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<br />. <br /> <br />~. <br /> <br />, <br /> <br />, <br /> <br />retention of water in carryover storage, in accordance with <br />applicable state laws and regulations. <br /> <br />Section 2. The Board of Directors shall annually allocate <br />an amount of water associated with each share of stock in the <br />corporation, expressed as the amount of replacement water available <br />per share. Such allocation shall be made no later than April 1 of <br />each year and written notice of the allocation shall be provided to <br />each shareholder. The notice shall also state the maximum amount <br />of water that can'be pumped by each well included in the. plan for <br />augmentation. A supplemental allocation may be made at any time by <br />the Board of Directors at its sole discretion. The amount of water <br />allocated in each year shall be determined with due regard for <br />current year needs and availability and for future year possible <br />needs and availability. <br /> <br />Section 3. The Board of Directors may adopt rules to <br />provide general guidance, but in recognition of the difficulty of <br />anticipating all hydrological and water management situations, the <br />Board shall reserve the right to make exceptions or alterations in <br />any particular year, including, without limitation, situations in <br />which the water rights owned or controlled by the corporation are <br />insufficient to replace depletions from member wells in any year. <br />No member, whether shareholder or non-shareholder, shall be <br />entitled to pump in excess of the maximum allowable amount, unless <br />a supplemental allocation is made, or that member has rented <br />additional sources of replacement water, including remaining <br />allocation stock rented from other shareholders. Such rental <br />sources must be first approved by the Board. Such rules nay <br />include a requirement that pumping from member wells be curtailed, <br />and may provide for procedures to enforce such curtailment. <br /> <br />ARTICLE VIII <br />Amendment <br /> <br />These bylaws may be amended by a majority vote at any <br />meeting of the Board of Directors. These bylaws may also be <br />amended by a majority vote of the members at any annual meeting C~ <br />at any special meeting called for that purpose. If an amendment is <br />adopted by vote of the membership, it may not thereafter be al te:::ec <br />by a maj ori ty of the Board of Directors, at least until after '::[,e <br />next meeting of the members. <br /> <br />11 <br />