2015-01-16_PERMIT FILE - M2015001

Home Browse Search

-11- f l lien shall be paramount to any other lien upon said shares. Section 6. New certificates of stock may be issued by order of the Board of Directors in place of any certificate or certificates of the company shown to have been lost or destroyed. In each case the owner or person asking for reissuance of lost certificate shall post a bond with the company conditioned upon payment to the company of any damages which the company may suf- fer by such reissue. The bond shall be in a sum not less than the par value of the lost or destroyed certificate. If in the • opinion of the Board of Directors there is insufficient proof of loss or distruction of the original stock certificate, the Direc- tors may refuse, in their discretion, to replace any lost certi- ficate unless they be presented with a Court order charging them so to do. A fee of $5.00 shall be charged for such reissuance. Section 7. Whenever the supply of water in the com- pany's ditches shall be sufficient for that purpose, each share- holder shall be entitled to as much water as his proportionate share of stock represents, being 1/80th of one cubic foot of water per second of time. If there is insufficient water in said company ditch for any reason to distribute water to all Stockholders as herein provided, then each stockholder in said company shall receive a prorata share excepting only that all holders of Class A water shall be supplied first, holders of Class B water shall be supplied next and holders of Class C water shall be supplied last. Class D water having been proportionately divided among: all classes. The division of water within Classes may be either on a basis of a continual flow of the reduced share or a distribution on alternate days or period of time as the Board may determine. Nothing in this section contained, however, shall re- quire the Board of Directors to deliver water to any stockholder who may be in arrears.