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I I I I I I SECOND AMENDMENT TO BYLAWS OF VOUGA RESERVOIR ASSOCIATION The Bylaws of the Vouga Reservoir Association, as previously amended on February 9, 1981, are hereby amended as follows: SECTION VIII: Caoital Stock, is hereby amended in its entirety as follows: , SECTION VIII: Capital Stock. /~ The subscribers to the capital stockilf _Said Association shall be entitled to certificates of their shares, duly signed by the President, countersigned by the-'secretary, and bearing the corporate seal. The certificateS of stock shall be numbered and registered respectively as they-are1ssued. ; /' ~'\" ','\.~ . r ~. There are two classes of capital stock in tlie,corPbration: the senior shares and juniol'shares, as providedirl'Al'tii:le Fourth of the Articles of Amendment to the Articles of Incorporation. Either or both clas,ses fif stock held by stockholders shall be forfeited or sold ori failure to pay any installment or assessment tt)ai from tinie,..to time may become due for assessments -:made.,to/raise necessary funds to keep the Association's ditches "'or reservoir in good repair, or to pay "'-". ' any indebtedness cOntracted or the interest thereon, and for reasonable expenses inburreCrby the Association in collecting such .as:;.essments. No forteitur~?of stock shall be declared ~'. ~- -'-.: as against any-.estate or against any stockholder before dem<ll;!d I\as--be'tn maoe"ier...the amount due thereon, either in person Or, by. Written--or.,pfinted notice, duly mailed to the last known address of such stockholder at least thirty days prior to thectime the forfeiture is to take effect. The proceeds r'. -oti'ny sale, ov.er'a,nd above the amount due on said shares, /' /.....shall be paid to _the,delinquent stockholder. The Association , / { - . shall'have a perpetual lien upon all shares of stock and the ~ater'fights1:E!p'resented thereby for any and all assessments .idue-and owing until the same are fully paid. Until "" " aSsess~"are fully paid, the Association shall withhold "'" fdelivery of reservoir water represented by shares in the '''. ''Association to any shareholder who is in defauit in payment fj"'----'\, ~'..~~f 'Sssessments." / -''''''''''''--''''\ \, ""'-." /' /~ ,,- '<':' / I hereBy certify that the foregoing Second Amendment to Bylaws of Vouga ,Reservoir Association was unanimously approved by a quorum of stockholders present ~ a"5pecial meeting of stockholders held, upon proper notice, on August 17, 1994. -'", "'. .... I I I I I I I I I I I I "'-. '-",~ foe. ._ 0 ! " APPROVED: A. B. VOUGA RESERVOIR ASSOCIATiON BY:0~4 ~-6 r cretary ~~-A//;~ ~r/ President