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BYLAWS OF THE <br />FORT MORGAN RESERVOIR AND IRRIGATION COMPANY <br />(Amended & Restated April 7, 2012 ) <br />ARTICLE I <br />This Company shall be known as "The Fort Morgan Reservoir and Irrigation Company ", <br />and its capital stock is one hundred and fifty thousand dollars, divided into three thousand shares <br />of the par value of fifty dollars each. <br />ARTICLE II <br />Section 1. The corporate powers shall be exercised by a "Board of Directors" <br />composed of five stockholders, who shall have been duly elected as Directors of the Company. <br />Section 2. The Directors shall elect one of their number as President and one of their <br />number as Vice President, who together with the remaining Directors, shall constitute the "Board <br />of Directors ", who shall have the exclusive and entire direction, control and management of all <br />the business, property, concerns and affairs of the Company. <br />Section 3. The Directors shall elect a Treasurer and Secretary, who shall respectively be <br />stockholders. <br />Section 4. The officers shall consist of a President, Vice - President, Secretary and <br />Treasurer. <br />ARTICLE III <br />Section 1. The election of Directors, provided for in Section 1 of Article II, shall be held <br />on the fourth Saturday of January of each year (with the exception of the first election, which <br />shall be held on the first Tuesday of May, A.D., 1895). Each share of stock shall be entitled to <br />one vote, and the persons receiving the greatest number of votes shall be directors; provided a <br />majority of the stock is represented. The Directors -elect shall hold their offices for the term of <br />one year from the first day of the next month following their election, and until their successors <br />are elected and qualified (with the exception of the Directors elected at the May election of 1895, <br />whose terms of office shall expire on the second Saturday of January, A.D. 1896, or whenever <br />their successors are elected and qualified). <br />Section 2. The election of Directors shall be held at the office of the Company in the <br />Town of Fort Morgan, in the County of Morgan and State of Colorado, or at such other place and <br />location as may be designated from time to time by the Board of Directors; and public notice of <br />the time and place of holding such election shall be published not less than ten days previous <br />thereto, in one of the weekly newspapers printed in the said Town of Fort Morgan. And this <br />election shall be made by such of the stockholders as shall attend for that purpose, either in <br />person or by proxy, provided a majority of the stock is represented; if a majority of the stock <br />