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<br />'" <br /> <br />. <br /> <br />. <br /> <br />B. Applicant shall pay a fee to be determined by the <br />Board from time to time; and <br /> <br />C. Applicant may be required to pay the administrative <br />costs, including engineer and legal costs, incurred by the <br />corporation to add the new member to the corporation's augmentation <br />plan including, without limitation, the costs associated with <br />amendment of the augmentation plan and review of the new member's <br />replacement, substitute supply or augmentation plan, and for the <br />preparation, review or amendment of any lease, contract or any <br />other such document in connection with membership in the <br />corporation; and <br /> <br />D. Applicant shall make available to the corporation <br />sufficient water to make required replacement of depletions from <br />each of the well(s) for which the applicant seeks membership. <br /> <br />E. New members will not be issued shares of stock in <br />the corporation, although nothing shall preclude the transfer or <br />lease of stock from current stockholders to the new member, subject <br />to approval of transfer as hereafter described. The Board may <br />adopt rules and regulations to guide the determination of whether <br />to approve new memberships, <br /> <br />Section 2. Membership Classes: There shall be one class <br />of members. One membership shall be held for each well owned by a <br />member and registered with the corporation as a member well. <br /> <br />A. Shareholders. Those members who qualify hereunder <br />and who are issued or hold stock shall be shareholders in addition <br />to being members. <br /> <br />(1) Any person or entity who. is a member of the <br />corporation as of the effective date and whose <br />wells have been in existence since on or <br />before December 31, 1985, as evidenced by well <br />permit or registration with the State Engineer <br />or by water court decree may be issued stock <br />and become a shareholder. <br /> <br />(2) Any person or entity who acquired through <br />purchase, gift, foreclosure or otherwise, <br />shares of s1:ock from a shareholder after the <br />effect:ive date and whose transfer of stock :,as <br />been approved or provided hereinafter, but <br />only for use for augmentation of wells in <br />existence on or before December 31, 1985, as <br />evidenced by well permit or registration with <br />the State Engineer or by water court decree, <br /> <br />2 <br />