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<br />notice shall be delivered personally or deposited in the United States post office, with postage <br />prepaid, properly addressed to each stockholder and signed by the Secretary, not more than <br />thirty (30) nor less than five (5) days prior to the time fixed for such special meeting. The <br />business transacted at such special meeting shall be confined to the object or objects stated in <br />the notice therefor. <br />Section 2. The office of the Company shall be in the said City of Fort Morgan. <br />Section 3. All of the meetings of the Board of Directors shall be held at the office of <br />the Company. <br />Section 4. The regular meetings of the Board of Directors shall be held on the fifth <br />day of each month and special meetings of the Board of Directors may be called by the <br />President whenever he may deem it expedient or necessary, or on request of any two members <br />of the Board. <br />Section 5. A majority of the board of Directors shall constitute a quorum for the <br />transaction of business. <br /> <br />ARTICLE IX <br /> <br />Certificates of stock shall be signed by the President and Secretary, and each <br />certificate shall express on its face, its number, the date of its issuance and the number of <br />shares for which and the person or persons to whom it is issued; and several certificates may <br />be issued to the same person or persons, provided that in the aggregate they do not exceed the <br />number of water rights belonging to such person or persons. The certificate book shall <br />contain a margin on which shall be entered the number, date, number of shares, and the name <br />or names of the person or persons expressed in the corresponding certificates. <br /> <br />ARTICLE X <br /> <br />Section 1. Shares of stock in the Company when issued shall be issued as full paid-up <br />and such shares may be transferred at any time by the holders thereof, or by attorney legally <br />constituted, or by their legal representatives. The transfers shall be made by endorsement on <br />the certificates of stock and surrender of the same, provided that such transfer shall not be <br />valid except between the parties thereto until the same shall have been noted in proper form <br />on the books of the Company. The surrendered certificates shall be cancelled before a new <br />certificate in lieu thereof shall be issued, and no transfer of any share of stock shall be valid <br />upon which any assessments are due and unpaid, or the holder of which is indebted to the <br />Company on any account whatever. <br />Section 2. [Added 1/28/05] Except for a short term lease (not to exceed one year) for <br />irrigation use within the Bijou Irrigation System, no stock of the Company, nor any water or <br />water right represented by said stock or run through the Company's system (which shall <br />include any use made under the Company's augmentation plan) shall be transferred, changed, <br />and/or used upon any land or for any use, either within or outside of the Bijou Irrigation <br />System, that is different from the land upon, and the use for which, the stock and/or any water <br />or water right represented by said stock, has been historically used, unless and until an <br />application for such change has been approved by the Board of Directors of the Company <br />pursuant to the procedures set forth in Article XVII, below, and unless and until such transfer, <br /> <br />5 <br />