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reference to me�bership ir� th� �oard or interest in stock, a secretary, <br />treasurer and superir�ten�er�t, ��vF�a�� � officers sha!{ hold office u�ntil their <br />successors are elected and qualifa�, s��ject to change at any time by the <br />Board of Trustees at its pleasure. <br />Section 4. Powers. The Board of T°ustees shall have fuil power to transact all the <br />'b�siness of the Compar�y except such as is herein or by the statutes of the <br />State of Colorado require� �co be performed by the stockholders; to pass and <br />adopt ail byfaws necessary° dn� expedient to transact the affairs of the <br />Company� to appoint or remove at wili ar�y and all officers, employees, and <br />agents af the Company; to prescrib� their duties and fix their compensation; <br />to controi aVl the Company's properiy, approve all bonds given to the <br />Company, authorize all cortracts, direct the execution of all works, determine <br />what property shall b� purchased and sold, pass upon and audit all bilis, levy <br />and cause to be collected all assessments on subscriptions to stock, <br />necessary "to carry out t4�e �bjects and purposes for which the Company is <br />organized and to forfeit and Quthorize the sale of all stock or subscriptions to <br />stock delinquent on accour�t �f unpaid assessments. <br />Section 5. Meetings. Regular meetings o` the Board of Trustees shall be held each <br />month at a time and location agreed upon by the Board of Trustees, in the <br />County of Weld, State of Colorada. For such regular meetings, no notice <br />need be given. At any regular meeting, a majority of the Trustees shall <br />constit�te a quorum for the transaction of any business except the expulsion <br />of a director or election ta fill a vacancy. Any regular meeting of the Board of <br />Trustees may be adjourned io a time certain without any notice being given <br />of the adjourned meeting. <br />Speciai meetings ot #he Soard of Trustees may be held at the time upon <br />ca1! of the president or of any two Trustees, on two (2) days notice being <br />given by mail to each tlire�tor. provided a special meeting at which al! the <br />members are present shall be valid without notice; and, provided further, that <br />a special meeting at which at ieast four (4) members of the Board of Trustees <br />are present, and concur in the action taken shall be valid without notice. A <br />special meeting without r�otice, at which three (3) Trustees are present, shall <br />also be valid, provided the absent Trustees subsequently give their written <br />consent to the action of such rneeting. <br />ARTPCLE !I! <br />�llleetir�g of Stockholders <br />Section 1. The annua{ meeting of the stockholders or subscribers to stock of this <br />Company fo� the election of a Board of Trustees and such other business as <br />may properly come �efore such rr�eeting, shall be held in the Town of <br />Kersey, County of Wel�+, State of Colorado, commencing immediately <br />following the annuaf ineeting of the Lower Latham Ditch Company, or at such <br />other piace as may be desigi�ated ir� the notice of the annuai stockholders <br />meeting. Notice of such rneeting shall be given by the secretary at least ten <br />Lower Latham Reservoir Company � <br />Bylaws Amended 7/14/2005 <br />