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<br />If) <br />(S) <br />CL <br /> <br />, <br />'" <br />r- <br />Ul <br />on <br />... <br />r- <br /> <br />ci <br />z <br />w <br />z <br />o <br />I <br />CL <br /> <br />(to <br />W <br />CL <br />W <br />W <br />'" <br />. <br /> <br />)- <br />I- <br />Z <br />::l <br />o <br />U <br />a: <br />-' <br />-' <br />?- <br />m <br />o <br />u <br /> <br />:E <br />o <br />(to <br />"- <br /> <br />required by law. He shall countersign and register all <br />certificates of stock and other documents requiring the <br />signature of the President attaching the corporate seal <br />of the company to all instruments requiring the seal <br />and he shall perform all such other duties as are <br />incident to his office" <br /> <br />ARTICLE V <br /> <br />Duties of the Treasurer <br /> <br />The Treasurer, subject to the supervision and <br />direction of the Board of Directors, shall have the <br />custody of the corporate funds and securities and shall <br />keep full and accurate accounts of receipts and <br />disbursements in books belonging to the corporation <br />and shall deposit all monies and other available effects <br />in the name snd to the credit ofthe corporation in such <br />depositaries as may be designated by the Board of <br />Directors, or upon the failure of the Board of Directors, <br />or upon the failure of the Board of Directors, to <br />designate such depositaries, then in such depositaries <br />as may be designated by the President. His books shall <br />be open at all times to the inspection of any other officer <br />of the company. The Board of Directors shall require <br />the treasurer to file a good and sufficient indemnity <br />bond in such amount as the board may direct to be <br />approved by the Board, conditioned for the satisfactory <br />performance of the treasurer's duties and to account for <br />all monies that shall come into his hands as treasurer of <br />the company. <br />All funds and money of the corporation shall be <br />subject to checks drawn out of the regular check books <br />of the oompany, signed by such officers of the company <br />as may be provided by resolution adopted by the board <br />and upon the stub of each such check, the proper <br />amount and purpose for which the same was drawn <br />shall be specified. No checks shall be drawn or funds <br />used for any purpose other than the corporate objects of <br />the company and no director, officer, or employee ofthe <br />company shall either direcLly or indirectly borrow <br />money, property or effects from the company without a <br />resolution of the Board allowing the same passed by <br />unanimous vote and duly entered in the reoords of the <br />company. <br /> <br />4 <br /> <br />i- <br />t <br /> <br />,; <br /> <br />proper for the proper management and operation ofthe <br />company, the same shall be submitted to the <br />stockholders at the next annual meeting and <br />incorporated in the notice of such meeting so that the <br />same may be considered and acted upon by the <br />stockholders at su.ch annu.al meeting. <br /> <br />ARTICLE li."V1II <br /> <br />Ch;1 Action <br /> <br />No Officer, Director or Stockholder of the Sanchez <br />Ditch snd &.-servoir Company shall bring s fri',olous <br />ci~;l action against thE Sanchez Ditch and Reservoir <br />Compan:!,. [f any Officer, Director or Stockholder <br />brings a frivolous civil action against the company. <br />said person bringing thefri,'olous action shall be liable <br />to the company fOT reasonable attorney's fees <br />reasonable litigation expel1Bes and court costs. ' <br />As used in this by-law, "frivolous" means lack of <br />substantial justification, substantially groundless or <br />substantially vexatious. <br /> <br />13 <br />