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<br />~ <br /> <br />. <br /> <br />. <br /> <br />A notice in writing shall be mailed to such shareholder at his last known <br /> <br />address stating such delinquency and the amount due. Said notice shall also state <br /> <br />that unless payment shall be made not less than thirty (30) days from the date of <br /> <br />such notice the stock so delinquent shall stand forfeited to the corporation and will <br /> <br />be sold pursuant to this by-law. If payment is not made by the date specified, the <br /> <br />corporation shall then give notice by advertising in a weekly newspaper published <br /> <br />in the County of Otero, Colorado. for not less than three (3) weeks, that the stock <br /> <br />of such delinquent shareholder will be sold for cash to the highest bidder at a place <br /> <br />and on a day and hour in said notice specified, for the purpose of realizing such <br /> <br />assessment. At the time and place aforesaid the corporation shall offer said stock for <br /> <br />sale, and sell it for the highest price obtainable, but not less than the amount of said <br /> <br />assessment plus the cost of sale, and the p~oceeds of said sale over and above the <br /> <br />amount due on said stock and the cost of sale, shall be paid to the delinquent share- <br /> <br />holder. New certificates shall be issued to the purchaser and the certificates of the <br /> <br />delinquent shareholder shall be cancelled. <br /> <br />AR TICLE XIII <br /> <br />GENERAL PROVISIONS <br /> <br />Section 1: Checks. All checks or demands for money and notes of the corpo- <br /> <br />ration shall be signed by such officer or officers or such other person or persons as <br /> <br />the board of directors may from time to time designate. <br /> <br />Section 2: Fiscal Year. The fiscal year of the corporation shall be fixed by <br /> <br />resolution of the board of directors. <br /> <br />I <br />1.- <br /> <br />Section 3: Seal. The corporate seal shall have inscribed thereon the name of <br /> <br />the corporation, the year of its organization and the words "Corporate Seal, Colorado" . <br /> <br />15 <br />