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Section 16. Salaries of Directors and Officers The Directors and officers of this <br />company shall not receive any compensation for their services as such, except as herein provided. <br />Directors shall receive a per diem compensation of Seven and 50 1100 Dollars ($7.50) per day for <br />time actually employed in attending meetings of the Board of Directors, or necessarily employed <br />in the conduct of the business of the Company under the direction of the Board of Directors, to <br />which said amount shall also be added the actual expense incident to the attendance upon such <br />meetings or the performance of such duties; provided however, that they may be employed in <br />any other capacity and receive such compensation therefor as may be fixed by the Board. The <br />officers of said Company shall receive such compensation for their services and for such length <br />of time and in such amounts as the Board of Directors may, prior to the performance of such <br />services, expressly authorize. <br />STOCKHOLDERS' MEETINGS <br />Section 17. Annual and Special Meetings The annual stockholders' meeting of the <br />Company shall be held at its office in the Town of Ordway, Colorado, at the hour stated in the <br />notice, on the fourth Monday in January, beginning with the year 1985 , and on the same Monday <br />of each succeeding year thereafter. If for any reason such meeting shall not be held on said date, <br />the Directors then in office shall hold over until their successors are elected; and such <br />stockholders' meeting may be held at any time thereafter, after giving the notice herein provided. <br />Written notice shall be given of all stockholders' meetings, either by delivering the same <br />personally or by mailing the same enclosed in an envelope, sealed and properly addressed to each <br />stockholder at his last known post office address, with postage prepaid, at least thirty days prior to <br />the date fixed for such meeting; and by publishing notice thereof in one daily or weekly paper <br />published in the Town of Ordway, Colorado, the first insertion being not less than ten days prior <br />to the date fixed for such meeting. <br />Special meetings of the stockholders may be called and notice thereof given the manner <br />as by law provided. <br />Section 18. Closing of Transfer Books or Fixing of Record Date For the purpose of <br />determining stockholders entitled to notice of or to vote at any meeting of stockholders or any <br />adjournment thereof, or in order to make a determination of stockholders for any other proper <br />purpose, the Board of Directors may provide that the stock transfer books shall be closed for any <br />stated period not exceeding fifty days. If the stock transfer books shall be closed for the purpose <br />of determining stockholders entitled to notice of or to vote at a meeting of stockholders, such <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 5 <br />