PROJC01841 ‎(2)‎

• Contract/PO #: C150270
• Contractor Name: Headgate 135 Lateral, Inc.
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Feasibility Study

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Section 11. Compensation. By resolution of the
Board of Directors, each director may be paid his expenses, if
any, of attendance at each meeting of the Board of Directors,
and may be paid a stated salary as director or a fixed sum for
attendance at each meeting of the Board of Directors or both.
No such payment shall preclude any director from serving the
corporation in any other capacity and receiving compensation
therefor.

Section 12. Presumption of Assent. A director of
the corporation who is present at a meeting of the Board of
Directors at which action on any corporate matter is taken
shall be presumed to have assented to the action taken unless
the director's dissent is entered in the minutes of the meeting
or unless the director shall file a written dissent to the
action with the person acting as the secretary of the meeting
before the adjournment thereof or forwards the dissent by
registered mail to the secretary of the corporation immediately
after the adjournment of the meeting. The right to dissent
shall not apply to a director who voted in favor of the action.

Section 13. Executive and Other Conunittees. The
Board of Directors by resolution may designate from among its
members an executive committee and one or more other committees
each of which, to'. the extent provided in the resolution, shall
have all of the authority of the Board of Directors, except as
otherwise provided by the Colorado Corporation Code.

ARTICLE IV

Officers

Section 1. Number and Qualifications. The principal
officers of the corporation.shall be a president, a secretary,
and a treasurer, each of whom shall be elected by the Board of
Directors. Other officers (including one or more vice presi-
dents), assistant officers, agents, and employees that the
Board of Directors may deem necessary may be elected by the
Board or may be appointed in a manner prescribed by these
bylaws. Any two or more offices may be held by the same
person, except the offices of president and secretary. The
officers of the corporation shall be natural persons, eighteen
years of age or older.

Section 2. $lection and Term of Office. The princi-
pal officers of the corporation to be elected by the Board of
Directors shall be elected annually by vote of the Board of
Directors at the first meeting of the Board of Directors held
after each annual meeting of the shareholders. Officers shall
hold office until their successors shall have been elected,

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