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<br />" <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />except ur;on the approval of th", 30ard of Directors by <br />majority vote at any r~gular m~eting or at any spocisl <br />meeting call~d for that purposej v~ . <br />~ll certificates sb~ll be signed by the President, or <br />Vice President when that officer is acting as Pr~sident, <br />and oy th6 $acretary. and shall be se,llad vi th the corporJ.te <br />~::aealof the company; and all transfars shall be promptly <br />mitered .)!1 the alt:h,wetic.Jl st ck !Gdger as required oy <br />law. ' <br />\:henever 3.ny assessment sh",ll h~ve been levied upon the <br />rstockholders of this company, the same shall 0eJOme, J.nd <br />"'-shall be, ;I li<:n upon thi:l shar.:' of sLck, each shar6 being <br />held for its proportionat~ share of such dssesement from and <br />after the dat6 of the levy thereof; and the assessment upon <br />each shara shall be paid by the holder thereof at the tim<: <br />the S3me sh,all oecom~ due and 'piY3blaor; i-f-m"dep-"yal?10 _ ____ --' <br />in installments, each installment shall be paid oy ~ <br />holder of the stock at the time such installment becomes <br />due and payaole as aforesaid; and no shJ.re or shares of <br />stOCd: upon ,.hich any assessment or installm6nt of an dSS2S- <br />sment shull h~v~ becom~ due J.nd payaole shall be transferred <br />on th& ~ooks of the company whil~ such dssessment or in- <br />stallment shall remain Unp3id, or ~hlle dny part thereof <br />shsll remain unpaid, anything in these By-Laws to the con- <br />trary not-withstondin8; provided, further, th~t the Sec- <br />r~tary-Trodsurer of this company sh~ll cmllect the sum of <br />Jne Dollar(~l.~~). for each water certificate transferred <br />aE horein provided. <br />S'Jc. 4 OPTION OF COMfA.l~Y TO FU.~CHASE STOCK. If at; any <br />GlIDe after the effective date of the adoption of these by- <br />Laws any shareholder or group of shareholders shall sub- <br />divide ~roperty wheroon water is no longer needed for ir- <br />rigation or other purposes from the company ditch or ditches, <br />for use on the land so subdivided, the company shall have <br />the right and option to purChase from the shareholders such <br />shares of stock formerly used for the irri6ation of the <br />respective tracts of land so SUbdivided, or the shareholder <br />may, with the approval of the Board cf Jirectors, sell and ~ <br />transfer such share ~r shares to other stoc~holder~ ~. <br />this company or to any other third person or persons or <br />corpora ion or other bueiness association which may become <br />the o',mar of such resp:;;ctivc tracts of land so suodivided <br />and should desire the delivery of irrigation water from <br />t:1i:i company' 8 di tqhes or later",ls or to'~ny other third per.. <br />son or ~er8ons or corporation or other Dusinsss association <br />which m3J own lands conveniently appurtenant to dny ditch <br />or laterdl of this company and should desire the delivery <br />of irrigation water from such reSFectivG acmp~ny ditch or <br />la:teral, for use under tb6 cOllJpany system: provided, how- <br />eVGr, that nothing contClin,:d in this s;;ct1nn ahall preCIUcl'] <br />the stockholder frpm splitting stock certlficatGs in frac- <br />tional shares for ~se on ~uch land so sub~1vided, subject <br />to Article IV, Section 3, hereof. <br />Dated at Florenge, Colorano, this 10th day of August, t~t, <br />1970. <br />