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prescribe such rules as may be necessary from time to time for <br />distribution of water from the irrigation system of the Company, <br />and have all such other powers as are; usually exercised by the <br />board of directors of companies of like character. <br />Section 4. The directors of the District shall serve for <br />a term of three years with a new director to be elected each year <br />and that commencing with the election of directors on November 9, <br />1972, one director shall be elected for a term of one year, one <br />director shall be elected for term of two years, and one director <br />shall be elected for a term of three years. <br />No member can succeed himself in office for more than <br />three consecutive terms. <br />XIV. ANNUAL REPORT <br />The board of directors shall cause a report in writing to <br />be made to the annual stockholders' meeting each year, of the fol- <br />lowing items: <br />(a) Amount spent by the Company during the preceding <br />year and generally the purpose of which such money was expended. <br />(b) The amount of money due the Company and generally <br />the sources from which such money is due. <br />(c) The amount of obligations of the Company at that <br />time, and the amount thereof maturing during the ensuing year. <br />(d) Repairs and extensions needed for the ensuing year <br />and the probable cost thereof. <br />(e) The amount of money necessary to cover the mainte- <br />nance and operation of the Company's irrigation system for the <br />ensuing year. <br />(f) A recommendation as to the amount of money necessary <br />to be raised for the purposes of the Company, by assessment, for <br />the ensuing year. <br />XV. SUPERINTENDENT <br />Section 1. A superintendent shall be appointed by the <br />board of directors, who shall have the direct management of the <br />irrigation system of the Company, and his compensation fixed at <br />such reasonable amount as the board may agree upon. He shall di- <br />rect the division of water from the canal pro rata on all shares <br />issued and entitled to be issued, and make correct return to the <br />board of directors of all persons hired or employed on the reser- <br />voir, canals or elsewhere, in the interests and on behalf of the <br />