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� <br />' <br />� <br />' <br />THIRD <br />Duration <br />AGUA shall have perpetual duration. <br />FOURTH <br />Memberships <br />A member of AGUA shall be a person, corporation, group, or body politic or other <br />� , entity of any kind, owning or operating wells or �vell permits' situated within the Arkansas <br />River Basin and accepted for membership in AGUA. <br />� <br />' <br />' <br />�� <br />� <br />' <br />' <br />� <br />:� <br />� <br />1. Votin� Rights: Cumulative voting shall not be permitted. Each member <br />sha11 be entitled to one vote per well or well permit that dues and <br />assessments are paid in fu11. Voting by proxy shall be allowed. <br />2. Rishts and Privile e�s�. The rights, privileges and obligations of all members <br />shall be equal. <br />FIFTH <br />Not for Profit <br />Said Corporation shall be deemed a CORPQR.ATION NOT FOR PROFIT under <br />the laws of the State of Colorado, and the members of the Corporation shall not be subject <br />to the payment of corporate debts to any extent whatsoever. <br />SIXTH <br />Directors <br />The affairs and management of said Corporation, including the authority to execute <br />conveyances and encumbrances of all or any part of the corporate property, shall be <br />managed by a Board of Directors, consisting of (5) five members, to-wit; Dick Evans, Cliff <br />Walter, Bert Potestio, John Sliman, Jack Miles, are hereby designated to act as such Board <br />of Directors for the first yeaz of existence of said Corporation, and until their successors <br />are elected or appointed or qualified, in accordance with the Bylaws of said Corporation. <br />SEVEN'fH <br />ReQistered Office and Registered A�ent <br />' The principal office of AGUA shall be located in the City of Manzanola, Caunty of <br />Otero, and Sta.te of Colorado, but said Corporation shall have the power to conduct all or a <br />part of its business beyond the State of Colorado. The registered Office of said <br />� Corporation shall be located at AGUA, 100 West l StreeL Manzanola, CO 810�8: The <br />Name of the registered agent at such address is Jeanette Br��an. <br />, <br />' <br />� <br />EIGHTH <br />Bv Laws <br />The directors shall have the power to make such prudential Bylaws as they may <br />deem proper for the management of said Corporation, in accordance with the applicable <br />statutes and decrees of the State of Colorado. To the eYtent permitted by applicable <br />