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~ ~ ~ ~ ~ ~ ~ I I I I I I I I I I I I BY-LAWS OF THE GREELEY AND LOVELAND IRRIGATION COMPANY Adopted October 2, 198~ ARTICLE I. STOCKHOLDERS' MEETINGS Section 1. Annual Stockholders' Meeting. The annual meeting of the stockholders shall be held at the place designated in January of each year. The time, place and date of the meeting shall be selected by the Directors. Section 2. Notice of General and Special Meetings. Notice of stockholders' or shareholders' meetings shall be given as required by law. No business shall be transacted at a special meeting except such as shall be mentioned in said notice, and business not so specified shall be out of order. If any stockholder fails to furnish the Secretary with his correct post office address he shall not be entitled to a separate notice. Section 3. Special Meeting of Stockholders to Elect Directors. In case it should happen that an election of Directors shall not be held on the day designated by Section 1 of this Article, such Directors may be chosen at any subsequent meeting of stockholders, at which the majority of the stock is represented, such meeting to be called by the Directors or stockholders owning ten percent (10') of the outstanding shares, who may call such meeting by giving public notice of the time and place of holding such meeting in the manner provided in Section 2 of this Article; provided. if the majority of the stock be not represented at any meeting so called. it may be adjourned by the stockholders present for a period not exceeding one (1) year, that is, to the date of the next annual stockholders' meeting. Section~. Election of Directors. The election shall be by such of the stockholders as attend for that purpose. in person or by proxy; provided, if a majority of such stock be not represented. the meeting may be adjourned by the stockholders present, for a period not exceeding one (1) year. to the date of the next annual stockholders' meeting. The President of the Board shall call the meeting to order. and appoint a committee of three on credentials, and when it is found by the report of said committee. or otherwise, that a majority of the stock is represented in person or by proxy at such meeting or adjourned meeting, the stockholders shall proceed to nominate directors, each stockholder having the right to nominate. The election shall be by ballot, from the nominees. Each stockholder shall have the right to vote in person or by proxy the number of shares owned by him or her. and may vote said number of shares for as many directors as are to be elected, or may cumulate such shares and give to one candidate as many votes as the number of directors multiplied by the number of his or her shares shall equal, or distribute them among as many candidates as he or she may desire. The persons having the highest number of votes in consecutive order shall be declared elected the Board of Directors for -1-