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<br />SECTION 3: All sales of forfeited stock shall be by public auction conducted
<br />by the president of the board of directors, and the proceeds of such sale, over and
<br />above the amount due upon the stock sold and interest thereon and penalties,
<br />together with expenses of sale, shall be paid to the delinquent stockholder.
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<br />ARTICLE V - CERTIFICATE OF STOCK: TRANSFER THEREOF
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<br />SECTION I: Certificates of stock In the co~pany for whole ~r fractional shares
<br />may be Issued by the secretary. upon surrender of any outstanding certificate, with
<br />authority for transfer duly endorsed thereon. (This Section I was amended In its
<br />present form by the stockholders In the stockholders' meeting of February 3, 1973.)
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<br />SECTION 2: All certificates of stock, when Issued, shall be signed by the
<br />president, countersigned by the secretary, or the board of directors, and shall be
<br />sealed with the company's seal, and such certificate shall be nu~bered In the order
<br />of Its Issuance, and each certificate shall express on its face Its number, the date
<br />of its issue, the number of shares which it represents, the name of the holder, the
<br />par value of each share, and If fully paid up such fact shall be therein expressed.
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<br />SECTION 3: At no time shall certificates of stock be outstanding and
<br />uncancelled for any shares In excess of the total number of shares of the company,
<br />and any stock issued In excess of the limit herein provided shall be null and void.
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<br />SECTION 4: Stock can be transferred only on the books of the company upon
<br />surrender of the certificate with authority for the transfer endorsed thereon either
<br />by the owner In person or by his authorized agent, or attorney In fact, having
<br />written authority therefor. Such surrendered certificate shall be cancelled before
<br />the Issuance of a new certificate In lieu thereof; but no certificate of stock shall
<br />be cancelled or transferred until all assessments and Interest thereon up to the
<br />date of cancellation or transfer shall have been paid in full.
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<br />SECTION 5: Any person acquiring stock by purchase, or transfer, either at
<br />public or private sale, shall be subject to all liabilities Incurred and assumed by
<br />the original subscriber to the certificate of stock, and to all provisions of these
<br />by-laws.
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<br />SECTION 6: The secretary may collect, as his fee for each transfer of capital
<br />stock, the sum of fifty cents, the same to be paid by the person, or persons, making
<br />such transfer.
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<br />SECTION 7: Each stockholder In this ditch company shall be entitled to freely
<br />transfer his stock to any other stockholder or to any purchaser of land heretofore
<br />Irrigated by said company, and each holder of capital stock shall be entitled to
<br />receive from the company's ditch, water owned or controlled by the stockholder for
<br />the IrrigatIon of lands heretofore Irrigated by said ditch, In such amount of water
<br />as carried In said ditch, in the ratio and proportion which his shares shall bear to
<br />the total outstanding shares of said company; provided, however, that no transfer of
<br />water to new land or land not heretofore Irrigated by water of this ditch shall be
<br />made or permitted, except by and upon orders and approval of the board of directors.
<br />(This Section 7 was initially considered by the board of directors at its meeting of
<br />September 30, 1960, wherein the board recommended stockholder approval of Its
<br />proposed new Section 7, and the same new Section 7 was subsequently confirmed and
<br />officially added, by amendment, by the stockholders In the stockholders' meeting of
<br />February 4, 1961,)
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<br />ARTICLE VI - CONTRACTS
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<br />SECTION I: No contract made by any officer of this company shall be valid
<br />without the previous authorization or subsequent ratification by the board of
<br />directors.
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<br />ARTICLE VII - SALARIES
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<br />SECTION I: The salaries of the president, secretary and treasurer of The
<br />Sterling Irrigation Company shall be such su~ as may be designated by the
<br />stockholders of The Sterling Irrigation Company at any regular or'special meeting,
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<br />SECTION 2: The salaries of all employees of The Sterling Irrigation Company,
<br />outside of the officers, shall be such a sum as may be determined by the board of
<br />directors at any regular or special meeting.
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