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<br />. <br /> <br />. <br /> <br />candidly the application and the comments of the Board of <br />Trustees with respect thereto. <br /> <br />5. The reasonable costs incurred by the Board of Trustees <br /> <br />.in causing an application to be evaluated as provided in this <br /> <br />article of these by-laws shall be paid by the stockholder who is <br /> <br /> <br />making the application and those costs, if not promptly paid, <br /> <br /> <br />shall become and be, u~on'a vote of the Board of Trustees, an <br /> <br /> <br />assessment against the shares of capital stock owned by the <br /> <br /> <br />stockholder in question, which assessment shall be due thirty <br /> <br /> <br />days following notification by the 90ard of Trustees to the <br /> <br />stockholder of the assessment, and if the assessment becomes <br /> <br />delinquent in payment, the Company shall have the powers and <br /> <br /> <br />rights provided in Article with respect to delinquent <br /> <br />assessments. <br /> <br />ARTICLE VII <br /> <br />Amendments <br /> <br />All By-Laws of the Company shall be subject to amendment or <br /> <br /> <br />repeal in part or whole and new By-Laws may be made by the <br /> <br /> <br />affirmative vote of majority of the stockholders of record <br /> <br /> <br />entitled to vote at any annual or special meeting. <br /> <br />ARTICLE VIII <br /> <br />Corporate Seal <br /> <br />The corporate seal: of this Company shall be in the words and <br /> <br /> <br />figures as follows; to wit: <br /> <br /> <br />"The Chilcott Ditch Company, El Paso County, Colorado" <br /> <br />in a circle with <br /> <br />"Incorporated February 11, 187411 <br /> <br />in the center. Such seal is impressed upon the margin hereof and <br /> <br />hereby is adopted as the seal of the Company. <br /> <br />11 <br />