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<br />(b) The corporation shall be entitled to treat the holder of record of any share as <br />the holder in fact thereof, and, accordingly, shall not be bound to recognize any equitable <br />or other claim to or interest in such share on the part of any other person whether or not <br />it shall have express or other notice thereof, except as expressly provided by the laws of <br />this State. <br /> <br />3. Transfer Fee. <br /> <br />The board of directors, by resolution, may establish a fee for the transfer and <br />issuance of all stock on the books of the corporation, said fees to be paid by the parties <br />interested. <br /> <br />4. Capital Stock. <br /> <br />The capital stock shall consist of 100 shares having no par value. <br /> <br />ARTICLE VIII <br />ASSESSMENT OF STOCK <br /> <br />1. Power. <br /> <br />The corporation shall have the power to make an assessrnent on the capital stock, <br />to be levied pro rata on the shares of the stock payable in money for any of the purposes <br />of the corporation. <br /> <br />2. Making Assessment. <br /> <br />No such assessment shall be made unless a question of making the assessment <br />shall e first submitted to the shareholders of the corporation at an annual meeting or at a <br />special meeting called for that purpose, and a majority of the stock present, represented <br />. """.' either Py the owner in person or by proxy, voting tnereonsnffij' vOle in'favor of rnakingsacll' <br />assessments; and if said shareholders fail to hold any such meeting, fail to obtain a <br />quorum or fail to make or authorize any assessment by the last Saturday in March in any <br />year, the directors shall have the power to make any such assessment at any regular or <br />special meeting called therefor for that year. The board of directors shall determine the <br />date by which any assessment shall be paid. if any assessments or any part thereof are <br />not paid by the date due, an interest charge may be levied upon such assessment from the <br />first date of delinquency or an interest charge may be levied at such rate as determined <br />by the board of directors, all of the foregoing being in addition to the other remedies <br />provided in these Bylaws. <br /> <br />F:\KFL\KERN.RESERVOIRIBYLAWS <br /> <br />10 <br />