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I I I i paying land within the meanin& of the Act of Congress of 1(;ay 25, I 1926 (44 Stat. 636-650). In ithe election of Directors however cumulative voting shall be practiced notwithstanding anything I herein contained to the contrary. Section 5. Definition of term stockholder. m1en the word "shareholder", the wordllshareholders", the word "stockholderll, or the wordl1stockholdersll is used in the Articles of incorporation or these by-laws, it :;hall be taken to mean, until shares are actually issued, subscribers (or the successor in interest of those ,vho have subscribed) for the stock of this Association, whose subscriptions have not for any reason been canceled or the land for which the subscriptions were made have not been excluded by the United States govern- ment from the Grand Valley Project, Colorado. Section 6. Quorum. For the purpose of determining a quorum only shares of out- standing stock which are appurten~nt to land classed as productive or paying land as specified in Section 4 of " this article shall be considered. A majority of such shares of outstandine stock unless otherwise provided in the J\rticles of Incorporation or by the laws of the state of Color~do shall be necessary to con- stitute a quorum at all meetings of stoc;molders. ';,nen a quor~ is present at any meeting a majority of the stock represented there at unless otherwise provided in the Articles of Incorpora- tion or by the laws of the State of Colorado) shall decide any question brought before such meeting. Section 7. Failure of quorum. In the event no quorum is present at any meeting the Directors may call another meeting of stoc;molders as soon as reasonably possible, provided, however, nothing herein contained shall prevent any meeting when a quorum is not present from being adjourned from time to tmme for the purpose of securing a quorum. .., -,r..-