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by-lsns nay prescribe reasonable tines within Which such prefer- <br /> ence shall he declared and the manner thoreof. <br /> ARTICLE V1 <br /> 3SCTIOI 1 -- The exercise of the corporate powers of this <br /> Association and the management of its affairs shall be vested <br /> in eleven Directors, from whom the officers shall be chosen. <br /> A President, vice-Preside:,t, Treasurer, Secretary, <br /> sadeach other officers, agents aid employees as shall or may <br /> be, from time to time, created and established by the by-laws, • <br /> shall be elected by the Board of Directors. <br /> • <br /> SECTION? 2 -- The annual election of the Board of Directors, <br /> and of the other officers, for whose election these Articles <br /> provide, shall be held on the first Tuesday of February in each. <br /> year in such msarar as the by-lams nay provide. <br /> =TIC'S 3 -- Each Director shall at the time of his eleetion <br /> be the owner of lands eituatedwithin tho district for which ha <br /> is eleoted to which shares of stock of this Association ars ap- <br /> purtenant, and shall also be a resident of the district, and if <br /> he should, during his tem of office, cease to be such owner, <br /> or a resident of such district, his office shall thereapon, and <br /> by reason thereof, become vacant. <br /> -12- <br /> ' <br /> 33 <br />