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ART�CLE IV Directors Section 1. Board of Directors. The Board of Directors shall consist of seven (7) shareholders of fhe coipora�ion ta be e]ected at the members' at�nual meeting or adjourned annual meeting and shal� be the seven recei�ving the highest number of votes cast in favor of their election. Section 2. Teim afDirectors. The directors shall be elected for staggered ternis of three (3) years. Section 3. Cornpensation. The Board of Directors and the officers of this corporation other than the Secretary or Treasurer shall serve without compensa�.on as such directors or afficers, but any such director or officer may be reimbursed for actual expenses zncurred in fhe perfor�nance of his duties or in the attendance at any re�ilar ar special meetings af the baard. Section 4. Meetinss. Re�Iar mee�ings of the Board of Directors shall be held af such a time and place as the Board of Dixectors shall determine. Special meetin�s of the Baard of Di�ectors may be called by the President or by two (2) or more directors. Oral notice to the directors of speeial meetings by the Secretary, at least two (2) cka.ys priar to the special meeting, sha11 be sufficient. A majority of the nurnber af directors in office immediately before the meeting begins shalI constitute a quorum for the condnct of business. Seetion 5. Powers and Duties o�fthe Boazd ofDirectors. The Boazd of Directors snali exercise the following powers; A. To act for and in behalf of the corporation in any manner not prohibited by statute or by the Articles of Incorporation. B. To control and sugervise the business affairs and mauagement of the corporation, and to hire and employ such labor and ottrer employees as may be necessary and acivisable to carry out the purposes of the corparatian. C. To elect the of�icers of the cozporation, and to adopt and procure a corporate seal for the corporation. D. To make rules and regulations and set policies for the transacfion of the buszness of the corpora�ion, and for the control, management, and dis�ribution of water by the corporation. E. To prescribethe form of applications for membership and ta approve orreject all such applica�.ons. • F. To Ievy assessments on stock, dues, and fees at such times and in such amo�nts as to the Board of Directors shall se�rn necessary, and to provide for #he manner of receiving and collecting such assessments, dues, and fees and to enforce the collec�ion thereo£ G. To approve or reject any transfer of inembership � or the rights associated therewi#h and to agprove or reject any transfer of stock.