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SECTION IX. Expenses and Maintenance. For the purpose of defraying the expenses of the company, of whatsoever kind, and of pay- ing the cost of maintenance, management, construction, operation, re- pair, and such indebtedness as they may legally incur, the Board may be necessary and proper to raise the money or revenue required. All such assessments shall be apportioned equally among all the shares of stock issued by the company. The assessments shall be payable to the secretary-treasurer of the company at the office of said company in two equal installments on or before the 1st day of March and the 1st day of July respectively, in each year, such assessments to be levied in accordance with and subject to the limitations as prescribed by the laws of the State of Colorado. SECTION X. Authority to Shut Off Water. In addition to the other PO,wer of the company to enforce collection of the assessments levied by the Board of Directors the said board shall have power thirty (30) days after the due date of such assessment if the same have not been paid at that time, ~o close the headgate of any wa- ter user who is delinquent in such payment. SECTION XI. Unissued Stock. All stock of this company before sale thereof to intended water users shall have no vot- ing power and shall not be subj ect to any assessment, repair or maintenance charge of any kind made or levied by this company, but shall for all purposes until so sold, be regarded as unissued stock. SECTION XII. Additional Rules and Regulations. The Board of Directors of this company shall have power and authority to make all such rules and regulations as they may seem expedient, concerning the transfer of registration of certificates of stock of this company. ARTICLE XI MISCELLANEOUS i SECTION I. Subject of Laws. This company may accept and avail itself of or subject itself to the provisions of any law or laws enacted or that may be enacted by Congress or the legisla- tive assembly of the State which may be applicable to corporations or- ganized for like purposes as this company. Such acceptances or subjection shall be valid when ratified by at least two-thirds of the shares represented by the votes cast at any annual election or at any special election called for the ratification thereof. Notice of such election shall be given as herein prescribed stating the purpose thereof. SECTION II. Fines and Penalties. The Board of Di- rectors is hereby authorized and empowered to impose such fines and penalties as it may deem proper on the shareholders for violating any of the provisions of these By-Laws or any of the rules and regulations - 8-