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<br />assessments shall be payable in money and shall be
<br />levied pro rata on all the shares of stock issued and
<br />outstanding at the time any assessments shall be
<br />levied,
<br />Section 2, No such assessments shall be made unless
<br />the question of making such assessments shall first be
<br />submitted to the stockholders of the corporation, at an
<br />annual meeting, or at a special meeting called for that
<br />purpose, and if a majority of the stock issued and
<br />outstanding, represented either by the Owner in person
<br />or by proxy, voting thereon, shall fail to vote in favor of
<br />making such assessment at any regular or special
<br />meeting called therefore for such year. Any
<br />extraordinary expenses such as purchase of system,
<br />realigning canals, engineering service, major reservoir
<br />repairs, starting of a sinking fund, or any expenses
<br />other than ordinary and necessary expenses on
<br />maintenance and operation shall be approved by a
<br />majority of the stockholders present at any such
<br />meeting,
<br />Section 3. The corporation shall ha ve a perpetual lien
<br />against all stock issued and outstanding to secure to it
<br />the payment to any assessment levied hereunder.
<br />Section 4, Nothing in this article contained shall be
<br />construed in any manner to prevent the corporation
<br />from bringing an action at law against a delinquent
<br />stockholder for the recovery of any delinquent
<br />assessment nor as a waiver of any other remedy for that
<br />purpose, ,
<br />Section 5, No certificates of stock shall be
<br />transferrable on the books of this corporation while any
<br />assessment thereon shall remain due and unpaid,
<br />Section 6, All stock certificates hereafter to be issued
<br />shall contain a sufficient extract from these by.laws
<br />written or printed thereon to give notice to persons
<br />interested that:
<br />(a) A lien is reserved by the corporation upon the
<br />stock for the payment of assessments;
<br />(b) that there is a restriction upon the transfer thereof
<br />while any assessment is unpaid,
<br />Section 7, The Board of Directors shall each year
<br />after an assessment on the stock of this corporation
<br />shall have been levied, whether by a stockholder's
<br />meeting or by the Board of Directors, fix by its
<br />resolution the date upon which the said assessment
<br />shall become due and cause the Secretary to give notice
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<br />of said due date at least fifteen days prior thereto by
<br />mailing a notice to each stockholder as shown by the
<br />books of the company.
<br />Section 8, Cost.share basis pooling agreements may
<br />be entered into with the U.s, Government only upon a
<br />vote of a majority ofthe stockholders of the corporation,
<br />In the event a pooling agreement for the U.S,
<br />Government for construction of improvements of the
<br />system on a cost-share basis is approved by a majority
<br />of the stockholders, all stockholders shall there upon be
<br />charged his proportionate share that his stock would
<br />have earned under said pooling agreement, and said
<br />amount shall be charged to the stockholders water
<br />accoun t.
<br />
<br />ARTICLE XII
<br />
<br />Stock Transfers
<br />
<br />Section L Transfers of stock shall be made on the
<br />books of the corporation only upon the surrender of the
<br />certificate of stock to be transferred, which certificate
<br />shall show the person surrendering the same to be the
<br />owner, upon payment of such fee as shall be fixed for
<br />such transfer.
<br />Section 2, This corporation will not recognize as
<br />owner any claimant of stock whose ownership is not
<br />shown by a transfer to him duly made on the company's
<br />books. in accordance with the provisions of these by-
<br />laws, though he may be the unregistered owner of the
<br />shares.
<br />Section 3, An unregistered owner may not vote at any
<br />meeting of stockholders, either in person or by proxy
<br />nor receive water under or by virtue of his share until
<br />they shall have been transferred to him on the books of
<br />the corporation, And the transfer of any such stock,
<br />except upon the books of this company, will not be
<br />recognized for any purpose by the corporation,
<br />
<br />ARTICLE XIII
<br />
<br />By-Laws - Amendment
<br />
<br />No officers of this corporation shall have the power to
<br />suspend the operation of these by,laws, or any of them,
<br />but they, or any of them, may be amended, or new and
<br />additional by-laws enacted by a majority vote of the
<br />stockholders at a meeting called for that purpose,
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