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<br />SECTION 2 - Annual membership dues will be assessed for the purpose of funding <br />maintenance, emergency repairs, construction, and administrative expenses. Class A and Class B <br />stock shall be assessed pro rata based on the assessment structure used by the Grand Valley <br />Irrigation Company. The Board of Directors shall present an assessment for approval by a <br />majority of the shares represented in person or by proxy at the annual meeting. In the event the <br />shareholders shall fail to authorize such assessments, the Board shall have the power to set the: <br />assessments required for the continued operation of the lateral. Dues shall be due March 1, aud <br />delinquent after April 30 of each year. Delinquent dues will be charged interest at the rate of 1 % <br />per month until paid. At the recommendation of the Board, a lien may be filed agaiust the <br />property of delinquent water users and/or use of their water shares may be withheld. <br /> <br />SECTION 3 - The Board may authorize any officer or agent to enter into any contract or <br />execute and deliver any instrument in the name of and on behalf of the corporation, and such <br />authority may be general or confined to specific instances. <br /> <br />ARTICLE VII - VOTING AND ELECTIONS <br /> <br />SECTION 1 - Each member in good standing is entitled to one (1) ~ote for each Class A <br />share and one (1) vote for each Class B share. Members with jointly-owned shares must vote as a <br />single member. These voting entitlements are based on those set forth in the bylaws of the Grand <br />Valley Irrigation Company. For example, a husband and wife jointly owning 1 Class A share fllld <br />7 Class B shares would be entitled to 8 votes (1 plus 7) and all 8 votes would be cast as a unit <br />(rather than 4 votes "for" and 4 votes "against''). Jointly-owned shares may be represented by a <br />single individual when the vote is cast in person. <br /> <br />SECTION 2 - Proxy. Members are entitled to vote by proxy, which allows the membe,r to <br />designate a specific person to vote for them, or to have the Board cast their vote. Any member <br />who wishes to vote by proxy must submit a signed and dated proxy form to a Board member <br />prior to the election. Proxy fonns for jointly-owned shares must be signed by all owners. Proxy <br />forms are valid for a specific election only. Future elections will require a new proxy form. <br /> <br />SECTION 3 - Quorum. A majority of the total membership shares, represented in person <br />or by proxy, including the Board members, will constitute a quorum for conducting business. JFor <br />example, if the total shares owned by the membership consisted of 14 Class A shares (14 votes) <br />plus 116 Class B shares (116 votes), for a total of 130 votes, a quorum would be met if66 or <br />more voting shares were represented in person or by proxy. <br /> <br />SECTION 4 - Majority Vote. A simple majority vote is defined as more than 50010 of the <br />voting shares represented in person or by proxy. For example, assuming a quorum had already <br />been met, if 100 voting shares were represented in person or by proxy, a vote of 51 or more <br />shares would carry. <br /> <br />SECTION 5 - The membership will elect the Board of Directors by a simple majority vote <br />at the Annual Meeting. Nominations may be made by a nominating committee or may be made <br />from the floor. <br /> <br />-4- <br /> <br />August II, 2000 <br />