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Page -5- ecretary shall publish a notice of the sale of said stock in a newspaper published in Sterling, Logan County, Colorado, once a week for four suc- cessive weeks, said notice to state the time, place and purpose of sale, and a copy of this notice shall be mailed in the post office at Sterling, Colorado, properly addressed to the delinquent stockholder and to persons in interest as shown by the books of the company at least 10 days prior to the date of sale. All sales of such stock shall be at public auction, conducted by the President and the proceeds of such sale over and above the amount due upon the stock and interest thereon, and all expenses of sale, shall be paid to the delinquent stockholder. ARTICLE VII - ASSESSMENTS Section 1: Assessments All assessments on the capital stock of the company for the maintenance, operation and protection of the property of the company shall be made at the stockholders meeting, either annual or special. All assessments shall be payable within thirty'days of billing. A~O% interest charge shall be made on all delinquent accounts. ARTICLE VIII - LOANS AND CONTRACTS Section 1: Loans he Board of Directors may negotiate and make a loan to pay any legal out- standing indebtedness of said company. Section 2: Contracts No contract or contracts made by any officer of this company shall be valid without the previous authorization or subsequent ratification of the Board of Directors. ARTICLE IX - ALTERNATE POINT OF DIVERSION Section 1: Alternate Point of Diversion No shareholder shall obtain a!). alternate point of diversion for all or a portion of the share owned by him, or utilize all or a portion of said share in any plan of augmentation, as either proceeding is denominated in Sec. 37-92-302, C.R.S. 1973, unless, at least 30 days prior to filing any applic- ation in the Water Court of Water Division No.1 of the State of Colorado, he supplies the Secretary of the company with a detailed written plan for such application, and shall also, at such time, deposit with the Secretary the sum of $500.00 to cover the engineering and legal expense of investi- gation of such plan. No such plan shall be approved by the company unless such plan provides for leaving not less than 40% of the shares in the ditch to compensate for carrying losses and further provides for the continued pay- ment of assessments on all shares held by the person desiring the change. tny portion of said deposit not expended for costs attributable to the analysis of said plan shall be returned to the person making the deposit.)