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<br />BY-LAWS
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<br />BU VEil RESEIC. 'NlK ~OJol"A.NV' .
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<br />(lIlcorporaled ....d.r Iba Lawa 01 tb. Slala'ol, Colllrado.
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<br />ARTIC1.~ I.
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<br />5TOClalULl:JE!\S
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<br />,',. SECTION I. ANNU....L ;04lE'l'1NO. '1'b. ann"," m..dlla d tb.
<br />. ,'" .. ,...toc:l&bold..aC;Tihec';"poratio.. .baU b. b.ld at I.a oUlc. of the corpora-
<br />'::.';',' ,~. tto..1a Paonta, C...lo.aClo, 0.. at .w:h olbar plac. wilbi..lh. Sial.' 01 Colorado
<br />. u ahall be del.rmill.d tram lUna to tim. b, tb. Boarel 01. Dbaclon, al
<br />d,. 10:00 o'clock A. M. .,)0 the fire, WedQ..day alter 'be fir.' Tue.clay In March
<br />"t ...h ,ear, lor the p"rpo.. 01 .I.ctitla a Board 01 Dlnctore aDd Iba tratl.-
<br />aClioD '", ."ch "tber .."alae.. aa ma, proped, ..a bro"sbt bel"r. the meetitla.
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<br />SF:c'rION 2. SPF.:CIAL Ml':l:TINGS. Special m..titl.. 01 the
<br />.Ioclr.boldo.. may be cellod b, order of the f1"ard 01 O1...CIO.., ...d oball be
<br />. ,beld al ...cb place aD4 limo ao .ball ba .paclUod In Ibe call ....d DOd.e 01
<br />:...~~.~~t:.._.. .."eetlns_ DUIlne.. tran.acte~ at aU .ptu;:lal m.~tlna' ..~_'b.. ~Q.a.fiDecl
<br />'":,',,.;.\~::., to the object.. lIuled in tb,t. ca.ll.aa notic.. ~i M\lCh meeus_,' ,
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<br />',:h';'i:}:\- . SECTION 1. NC;Tl~Jj;6F SfuCKWLDERS' MEETINGS. Notic.
<br />\,::;l;,:;.t:~'ol .tockb"ld.... ,,"'6\1nlo, both am"..l ....d .peclal, .ball b. at..... aa re-
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<br />.. " ,~:":'V. qulrod by the law. of the Stato of Colorado. .
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<br />SFCTION .. QUORUM. At any meaUDS of tb. atoclr.boldo.. a
<br />.. " ..,. majoelt, ..r;;;~tb; ""UI&r"I1",. number of abarea of..,..,..t.., cia.... of
<br />~J..~'\i;:;." otoel, praleDt lD pe..o.. or repr..entod by proxy, and e..titled to vote at .ach
<br />'~.\,!,- '::,~~~.h%~f;; ~ me.etDI, .hall conatltut.. a qQOrwn, ex<<:ept a. otherwi.. ..equlrea by ,tatute
<br />'" '.'-"'::'..:'.,: aDd'.,,;cept upo" tba eloction "I a direct"r in wbich laUer cu. a rnaJ"rlty 01
<br />. \~ ~~~':{:'\'tb. OUI.w..ocl1A. n\I&Qbt,u.' ot.anartl. of Itoc.k o,#f -.:4y ",Ut,l! ~la.~~' llOea ~b.aU be
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<br />~," '~' '~"I'eqult".d to be repr..ente"" in per.on. or by proxy in order to eOIl.titute a
<br />.'.... ,q\1Ol'um.lur Much ."d.e<:ll.oP. . t.'aCA'.bal'(I "l tituclc. Ol,U:.WU1diDl.hall bavr.;t tb..
<br />...",., :;'rlShl.to ODe vota, irraopecdv. 0; Ih. cia.. IIDdar wblcb .....h aba.. bao beeD
<br />. :..~<...~-:V ~ ;"i.'~.d.
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<br />"'Yi:,t:~:;';,,'j , "~." S-':CrwH ~~ 2.RCiANLZA'f10N. ll'u: rU~.ld.nl, or lA Ilia ab-
<br /><::;~. ,', lenc., tbe Vice-Pr..ident, .ball pre.id.e over ill m..tlDS. of tbe atock.-
<br />hc.lderl, a. Cbalrrnal1 of .u.cb meetlnUI. 'i.'aut b.~l"t;ltary 01 the (;QrpoJ'atioD
<br />.~..~j~~~w;i~~~,~~:'&.ll!';Etl~r;ia..yfa.L(i1rJile..u.D... c>f the awek'~\lldltr., but In the .bii8nC3
<br />. '1..I'~t?'!'$~~~}otTtb~:rseci,r~t~.~y.~ tbe pio..I~db1'g'oLli~.~. ,nay ilppvlDl 1.11' Plu'son to a~t a.
<br />',.\'.~'.;~',:~ltf":Secr.ta.ry-o( tbe meet1nl.-....~'-_. 'r,~'
<br />C:~'~H.::.V:~f.,-~...,.. ~ '.',.' ' .v . ':" ;,... . . J .
<br />.!.~;;,?:;;{;)\;' - . ." .:, Si~T';N;6\: vO'T1NO. F.ach .toc:l&holder anUtl.d to vote roa,
<br />.' wte in i>~U~D,or,t.y prd.., apj>>lnted b, Inotrument In wdltnl .ub.c dbod
<br />by .acb otoclo.bold.r, ..or by, bit dill, a"lborl..d attorrae,. ....d de11V1lrKto t".
<br />Socretary 0.1 or belore" tb.. meeU..a. ~."c.1'1 "PO" .n alectioD 01 directo....
<br />""liDS al any m.oting ol..tockboldeuD.ed ""t bo b, ballot WIle.. .pecwcaU,
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