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<br />'. <br /> <br />. <br /> <br />transmitted to the requesting sha~eholder in writing. <br /> <br />Section 2. No transfer of stock shall be made on the <br />books of the corporation except upon surrender of the original <br />certificate and the written assignment of the person to whom the <br />same was issued, or in the Case of his death, the written <br />assignment of his personal repres~ntative. <br /> <br />Section 3. Assessments: The Board of Directors shall <br />determine the assessment proposed to be levied on the stock of the <br />corporation for the ensuing ye~r and shall present the question of <br />making the assessment to the members at an annual meeting or a <br />special meeting called for that purpose. <br /> <br />I. If the members vote in favor of making such <br />assessment, the BOard of Directors shall levy same. <br /> <br />'2. If the members fa.t.l to hold such a meeting or fail <br />to make or authorize any assessment within ninety <br />(90) days after the close of the 'corporation's <br />fiscal year, the Board of Directors shall have the <br />power to make any such assessment at any regular or <br />special meeting called for that purpose. <br /> <br />Said assessment shall become due thirty (30) days after the date of <br />billing. Assessments paid later than 60 days after billing shall <br />require the additional payment of a 20% penalty. The Secretary <br />shall give written notice to each shareholder of the amount of each <br />assessment and the time when th'2! same will be due, which notice <br />shall be given by delivering the same personally to each <br />shareholder or mailing the same to the address of the shareholder <br />as shown by the books of the corporation. If any shareholder fails <br />to pay such assessment and penahy within ninety (90) days after <br />the assessment is due, his stock shall be forfeited to the <br />corporation, and may be sold. <br /> <br />Section 4, Effects of Non-Use on l'1embership Suspension <br />or Termination. Stock shall noc be forfeited due to non-use but it <br />may be forfeited for non-payment of assessments. I f a membership <br />is terminated pursuant to the bylaws, stock owned by that member is <br />not forfeited as long as aSSEssments continue to be paid, <br /> <br />ARTICLE VII <br />Use of Water <br /> <br />Section I, The Board of Directors shall set policies and <br />procedures for and make decisions regarding use of the water rights <br />and facilities owned or controlled by the corporation, including <br />the timing and location of releases, replacement of depletions, and <br /> <br />10 <br />