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BY-LAWS <br />Of <br />THE WELDON VALLEY DITCH <br />COMPANY <br />ARTICLE I <br />This company is known as "The Weldon Valley Ditch <br />Company", and its capital stock is sixty- four thousand dollars, <br />divided into six hundred and forty shares of the par value of one <br />hundred dollars each. <br />ARTICLE II <br />SECTION 1. The corporate powers shall be exercised by a <br />"Board of Trustees" (hereinafter referred to as "Board") composed <br />of five shareholders, two (2) to be elected at the regular annual <br />meeting of shareholders in odd numbered years; three (3) to be <br />elected at the regular annual meeting of shareholders in even <br />numbered years. <br />SECTION 2. The Board shall elect one of its number as <br />president and one of its number asvice-president, who, together <br />with the remaining trustees, shall constitute "The Board of <br />Trustees", who shall have the exclusive and entire direction, <br />2 <br />