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~~./ "~l , .. I. n I 1 I;: I 1 .... I, i..' . I.:, I' -" J I: 1 I I', I' 1\ .J IJ IJ who will be represented at a meeting, such as partnerships corporations, must designate in writing to the Corporation shareholder's agent for voting at shareholder meetings. and that ARTICLE IV - BOARD OF DIRECTORS 4.1. Number and Qualifications. The duties and affairs of the Corporation shall be managed by a Board of not less than three (3) nor more than five (5) Directors. The shareholders, by their own vote, shall determine the number of directors each year at the annual meeting of the shareolders. Directors need not be residents of the state of Colorado but must be Shareholders of the Corporation. 4.2. Electi-on. The initial Board shall hold office until the first annual meeting of shareholders and until their successors shall have been elected and qualified. At the first annual meeting of shareholders, and at each annual meeting thereafter, the shareholders shall elect Directors to hold office until the next succeeding annual meeting of shareholders. Each Director shall hold office for the term of which he is elected and until his successor shall be elected and qualified. 4.3. Vacancies. Any vacancy occurring in. the Board may be filled by the affirmative vote of a majority of the remaining Directors though less than a quorum. A Director elected to fill a vacancy shall be elected for the unexpired term of his predecessor ln office. However, a Director elected to fill a vacancy based upon an increase in the number of Directors shall serve only until the next annual meeting. -4-