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<br />I <br /> <br />I <br /> <br />I <br /> <br />Af;:TICLE v <br /> <br />STOCK AND CERTIFICATES OF STOCK <br /> <br />I <br /> <br />Section 1. Gene~al. The capital stock o~ said company <br />shall be 36~125 shares o~ no par value. Said stock shall be <br />all o~ the same class. Each share o~ stock shall be <br />entitled to equal ~ights with respect to voting power and <br />selection of directors and other a~~airs pertaining to the <br />management o~ the company, and in all other matters <br />pertaining to the government o~ the a~~airs o~ said <br />corporation. Each such share shall also be assessed <br />equally. Each share o~ stock shall entitle the holder <br />thereof to draw ~rom said ditch, subject to valid <br />regulations adopted by th. Board with respect to the <br />distribution o~ water, an eqwal pro rata part o~ the water <br />in the ditch as measured at the headgate and adjusted ~or <br />evaporation and seepage. Th@ adjustment ~or evaporation and <br />seepage 105ses will be for the entire ditch and will be <br />subtracted +r"om the amount of water measured at the headgate <br />to determine the amount of w~ter available ~or distribution. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />Section 2. Ownership and Trans~er o~ Stoc~~. The <br />stockholders of the company shall be entitled to their <br />certi~icates of stock, duly signed by the P~esident and <br />countersigned by the Secretary. The certi~icate5 shall be <br />nunlbered and registered as they are issued. Transfers of <br />stock shall only be made on the books o~ the company. For <br />the purpose o~ regulating the relations between stockholders <br />and the com~Jany~ no transfer o~ stoC~( shall be allowed <br />e}:cept on return and cancellatioh of the original <br />certi~icate. Cancelled certificates are to be returned to <br />the book ~roin which issued, attached to the proper stub and <br />preserved. Tt-ans~ers of stock, to entitle a stockholder to <br />vote, must be made and registered at least three days prior <br />to the time o~ the meeting. New certificates will not be <br />issued until all past due assessments have been paid. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />Section 3. <br /> <br />DL~.Q.l.ij;l::\tE? CE!t-t i.F j. cat.p!,::,; ~ <br /> <br />I <br /> <br />Any owner of capital stock o~ the company as shown by the <br />records d~ the company, entitling the stockholder to the <br />sE'i"vices:. cd~ E\ dit:.ch CH- to tht:.\ USE' o'F watet~ subject to thE' <br />payment o~ assessnlents~ or the legal representative or <br />assignee o~ any such stockholder~ whose stock certificate <br />has been lost~ mislaid, or destrqyed~ may ha~e a duplicate <br />C(.:::".-ti-fic,.=d:E: iSSU':;;.ld in accot-c1ance with this section. a) Thc-:.- <br />stac~~holder or his legal representative or assignee must <br />fi~st give written notice to the company that the stock <br />certi~icate has been lost, mislaid or destroyed. b) If <br />more tharl tht"ee years have elapsed since such stoc~(holder, <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />r:'agE? <br /> <br />~ <br />..! <br />