sold at the company's office ~n <br />Merino, Colorado, or at another reasonable location ~n <br />Washington or Logan County, on a day and at an hour specified <br />in the notice, to the highest bidder, provided, however, <br />that such high bidder must also be a shareholder of the <br />company on the date of said sale. At the time and place <br />specified in the published notice, an officer of the company <br />shall offer the subject shares for sale, shall receive bids, <br />and shall sell the shares fer the highest price obtainable, <br /> <br />-18- <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 />