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<br />BY-LAWS <br />of <br />THE BI.TOU IRRIGATION COMPANY <br />[Last update: July, 2007] <br /> <br />ARTICLE I <br /> <br />This company shall be known as The Bijou Irrigation Company. <br /> <br />ARTICLE II <br /> <br />Section 1. The corporate powers shall be exercised by a Board of Directors, <br />composed of five shareholders, who shall have been duly elected as Directors of the <br />Company. <br />Section 2. The Directors shall elect one of their number as President and one of their <br />number as Vice President, who, together with the remaining Directors, shall constitute the <br />Board of Directors, who shall have the exclusive and entire direction, control and <br />management of all the business, property, concerns and affairs of the Company. <br />Section 3. The Directors shall elect a Treasurer and a Secretary. <br />Section 4. The officers shall consist of a President, Vice President, Treasurer and <br />Secretary. <br /> <br />ARTICLE III <br /> <br />Section 1. The election of Directors, provided for in Section 1 of Article II, shall be <br />held the last Friday of January of each year. Each share of stock shall be entitled to vote, and <br />the persons receiving the greatest number of votes shall be Directors; provided a majority of <br />shares are represented. The Directors elect shall hold their offices for the term of one year <br />from their election, and until their successors are elected and qualified. <br />Section 2. [Amended 1/28/05] The election for Directors shall be held at the office of <br />the Company, or at such other location designated by the Board of Directors, in the City of <br />Fort Morgan, in the County of Morgan and State of Colorado; and public notice of the time <br />and place of holding such election shall be published not less than ten days previous thereto, <br />in one of the weekly newspapers printed in the said City of Fort Morgan. And this election <br />shall be made by such of the shareholders as shall attend for that purpose, either in person or <br />by proxy, provided a majority of the shares is represented; if a majority of the shares shall not <br />be represented such meeting may be adjourned by the stockholders present for a period not <br />exceeding sixty days at anyone adjournment. <br />Section 3. When it is found that a majority of the shares is represented at such <br />meeting, or adjourned meeting, the holders thereof shall proceed to nominate the number of <br />Directors to be elected, each shareholder having the right to nominate. The election shall be <br />by ballot, on which each person voting shall write the names of as many parties as are to be <br />elected from the nominees; each shareholder shall have the right to vote in person or by proxy <br />for the number of shares owned by him or her. And in balloting for directors he or she may <br />vote said number of shares of stock for as many directors as are to be elected; or he or she <br /> <br />1 <br />