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SECTION 2 - The Board shall govern the operation, maintenance and repair of the lateral and will arbitrate any dispute that may arise concerning the lateral. The Board will determine the amount of assessments due each year, and such amount will be put to a vote of the membership at the Annual Meeting. SECTION 3 - A majority of the Board shall constitute a quorum for the transaction of business. Each Board member shall have one (1) vote on matters decided by the Board. SECTION 4 - Any vacancy during the term of a Board member will be filled by the Board appointing a replacement to serve until the next Annual Meeting. SECTION 5 - The Board members shall not be personally liable for the debts, liabilities, or other obligations of the corporation. ARTICLE V - DUTIES OF OFFICERS SECTION 1 - PRESIDENT: Shall preside at all meetings, appoint committees and their members, and make reasonable decisions and expenditures in an emergency situation (not to exceed $500). Shall manage the Company in accordance with applicable state water laws, in the best interests of the membership, with the help of the Board. Shall sign all Company correspondence, stock certificates, and all contracts and other documents. Prepares the annual irrigation schedule for the membership. SECTION 2 - VICE-PRESIDENT: Shall assist the President as a member of the Board, act as President in the absence of the President, and perform other duties as assigned. SECTION 3 - SECRETARYITREASURER: Shall assist the President as a member of the Board, keep the records of all proceedings of regular and board meetings, submit the corporate report and $25 filing fee to the Colorado Department of State every two years (due in even-numbered years), and handle Company correspondence under the direction of the President. Shall maintain records of land parcels served by the lateral, number of shares owned, and prepare share certificates and transfers under the direction of the President. Shall take care of all Company funds, handle billing and collection of membership assessments, maintain accurate financial records, submit required tax forms to the Internal Revenue Service each year, and prepare financial statements as needed. Shall deposit all monies at such depository as shall be designated by the Board. ARTICLE VI - FINANCES SECTION 1 - All funds of the Corporation shall be deposited in a bank or other such depository as authorized and deemed cost effective by the Board. An operational fund of at least $500 will be maintained for emergency use, and a portion of this fund may be deposited in a non- interest bearing checking account. The signatures of two Board members, or authorized agents designated by the Board, will be required to disburse Company funds from any bank, depository, or checking account. - 3 - August 11,2000