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THE BYLA�NS O� THE L01/VER �.A.THAN! RESERVOIR COMPANY Originally passed anci adopted by the f3oard of �rustees of said Company on the 1 g day of August, A.D. � 898 and amende� by t�e Board of Trustees on the 20 day of December, 1977, and the 'i0 day of �ctober, 2002, and the 15 day of .June, 2004, and the 12 d�y of August, 200�, anc� the 14' day of July, 2005 to take the place of all previous Bylaws. A�TICLE 1 Subscriptions of Stock Stock in the Company of the par value ofi �ne Hundred Dollars ($100.00) per share, shall be opened to subscribers untif the o day of November, 1898, only to those persons who are now stockholders ar equity owners of stock in the Lower Latham Ditch Company and only on the same ratio as their ownership of stock in said Company. Subsequent to November 1 1$98, if the entire two hundred (200) shares are not then subscribed the shares then unsubscribed shall be open to subscription by such persons, without reference to said limitation of ratio and subject to such conditions as the Board of Trustees ma,� then desianate. At no time shall more than two hundred (200) shares or certificates therefore �e recognized or outstanding. AR i ICLE II Board of Trustees Section 1. How Constituted. Following the Annual Stockholders meeting of January 9, 1954, three stockholders will be elected to the Board of Trustees at the annual stockholders meeting in 1955; two (2) in 1956, and then so alternate in future years, each stockholder to be elected to the Board of Trustees for a term of two (2) years; the two members receiving high votes in the 1954 election to be considered elected to terms of two (2) years. Section 2. Vacancies. Death, permanent disability, accepted resignation, permanent change of residence outside of Colorado, sale or transfer of all interest in stock of the Company, thirty (30) days delinquency in paying assessments on subscriptions after maturity thereof, on the part of any director, shall create a vacancy in his office as such director, which vacancy shall be at one filled by election by the remaining members of the Board of Trustees of some stockholder or subscriber tc stock, to fill said vacancy, to hold office until the next annual stockholders meeting and until his successor is duly elected and accepts office. To elect � director to fill a vacancy, three Trustees must concur. Section 3. Organization. The first Boaru of Trustees as soon as practicable after the certification of the corporatior� as filed, and each succeeding Board of Trustees, immediately af�er the election thereof, shall meet and organize by election from its own membership a president, a vice president, and without Lower Latham Reservoir Company Bylaws Amended 7I14/2005