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<br />. <br /> <br />. <br /> <br />collect all assessments and money due the Company and pay the <br /> <br /> <br />same over to the Treasurer taking his receipt for the same; and <br /> <br /> <br />shall make a report of the business transacted by him annually or <br /> <br /> <br />more often if so required by the President or Board of Trustees. <br /> <br />ARTICLE IV <br /> <br />Assessments <br /> <br />1. The Company shall have the power to levy assessments <br /> <br /> <br />from time to time on its outstanding capital stock, to be levied <br /> <br /> <br />pro-rata on said shares of stock, payable in money or labor, for <br /> <br /> <br />the purpose of keeping the property of the Company in good repair <br /> <br /> <br />and for the payment of any indebtedness or claim against the <br /> <br /> <br />Company or interest thereon; provided, however that any such <br /> <br /> <br />assessments shall first be submitted to the stockholders of the <br /> <br /> <br />Company at an annual or at a special meeting duly called for that <br /> <br /> <br />purpose, and at which meeting a majority of the outstanding <br /> <br /> <br />stock, either by person or by proxy voting thereon, shall vote in <br /> <br /> <br />favor of making such assessment. <br /> <br />2. All assessments shall be payable to the Company and <br /> <br /> <br />shall be due December 1 in the year of assessment. In the event <br /> <br /> <br />a stockholder does not desire to pay the assessment by December 1 <br /> <br /> <br />of the assessment year, he may elect to pay the same in two (2) <br /> <br /> <br />equal payments with the first payment due on or before December <br /> <br /> <br />1, and the last payment due on or before May 1. <br /> <br /> <br />3. Any delinquent assessment shall draw interest at the <br /> <br /> <br />rate of two per cent (2%) per month from 30 days from date due. <br /> <br /> <br />4. Whenever a stockholder is delinquent in payment of an <br /> <br /> <br />assessment, the Company shall have the fallowing powers and <br /> <br /> <br />rights at their option: <br /> <br /> <br />a. The Company shall have a perpetual lien upon such <br /> <br /> <br />shares of stock and the water rights represented by the same for <br /> <br /> <br />any and all such assessments and all parts thereof until the same <br /> <br /> <br />are fully paid. <br /> <br />7 <br />