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BY-LAWS aF THE �.AST CHANCE D17CH COMPANY <br />{'f -26-20�$) <br />ART3CLE t <br />Annual meetings af stockho[ders for the eiection of �irectors and for other purposes shall be held <br />at such iime and pface as determined by the Qirectors each year af#er notice given as required by <br />the Colorado Nonprofit Code. Stockholders shail be en#iflsd in person or by proxy to one vote for <br />�� each share of stocic so he(d by them. At said election, the Chairrrian shall deciare the five persons <br />having received the majority af the votes present to 6e the five Directors of the Cnmpany far the <br />' ' ensuing year. <br />(AR7tCLE 1 fexf reflecis changes made perARTICLES d� AM�IV�MEIVT� <br />AR'FICLE 1I <br />tn case of a failure to eiect a ful! board of new Direcior(s}, the farmer direc#or(sj shali hold kheir <br />positions unti! theirsuccessor(s} are elected and qualified. <br />ART1Gt,E tEt <br />A# ail meetings of the stockhofders, a majority of the shares of stnck of the Carr�pany must be <br />represented in persort ar by proxy to da business. <br />ARTlCLE IV <br />Each stockholder shafl be entitled to an amount of water in proportion to ihe stock he owns in this <br />com�any. � <br />ARTICLE V <br />NQ flume, lateral, headgate or a#her structure shall be pfaced in the ditch easement withoufi <br />approvat of the Board of Directors, and uport such #erms and condifians as the board af Direciors <br />determined ta be appropriate. <br />ARTiGLE Vi <br />All assessments are due within 60 days of mai[ing. No wa#er s�afl be defi�ered to a stackholder <br />uniil the assessment is paid. Interest shall be char�ed at a rate af 1112 percent per month on aIl <br />delinquent assessments. <br />ARiICLE VIf <br />If assessrtzents are delinquent for more than one year, shares shall be forfei#ed and soid in <br />accnrdance with the �arovisio�s of Section 7-42-�Q4, Calarada Revised Statutes. <br />ARTICLE VIII <br />The Rirectors m�st be skockholders of the Company. <br />ARTIGL.E !X <br />The Baard of Directors shall elect a President, a Secretary and a Treasurer. <br />Pag� 1 ofi 5 <br />