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., , ~ J , " -4- Section 4: Transfers of shares of stock shall only be made upon the books of the company by application ~f the bolder or owner in person or by application of the holdor or owner in pereoo or by A~~or8ement thereof and the surrender of the certificate of 8uch ,hares and the 8urrendered certIficate shall be duly cancelled and filed with the secretary. The book. of the company shall be closed for the transfer of stock ten days before the annual' meeting of the stockholders. Section 5: No change shall be rtI<lde in the standard of the "measurement of the amount of water representing ea~h share of capLtal stock of sald company unless at the annual meeting of the 8tockhold~rs such change shall be autlwrtzcd by the unanimous consent of the holders of all the c$pltal stock of tha company. ARTICLE V ASSESSNEUTS Section 1: Each sh4re of the capital stock which shall have been issued and located shall be subject to an a~nual pro-rata assessment for the maintenance and operating expenses of the Company's canal, in an amount to be determinded at the regular annual" meeting; provided a wajority of the stockholders shall have power at a special meeting coIled for that purpose to make any ~pecial asseSD~cnt rendered necessary to meet unforseen contin- gencies in the operating ~xpenscs of said canal. Provided, further, that fractional shares, shall be assessed as or.e.~holc share, and in levying all aS8e88ment8~ whether regular or special~ luch fractio~al shares shall be treated as a whole share. In case any stockholder sha~l own one or more who~e shnrcs and a further fractiooal 'pottion of a share, said fractional portion shall be assessed only as such fractional portion of a share. Section 2: R~pealed: Dece~ber. 4, 1961. Section 3: The shares of ~ny stockholder who becom~8 dellnquent in the payment of any assessment ordered by the: stockholders as aforesaid may be forfeited and sold in the manner follOWing. A notice in writing shall be mailed to such stockholder at his last known postoffice addross~ which notice shall be signed by the prusidcnt ot secretory. of the company, stating s.uch delinquency, the aUlounc due t and demanding payment thereof. Said. notice. shall alsO" state that unless rayment :of such assessment be made on or befpre a certain date, which shall not be less than th~rty. da.ys from date of such notice, the stock so delinquent s'hall stand forfeited to the Coltipany, and lit11 be. sold pursuant to his by-lsws. If payment be not ~nde on or before the dat~ specified t~c president or secretary shall then. give.n~tice by advertising In a \"ecl~ly n~w5papcr published in the County.of Otero in the State of .CoLorado, for not less th,1n three \".:..,~k~j, th'-lC thu shares of such delinquent- stockholder w111 be sold for cash ,to the highest bfdC:~r ~t the offic~ of the Comp3ny in Manzanola, Otero County, Colorado, on a day .1nd hoo;r iu said notice specified, for the purpose_ of realizing such Assessment. At the time ~nd pl3ce ~fotesaid, the.president or secretary shall offer sat? stock for sale, and sell tJ1C 83r.tC for the highest cash price obtainable.. not less than the amount of soid asscsc~cnt, ~:ith cost of said sole, and the proceeds of said sale over and above the amount d'.le on sll'id shares., including costs of sale, shall be paid to the delin- quent stockholder. New c~rtificatc or certificates shall be issued to the purchaser, and the certificate or certifi~atu3 of the delinquent stockholder shall be cancelled on the books of the Company. The rClT'cdy p1.'ovidcd in this section for collecting delinquent and pa8t due asse5flments is Cl'~Jul:1tive G:ld sh.:111 not be deemed or taken to prevent the collection of said assessments by ilny:, other la';,Iful means nor shall it be deemed to take away or affect Any other right w:t1eh the Company nO~1 or may hereafter have relative to the collection of delinquent assessments.' Providing hO:lever, that the-delinquent stockholder may at any time before sale of stock t: ,'Ie privile~e of redemption -by paying said assessment and all costs in the ~atter. (As amended 12/2/57) ,Every assessment. whether made at the regualr annual meeting. or at a special meeting, shall.have a date when due and when delinquent. Such dates ~y be determlnded by the stockholders at the time of making such assessment, or the determination thereof may be delegated to the directors. Every assessment unpaid upon the date it is delinquent shall be subjec~ to a penalty of one p~r cent per month for delinquency, said penalty to attach upon the :first day of each calendar month after d~11nquency. All such l)en4.1ties shall be dE)emed " part of the assessment and collected as such.