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. . ~ may be issued stock upon the surrender of the acquired stock and shall become a shareholder, (3) A person or entity shall cease to be a shareholde~ upon approved transfer of all shares of stock to another. Cessation of shareholde~ status under this section shall not release the person or entity from any liability or obligation incurred as a shareholde~ not discharged or satisfied as of the date dt cessation. B. Non-shareholders: All members who are not shareholders will nevertheless be full members for all purposes other than distribution of benefits and burdens on stock. This group of members includes thos~ whose wells came into existence on or after January 1, 1986, and members whose wells were in existence prior to 1986 but do not hold stock. In addition, there are some members who do not own wells, but hold a membership for a gravel pit, or lake or some other structure requiring augmentation. Each such structure shall be con$idered equivalent to a well for purposes of membership. The rights and obligations relating directly to augmentation for the wells 0:1' non-shareholder members shall be establish~d by written contract between the non-shareholder and the corporation. Members whose wells were in existence prior to 1986 and who rent stock rather than own it shall be treated as sharehold~rs for augmentation purposes, upon submitting acceptable proof of the rental of such stock. The Board of Directors may add, delete, or revise membership classes and the rights and obligations associated therewith from time to time by amendment of these bylaws. Section 4. Dues and E'ees: The corporation shall as~;ess membership dues and fees. The Board of Directors shall determine the amount of proposed membership dues and fees each year and shall present said proposed dues and fees to the membership for approval at any annual meeting or special meeting called for that purpose. Membership fees and dues require the approval of a majority cf' a quorum of all members entitled, to vote present at the meeting OJ: by proxy. Dues and fees shall become due thirty (30) days after the date of billing, The Secretary shall give written notice to each member of the amount of dues ,,-nd fees and the time when the ~'.ame will be due, which notice shall be given by delivering the same' personally to each member or mailing the same to the address of the member as shown by the books of the corporation, 3