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<br />ARTICLE IV, DIRECTORS, Section 1.
<br />The Board of Directors shall consist of
<br />seven (7) members, all of whom shall be
<br />stockholders in the Company or the
<br />designated representative of a Corporation
<br />which owns stock in the Company and any
<br />Director who is absent for three
<br />consecutive meetings without valid
<br />notification to the Secretary will
<br />automatically be replaced at the fourth
<br />meeting. Vacancies in the Board caused by
<br />death, resignation, sale of stock or
<br />otherwise shall be filled by the remaining
<br />members of the Board at. the first meeting
<br />of the Board of Directors after such
<br />vacancy shall occur.
<br />Section 2. Powers of the Board of
<br />Directors. The Board of Directors shall
<br />have the power:
<br />(a) To appoint a Water Superintendent to
<br />whom shall be delegated such of the
<br />powers of the Board relativ~ to the
<br />distribution of water and the maintenance
<br />of the ditch system as the Board of
<br />Directors may by resolution direct.
<br />(b) To appoint and remove at pleasure all
<br />employees and a~ents of .the Co~pany; t.o
<br />prescribe thel( dutl~s; fix thel(
<br />compensation; and to require of them such
<br />security for the faithful performance of
<br />their duties as may be required by the
<br />Board.
<br />(c) To make rules and regulations not
<br />inconsistent with the Statutes of the State
<br />
<br />of Colorado or the Articles of Incorporation
<br />or By-Laws of this Company, for the
<br />guidance of the officers and management
<br />of the Company and to prescribe such rules
<br />as may be necessary for the distribution of
<br />water from the waterways of the Company.
<br />(d) At the first regular meeting of the
<br />Board of Directors held after the annual
<br />stockholders' meeting, the Board of
<br />Directors shall fix a reasonable sum as
<br />compensation for their services. allowing a
<br />fee for attendance at each meeting of the
<br />Board and each inspection of the Canal of
<br />the Company, and allowances for their
<br />reasonable and actual traveling expenses
<br />while actually engaged in the business of
<br />the Company, to be audited and allowed as
<br />in other cases of demand against the
<br />Company.
<br />(e) To exercise all such other powers as
<br />are uSually exercised by Boards of
<br />Directors and Companies of like character.
<br />
<br />ARTICLE V
<br />WATER SUPERINTENDENT
<br />Section 1. A Water Superintendent shall
<br />be appointed by the Board of Directors who
<br />shall have the direct management of the
<br />Canal. He shall direct the diversion of water
<br />from the canal pro rata to all shares issued
<br />and entitled to be issued, and make correct
<br />returns to the Board of Directors of all
<br />persons hired and employed on the Canal,
<br />or elsewhere, in the interest and on behalf
<br />
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