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shall be stockholders and who shall be elected annually and hold office <br />until their successors are elected and qualified. At the first regular <br />meeting of the board of directors following the annual meeting of the stock- <br />holders, the board shall elect, from among their number, a President <br />and a Nice President. As prescribed by the bylaws of the company, the <br />board of directors shall have full control and authority over the corporation <br />and shall have the power to exercise all corporate powers which are con- <br />ferred to such public agencies under the laws of the State of Colorado. In- <br />cluded shall be the right of Eminent Domain, the authority to contract with <br />the United States Government and the power to collect assessments on its <br />stocks It should be noted that no assessment shall be made unless the <br />majority of stockholders vote in favor of making such an assessment either <br />at the annual or at a special stockholders meeting. Any stockholder who <br />fails, for any reason, to pay an assessment when due and after notice thereof, <br />shall not be entitled to draw or receive any water from the company's canals <br />or reservoirs until such assessment is fully paid. All unpaid assessments <br />shall become delinquent at such time as the board of directors shall prescribe, <br />and shall draw interest from the date that they are termed delinquent until <br />they are paid, at such interest rate as the board of directors may prescribe, <br />The present rate of interest is 8%. The board of directors may, as provided <br />for under the bylaws, order that the share or shares of stock held by a <br />delinquent stockholder be sold at Public Auction to the highest bidder for <br />cash. This action may be taken thirty days after the assessment has been <br />I -6 <br />