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<br />elected directors for a term of three
<br />(3) years each. the three (3) persons
<br />receiving the next highest number of
<br />votes as directors shall be elected
<br />directors for a term of two (2) years
<br />each and the two (2) persons
<br />receiving the next highest number of
<br />votes as directors shall be elected for
<br />a term of one (1) year each; at the
<br />annual meeting of the Stockholders
<br />to be held in 1967. two (2) directors
<br />shall be elected for a term of three (3)
<br />years each; at the annual meeting of
<br />the Stockholders to be held in 1968,
<br />three (3) directors shall be elected for
<br />a term of three (3) years each,
<br />thereafter, the directors to be elected
<br />at each annual meeting shall each
<br />serve for a three (3) year term."
<br />Section 2. Special Stockholders'
<br />Meetings. Special meetings of the stock-
<br />holders may be called at any time, in the
<br />manner required by law, for the
<br />consideration of any matter requiring the
<br />action of the stockholders.
<br />Section 3. Directors' Meetings. Meetings
<br />of the Board of Directors may be called at
<br />any time by the President or by any two
<br />Directors by giving at least twenty-four (24)
<br />hours notice to the other directors of the
<br />time, place, and purpose of the meeting.
<br />Four (4) Directors shall constitute a
<br />quorum.
<br />
<br />ARTICLE VII
<br />ANNUAL REPORT
<br />The Board of Directors shall cause a
<br />report in writing to be made to the Annual
<br />StoC.k~olders' Meeting each year,
<br />consisting of at least the following items:
<br />(a) The amount spent by the Company
<br />during the preceding year and a general
<br />statement of the purposes for which such
<br />money was expended.
<br />(b) The amount of obligations of the
<br />Company at that time.
<br />(c) The amount of money due the
<br />Company and a general statement of the
<br />sources from which such money is due.
<br />(d) Repairs and extensions needed for
<br />the ensuing year and the probable cost
<br />thereof.
<br />
<br />(e) The amount of money necessary to
<br />cover maintenance and operation of the
<br />Company's Canal System for the ensuing
<br />year.
<br />(f) A recommendation as to the amount
<br />of money necessary to be raised for the
<br />purpose of aforesaid by assessment for the
<br />ensuing year. .
<br />
<br />ARTICLE VIII
<br />CERTIFICATES OF STOCK
<br />Section 1. Certificates of stock shall be
<br />issued to each owner of capital stock of this
<br />Company.
<br />
<br />Section 2. Certificates of stock shall be
<br />signed by the President and Secretary and
<br />each certificate shall state upon its face the
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