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SECTION 2 -- At all elections each shareholder shall be on, <br /> titled to one vote for each chsre of stock owned by him, not <br /> however to exceed in the aggregate one hundred end sixty votes, <br /> and no more. <br /> SECTION 3 -- The votes shall bo by written or printed <br /> ballot, and be voted only by the electors at the polls in person. <br /> dY <br /> SECTION 4 -- The Board or Directors may make reasonable <br /> by-laws for the registration of voters and the method of holding <br /> elections. <br /> SECTION 5 -- At all elections the person receiving the high- <br /> ✓ est number of votes for any office shall be deemed elected to <br /> such office. <br /> ARTICLE V111 <br /> SECTION 1 -- The main structure which is the,p owe of this <br /> Association to acquire, is the tunnelsto be Wilt by the Unites <br /> States Government: <br /> The tapping the water of the Gunnison River on the Brost. <br /> bank in liontrose County, Colorado at a point in S.E.1/4,5.17.1/4 <br /> Section 19, T.50 N.,R. 7 A., lN.]S.P.U.; thence in a general south- <br /> westerly direction 3e the N,E.1/4,S.iT.l/4, Section. 5, T.49 11., <br /> •-17- <br /> 38 <br />