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stock. <br />2) To appoint and remove at pleasure all employees and agents of the Company, <br />prescribe their duties, fix their compensation and require from them security for the faithful <br />performance of their duties. <br />3) To make rules and regulations not inconsistent with the laws of the State of <br />Colorado or the act of incorporation or these bylaws (1) for the guidance of the officers and <br />management of the affairs of the Company, (2) for the use of any share of stock in the Company <br />which is owned by, dedicated to or otherwise controlled by the Company, (3) for the operations <br />pursuant to the decree entered by the Water Court in and for Water Division No. 1 in Case No. <br />W -2692, and (4) for such other purposes as may be required for the benefit of the Company and <br />the shareholders. Such rules and regulations shall be binding upon each and every shareholder as <br />if the rules and regulations were a part of the bylaws of the Company. The record of the rules <br />and regulations shall be kept up to date and shall be available for inspection by any shareholder. <br />(Amended January 28, 1989) <br />4) To make any and all assessments necessary to carry out the objects and purposes <br />of the Company as expressed in its act of incorporation. <br />5) To forfeit and sell the stock which is delinquent on account of unpaid <br />assessments. <br />6) To levy and collect such assessments and any and all assessments as may be <br />necessary for the uses of the Company. <br />7) To incur such indebtedness as they may deem necessary for carrying out the <br />objects and purposes of the Company, and to authorize the President and Secretary to make the <br />note of the Company, with which to raise money to pay such indebtedness. <br />8) To select and designate, from time to time by resolution, depository wherein the <br />Treasurer shall be required to deposit and keep all moneys belonging to the Company. <br />Section 5. It shall be the duty of the Board of Directors: <br />1) To cause to be kept a complete record of all their meetings and acts, also of the <br />proceedings of the stockholders, present a full statement at the regular annual meeting of the <br />stockholders, showing in full detail the assets and liabilities of the Company, and generally the <br />condition of its affairs. A similar statement shall be presented at any other meeting of the <br />stockholders when thereto previously requested by persons representing at least one -third of the <br />capital stock of the Company. <br />2) To supervise all the acts of the officers and employees, require the Secretary and <br />Treasurer to keep full and accurate books and accounts, and to prescribe the form and mode of <br />keeping such books. <br />4 <br />