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as to which forfeiture has been declared, shall be voted at any meeting or counted in determining <br />the total number of outstanding shares at any given time. <br />Shares standing in the name of another corporation may be voted by such officer, agent <br />or proxy as the By -Laws of such corporation may prescribe or, in the absence of such provision, <br />as the Board of Directors of such corporation may determine. <br />Shares held by an administrator, executor, guardian, or conservator may be voted by him, <br />either in person or by proxy, without a transfer of such shares into his name. Shares standing in <br />the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be <br />entitled to vote shares held by him without a transfer of such shares into his name. <br />Shares standing in the name of a receiver may be voted by such receiver, and shares held <br />by or under the control of a receiver may be voted by such receiver without the transfer thereof <br />into his name if authority so to do be contained in an appropriate order of the court by which such <br />receiver was appointed. <br />Section 22. Informal Action By Stockholders Any action required to be taken at a <br />meeting of the stockholders or any action which may be taken at a meeting of the stockholders, <br />may be taken without a meeting if a consent in writing, setting forth the action so taken shall be <br />signed by all of the stockholders entitled to vote with respect to the subject matter thereof. Such <br />consent shall have the same force and effect as a unanimous vote of the stockholders, and may be <br />stated as such in any articles or document filed with the Secretary of State of Colorado under the <br />Colorado Nonprofit Corporation Act. <br />Section 23. Proxies Stockholders may be represented by proxy in writing, which must <br />be submitted to, and filed with the Secretary of the meeting before such proxy shall be allowed to <br />vote. <br />DELIVERY OF WATER <br />Section 24. Delivery To Stockholders. etc Each share of the Common Stock of the <br />Company Shall entitle the holder thereof to the delivery of his proper proportion of the water <br />diverted and distributed subject always, to the regulations and provisions of the Articles of <br />Incorporation, By -Laws and other proper regulations of the Company, and the laws of the State of <br />Colorado relating thereto. <br />Water shall be distributed by this Company among the Stockholders only at such times as <br />the Board or Directors may provide or direct. <br />The Company, through its proper officer or officers or employees, shall keep a record of <br />the quantity or water delivered for the use of Stockholders, and the date and length of time for <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 7 <br />