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person or by proxy and entitled to vote on the matter shall be an act of the shareholders. Article XI Shareholder Voting on Extraordinary Actions With respect to the following extraordinary actions which may be taken by the Company, and which require the vote or concurrence of the holders of the outstanding water shares of the Company shares entitled to vote thereon, the following affirmative vote of such shares shall be required to constitute approval of such action. A. Two - thirds to amend the Articles of Incorporation B. Two - thirds to voluntary dissolve the Company by the act of the Company or to revoke dissolution proceedings previously initiated by the Company. Article XI Right of Executive Board and Officers to Contract with Company It being the express purpose and intent of this Article to permit the Company to engage in transactions with other corporations, firms, associations, or entities of which any or all of the directors and officers of the Company may be directors, officers, or members or in which any or all of them may have pecuniary interest, no contract or other transaction between the Company and one or more of its directors or any other corporation, firm, association, or entity in which one or more of its directors are directors or officers or are financially interested shall be either void or voidable solely because of such relationship or interest or solely because such directors are present at the meeting of the board of directors or a committee of the board which authorizes, approves, or ratifies such contract or transaction or solely because their votes are counted for such purpose if: A. The fact of such relationship or interest is disclosed or known to the Executive Board or committee which authorizes, approves, or ratifies the contract or transaction by a vote or consent sufficient for the purpose without counting the votes or consents of such interested directors; or 5