PROJ02105

• Contract/PO #: FS0065FX
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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manner at a meeting of the Board of Directors. In either case, due
notice shall be given to each member of the Board of the prop?sed
election.

Section 3. Vacancies.

Election to fill vacancies occurring on the Board of
Directors shall be by an affirmative vote of a majority of the whole
Board. No Director shall be elected except at a regular stated
meeting of the Board or at a special meeting called for that purpose.

Section 4. Stated Meetings.

'A stated meeting of the Board of Directors shall be held
on a day and at a time and place designated by the Board of Directors.

Section S. Special Heetings.

Special meetings of the Board may be called at any time by
the President and shall be so called at the request in writing of
two (2) Directors.

Section 6. Quorum.

At all meetings of the Board, four (4) members shall con-
stitute a quorum for the transaction of business.

Section 7. Powers of the Board.

All corporate powers shall be exercised by the Board of
Directors, who shall have full control and authority over the
corporation and shall have power:

A. To call special meetings of the stockholders.

B. To make all rules and regulations for the guidance of
the officers and the management of the affairs of the corporation.

C. To levy assessments on the paid up capital stock of the
corporation, and collect the same in the manner provided by law.

D. Express power and authority hereby conferred upon the
Board from time to time to borrow money on the credit and responsibility
of the corporation in such sums as they may deem necessary or proper
for the purposes and interests of the corporation in such form and
for such time as they may deem proper, and to pledge or mortgage all
of the franchise and property of the corporation, both real and
personal, to secure the repayment of such loan.

E. They shall cause to be kept a complete record of all
their meetings and acts, also proceedings of all stockholders' meetings.

r. To supervise the acts of all the officers and all the
employees of the corporation.

G. They shall cause to be issued to those lawfully entitled
thereto under the Articles of Incorporation, certificates for paid up
shares of stock, which shall never exceed in the aggregate the capital
stock of the corporation.

H. To act and pass upon all bills and accounts against the

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