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<br />C"') <br />10 <br />0) <br /> <br />':..-j <br /> <br />C' <br />C'.) <br /> <br />corporation's operating and administrative expenses of <br /> <br />delivering the first share of water to any stockholderl and <br /> <br />(2) <br /> <br />Class B Stock. <br /> <br />Class B stock shall be <br /> <br />assessed pro rata at a rate which shall be based upon the <br /> <br />corporation's operating and administrative expenses of <br /> <br />delivering all subsequent shares of wa1:er to any <br /> <br />stockholder. <br /> <br />E. In all other respects, nohli thstanding the <br /> <br />classification of stock hereunder, there shall be no distinction, <br /> <br />priority or preference as to the relative rights, privileges and <br /> <br />obligations of the owners of Class A and Class B stock, <br /> <br />including, without limitation, the entitlement to water, voting <br /> <br />on matters on which stockholders are entitled to vote and <br /> <br />distribution of assets upon liquidation of the corporation. <br /> <br />F. Notwithstanding the provisions of A-E above, <br /> <br />the Corporation shall be authorized to issue 10,000 shares of <br /> <br />capital stock, each share having a par value of $10.00. This <br /> <br />stock shall be denoted as Class C stock. The restrictions and <br /> <br />limitations applicable to such Class C stock shall be as follows: <br /> <br />(1) No assessment shall be levied against any of <br /> <br />the Class C stock except as follows: one annual assessment <br /> <br />shall be levied against each share of Class C stock which <br /> <br />shall be determined by multiplying the number obtained by <br /> <br />subtracting the prorata portion of the cost of proposed <br /> <br />capital improvements to the Grand Valley Irrigation Company <br /> <br />4 <br />