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<br />10- 1-03; ,0:25AM;ANDERSON CHAPIN PC <br /> <br />;970+842+5563 <br /> <br /># 21/ 26 <br /> <br />twelve per cent per annum from the date until paid. <br /> <br /> <br />Sec. 3. No water shall be delivered to any person or <br /> <br />persons owning stock, or to his lessee, until the person <br /> <br />owning such stock has paid all assessment made on the same. <br /> <br />ARTICLE VI <br />Board of Directors <br />Sec. 1. The Board of Directors of the company shall <br />consist of three members, who shall be stockholders of the <br />company, and for the first year of the existence of the <br />company, and until their successors are duly elected, shall <br />consist of the three persons named in the articles of <br />incorporation. Thereafter the Board of Directors shall be <br />elected annually at the annual stockholders' meeting by a <br />majority vote of the stockholders present at such meeting, <br />and shall hold office until the next succeeding annual <br />election or until their successors are elected and qualified. <br />Sec. 2. The Board of Directors shall have full control <br />and authority over the corporation, and shall have power: <br />1. To call special meetinqs of the stockholders when- <br />ever they deem it necessary. <br />2. To appoint and remove at pleasure all employees and <br />agents of the company, prescribe their duties, and fix their <br />compensation. <br />3. To make such rules and regulations, not inconsistent <br />with the laws of the State of Colorado, or the certificate <br />of incorporation, for the guidance of the officers and <br />management of the affairs of the company as from time to <br />time they deem expedient. <br />4. with the approval of the stockholders, to make <br /> <br /> <br />assessments on stock from time to time, for the purpose of <br /> <br /> <br />superintendence and maintenance of the ditch of the company <br /> <br /> <br />and to make repairs upon the same, or for any other necessary <br /> <br /> <br />purpose connected with the proper management of the affairs <br /> <br /> <br />of the company, to pay debts and liabilities necessarily <br /> <br /> <br />incurred in the management of the company. <br /> <br />-5- <br /> <br />~ ~ <br />