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time and place of holding each annual or special meeting. Such notice shall be mailed ten days prior. to the date of meet- ing. ARTICLE III Directors and Meetings Sec. 1. The affairs of this corporation shall be controlled and managed by a board of five directors, who shall be elected by the stockholders at the annual meeting, and who shall hold office for one year or until their successors are elected and enter upon the duties of their respective offices. Sec. 2. No person shall be elected as a director who is not a stockholder in the corporation. Sec. 3. Vacancies in the board of direc- tors may be filled by the appointment of any of the stockholders, at any directors' meeting regularlv called by the remaining members of the board. Sec. 4. The directors may appoint, dur- ing their pleasure, a superintendent. Sec. 5. The transfer of all the stock owned by a director shall operate as a res- ignation of office. Sec. 6. The directors shall each receive two dollars for each regular meeting at- tended, provided they are present at the opening and continue present until the clos- ing; and three dollars for attending meet- ings at the Granby Reservoir. Sec. 7. Regular meetings of the board of directors shall be held immediately after the adjournment of the stockholders' an- J I nual meeting, and also on the second Tue,s- day in July, October and January of each year, at the "hour of one o'clock P. M., pro- viding all directors have notice of such meeting. Such meetings shall be held at such place as designated by the directors ten days previous to time of meeting. A quorum shall consist of a majority of the directors. But a smaller number may ad- journ to a subsequent time. Sec. 8. Special meetings of the board of directors may be called at any time by the President, or in his absence, by the Secre- tary, by giving to each director six days notice of the time and place of holding such meeting. Sec. 9. At each annual meeting of the stockholders the directors shall. present a general statement of the business of the preceding year, a report of the financial condition of the corporation, and a report of the condition of the plant. ARTICLE IV Officers Sec. 1. The elective officers of this cor- porationshall be a President, a Secretary, and a Treasurer, who shall perform the usual duties appertaining to their respective offices, who shall be elected by the direc- tors at a meeting subsequent to the annual meeting and immediately following its ad- journment. They shall hold office for one year, and until their successors are elected and qualified. Sec. 2. The directors may, by resolu- tion, require any or all of said officers to