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<br />.. <br /> <br />. <br /> <br />offices of the present Board of Directors of the Corporation, <br /> <br />{ five directors shall be elected, one member to serve for the <br />term of one year, two members to serve for the term of two <br />years, and two members to serve for the term of three years, <br /> <br />and that the terms of the offices of the five directors so <br />( elected be determined by lot by the five members so selected; and <br />at the annual meeting in each suc~eeding year, Directors shall <br />be elected to fill the vacancies caused by the expiration of the <br /> <br />term of office of any of the directors so selected for a term of <br /> <br />three years, as well as to fill vacancies caused by the death <br /> <br /> <br />or removal of any Director during his term of office. All <br /> <br /> <br />members of the Board shall serve for the term for which elected, <br /> <br />or until their successors shall be elected and qualify. Any <br /> <br />stockholder in Beaver Park Water,. Inc.,. is eligible to serve <br /> <br />as a director. <br /> <br />Section 3. Powers. The Board of Directors shall have <br /> <br />power to appoint a Superintendent to whom may be delegated such <br /> <br />of the powers xelative to the distribution of water and the main- <br /> <br />tenance of the ditch system as the Board of Directors may by <br /> <br />Resolution direct. <br /> <br />Section 4. To appoint and remove at plea~ure all <br /> <br />employees and agents of the company: prescribe their duties; <br /> <br />fix their compensation and require of them such security for <br /> <br /> <br />the faithful performance of their duties as they may deem best. <br /> <br />Section 5. To make rules and regulations not incon- <br /> <br />sistent with the Statutes of the State of Colorado, the Articles <br /> <br /> <br />of Incorporation or By-Laws, for the guidance of the officers <br /> <br />and employees in the management of the Company, and prescribe <br /> <br />such rules as may be necessary from time to time for distribution <br /> <br />of water from the waterways of the Company, and have all such <br /> <br />other powers as are usually exercised by Boards of Dire<;:tors ," <br />Comp~nies of like character. <br /> <br />-3- <br /> <br />.~ <br />