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Section 4. Voting. <br /> Only stockholders of record shall be entitled to vote at the <br /> regular and special meetings of stockholders. At such meetings <br /> each shareholder shall be entitled to one vote for each share of <br /> stock held in his name, not exceeding however, in the aggregate 960 <br /> votes in all and then only such number of shares as are appurtenant <br /> to what is classed as productive or paying land within the meaning <br /> of the Act of Congress of May 25, 1926, (44 Stat. 636-650. ) In the <br /> election of Directors however cumulative voting shall be practiced <br /> notwithstanding anything herein contained to the contrary. <br /> Section 5. Definition of term stockholder. <br /> When the word "shareholder", the word "shareholders", the word <br /> "stockholder" or the word "stockholders" is used in the Articles <br /> f <br /> K of Incorporation or these by-laws it shall be taken to mean until <br /> shares are actually issued subscribers (or the successors in <br /> interest to those who have subscribed) for the stock of the <br /> Association whose subscriptions have not for any reason been <br /> cancelled or the land for which the subscriptions were made have <br /> not for any reason been covered by an approved permanent water <br /> right application and have not been excluded by the United States <br /> Government from the Uncompahgre Valley Project, Colorado. <br /> Section 6. Quorum. <br /> For the purpose of determining a quorum only shares of <br /> outstanding stock which are appurtenant to land classed as <br /> productive or paying land as specified in Section 4 of this article <br /> ( shall be considered. A majority of such shares of outstanding <br /> 2 <br /> 56 <br />