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. . the stockholders, the stockholders assembled shall select one of their number as Chairman, who shall preside at the meeting. ARTICLE IX QUORUM A majority of the issued stock of the Company repre- sented in either person or ,by duly authenticated proxies shall constitute a quorum of stockholders. Three (3) Directors shall constitute a quorum of the Board of Directors. ARTICLE X CERTIFICATES OF STOCK Section 1. Certificates of stock shall be issued to every bona fide subscriber to the capital stock of the Company in the proportion of one (1) share of stock for each l~ acre feet of water rights in the Beaver Park System, owned by the sub- scriber under deed or contract from the Beaver Park Company of Colorado Springs and on payment of such assessments as may then be outstanding against such water right, or certificate of stock. Section 2. Each share of stock in this company shall entitle the ~older thereof to draw from the waterways of the company an amount of water for irrigation or for(other benefi- -~-"'-""'-,~, "~.~_.----.-._----- -..-._-~..-- .......~_..~ --- same ratio as one (1) share of stock bears cial purposes)in the ~ --- to the total number of shares of stock then issued and outstand- ing by the company, as l~ acre feet of water bears to the total number of acre feet of water then being carried for distribution by the waterways of the Company. Section 3. Certificates of stock shall be signed by the President and Secretary and each.certificate shall express on its. face the date of .issue and the number of shares for which said certificate is issued, and the person or persons to whom the same -5., (.\) S