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B. The fact of such relationship or interest is disclosed or known to the shareholders entitled to vote and they authorize, approve, or ratify such contract or transaction by vote or written consent; or C. The contract or transaction is fair and reasonable to the Company. Furthermore, common or interested directors may be counted in determining the presence of a quorum at a meeting of the Executive Board or a committee of the board which authorizes, approves, or ratifies any such contract or transaction. Article XIII Executive Board The business and affairs of the Company shall be conducted, managed and controlled by the Executive Board. The number of Executive Board members of the Company shall be fixed by the Bylaws, or if the Bylaws fail to fix such a number then by resolution adopted from time to time by the Executive Board, provided that the number of Executive Board members shall not be less than three (3) nor more than five (5). Members of the Executive Board shall be elected in the manner set forth by the Bylaws and shall either be, or represent persons or entities entitled to receive water from the facilities of the Company. Executive Board members may be removed and vacancies on the Executive Board shall be filled in the manner provided in the Bylaws. The initial Executive Board shall consist of three (3) persons. Then name and addresses of the initial Executive Board who shall serve until the first annual meeting of shareholders and until their successors are duly elected and qualified are as follows: President: Glen Younger, 2147 H Road, Grand Junction, CO 81505 Secretary:. Lisa Mullen 879 22 Road, Grand Junction Colorado, 81505 Treasurer: Charles Blount 88122 Road, Grand Junction Colorado, 81505 Any vacancies on the Executive Board occurring before the first election of Executive Board members shall be filled by the remaining Executive Board members.