LPPD000411

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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4.7. Quorum. A majority of the number of Directors fixed by

these By-Laws shall constitute a quorum for the transaction of

business. The act of the majority of the Directors present at a

meeting at which a quorum is present shall be the act of the Board.

4.8. Loans. The Board shall have the following power wi th

respect to the lending of funds:

4.8.1. Gene rally. To lend money for any of the purposes

set forth in the Articles of Incorporationi to invest the funds of

the Corporation from time to time; and to take and hold real and per-

sonal property as security for the payment of funds so loaned or

invested.

4.8.2. To Employees. To lend money to and otherwise assist
its employees.
4.9. Removal. Any Director may be removed from office, either

with or without cause, at any time. Another person may be elected to

that place to serve for the remainder of that term. This election

may be made at any special meeting of shareholders called for this

purpose, by vote of a majority of all of the Shares outstanding and

entitled to vote. Vacancies not filled by shareholders at such a

meeting may be filled by the Directors as provided above.

4.10. Executive Committee. The Board shall have the authority

by resolution adopted by a majority of the whole Board to designate

two or more of their number as an Executive Committee in the manner

provided by C.R.S. Section 7-5-107, Repl. Vol. 1986.

ARTICLE V - OFFICERS

5.1. Officers. The officers of the Corporation shall consist of

a President, Secretary, Treasurer, and as many Vice Presidents and

such other officers and assistant officers and agents as may be

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