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. I ~/ / . Section 2. Certificates of stock shall be issued under the sesl of the company and as paid up stock at par value of one hundred (100) per share and be signed by the President and Secretary and every certificate shall express on its face its number, the date of its issuance, the number of shares issued for and the person or persons to whom it is issued. Further that the same is asses sible for maintenance, superintendent's repairs, and other necessary indebtedness and expense to be incurred by the comoany. Several certificates may be issued to the Same person or persons provided, that in the aggregate they do not exceed the number of shares belonging to such person or persons. The certificate book shall contain margin or stubbs on which shall be entered the number, date, number of shares, and the name or names of the persons expressed, in the corresponding certificates and no certificate shall be issued for less than one- half of a share. . Section 3. Certificates of stock may be transferred by the holder thereof in person or by attorney legally constituted or by their legal representative. No transfer of any share of stock shall be valid until all assessments duly made and outstanding against the owner of such stock shall have been paid, nor shall any such transfer be valid where the holder of the stock at the time of the transfer is in any manner indebted to the company on any account whatever, until the Board of Directors shall expressly otherwise direct in any case. . ARTICLE V. Stock Limitations Section 1. The stock of this company, though fully paid up when issued, shall be asses sible as provided for under the statutes of the State of Colorado and such assessments when made shall be liens upon the respective shares of stock and no transfers of stock shall be allowed until all assessments are paid. Section 2. In case any assessments are made upon the stock of the company, the owner of such stock shall pay the same within ten days after the date of such assessment is made payable as provided by the resolution of the stockholder making such assessments: upon his failure so to do such assessment shall dra.. interest at the rate of t..elve per cent per annum from time due until paid and no rights or privileges shall be allowed to any person or persons owning such stock until the person owning the same has paid all assessments so made thereon. . Section 3. The Secretary shall notify each stockholder as early as possible of each assessment after the same is levied and demand payment thereof, either by delivery of a written notice of such assessment to each stockholder severally in person or by depositing in the Uni ted States Post Office at Fort Horgan, Colorado, such ..ritten notice and demand' properly stamped and addressed to the several stockholders at their last knol<n Post Office address. Section 4. !n,enever any stockholder shall fail to pay any assessment duly made and levied for thirty days after the same is payable and for forty days after a written notice and demand for payment signed by the Secretary as provided in Section 3 hereof, has been either personally served upon such stockholder or mailed to his Post Office address; the Board of Directors may at their option .