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<br />ARTICLE VIII - MEETINGS AND BYLAWS AMENDMENTS <br /> <br />SECTION 1 - The Annual Meeting will be held in January for the purpose of electing <br />officers, approving annual assessments, and setting procedures for the coming year. Other <br />meetings may be called by the Board or at the discretion of the President All members shall be <br />notified in writing not less than five or more than thirty days in advance of any meeting and the <br />tentative agenda of the meeting. <br /> <br />SECTION 2 - Amendments to the bylaws will require the approval of a simple majority of <br />the voting shares, represented in person or by proxy. <br /> <br />SECTION 4 - Any amendments to the bylaws shall require that an updated copy of the <br />bylaws be typewritten by the Secretary, signed and dated by the Board, and filed in the <br />Company's records (bylaws for the corporation are not submitted to the Colorado Secretary of <br />State). <br /> <br />ARTICLE IX - GENERAL AUTHORIZATIONS <br /> <br />SECTION 1 - All members are responsible for participating in the spring ditch cleaning, <br />and for keeping the lateral maintained from its beginning at the headgate on the canal to the end <br />of the lateral. The annual spring ditch cleaning will be held in March with written notice sent to <br />the membership at least one week in advance. Any Class A shareholder not present (or not <br />represented) at the annual spring ditch cleaning shall be assessed a $35 fee, to be adjusted <br />annually by the Board. Jointly-owned shares may be represented by a single individual. <br /> <br />SECTION 2 - Where the lateral or pipeline turnouts are adjacent to private property, the <br />property owner or responsible party will be held financially liable for any damage caused by their <br />activities (e.g., breakage or damage caused by livestock in or around the ditch or turnout, burning <br />weeds near turnouts or other above-ground lateral facilities). <br /> <br />SECTION 4 - Any proposed repairs or alterations to the lateral must first be approved by <br />the Board. The Board may authorize Company funding to complete said repairs or alterations, or <br />may determine that the repairs or alterations are the responsibility of individual shareholders. <br /> <br />SECTION 5 - Assessments for any future construction projects will be pro-rated to <br />achieve an equitable cost for the individuals who previously paid capital construction costs for <br />approximately 'h mile of pipeline at the south end of the lateral. <br /> <br />SECTION 6 - Any problems which arise that are not covered by the bylaws will be <br />handled by the Board of Directors in the best interests of the entire membership of the lateral. <br /> <br />- 5 - <br /> <br />August 11, 2000 <br />