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<br />o <br />"'::l" <br />C':l <br /> <br />'._' <br /> <br />.'_' <br />",-" <br /> <br />~.. <br />..,.J <br /> <br />recommended that paragraph (1) include the language in full <br /> <br />capitals as follows: <br /> <br />(1) If any corporation owning any ditch or canal <br />for conveying or reservoir for storinq water for <br />irrigation purposes deems it necessary to raise funds <br />to keep its ditch, canal, LATERAL DITCHES OR CANALS or <br />reservoir in good repair or to pay any indebtedness <br />theretofore contracted or the interest thereon, the <br />corporation shall have power to make an assessment on <br />the capital stock thereof, to be levied pro rata on the <br />shares of stock payable in money, labor, or both, for <br />the purpose of keeping the property of the, corporation <br />in good repair and for the payment of any indebtedness <br />or interest thereon. <br /> <br />Paragraph ( 4) should also be amended to inc lude the language <br /> <br />below in full capitals: <br /> <br />(4) The shares of stock shall be deemed personal <br />property and transferrable as such in the manner <br />provided by the bylaws, and subscriptions thereof shall <br />be made payable to the corporation and shall be payable <br />in such installments and at such times as shall be <br />determined by the directors or trustees. Any action <br />may be maintained in the name of the corporation to <br />recover any installment OR ANY UNPAID ASSESSMENTS which <br />shall remain due and unpaid for the period of twenty <br />days after personal demand therefor or, if personal <br />demand is not made, within thirty days after a written <br />or printed demand has been deposited in the post office <br />properly addressed to the LAST KNOWN post office <br />address of the delinquent stockholder AS SHOWN ON THE <br />RECORDS OF THE CORPORATION. The directors or trustees <br />may prescribe by bylaws for a forfeiture or sale of <br />stock on failure to pay the installments or assessments <br />that from time to time may become due, but no <br />forfeiture of stock or of the amount paid thereon shall <br />be declared as against any estate or against any <br />stockholder before demand has been made for the amount <br />due thereon either in person or by written or printed <br />notice duly mailed to the last known address of such <br />stockholder at least thirty days prior to the time the <br />forfeiture is to take effectl but the proceeds of any <br />sale, over and above the amount due on said shares, <br />shall be paid to the delinquent stockholder. <br /> <br />28 <br />