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It shall be the duty of said Boord to exercise general supervision over the affairs of the Company I to receive a.'1d pass upon the reports of the Secretary end '1'reasurer, to audit ell bills and accounts against the Company end direct the Secretory in correspondence. It shall cause its officers to make a full exhibi t of their several departments, and to prepare reports for submission to the annual meeting of stockholders. The Board of Directors shall meet at such . times as they shall from time to time determineJ and a meeting of the Board may at any time be called by the President, or nny other three members of the Board, by causing personal notices to be served upon the Directors or by mailing the same in the postoffice at Fort Collins addressed to each Director, at least two days before the date of such propoBed meeting. ThrdO of the Directors shall constitute a quorum for the transaction of business at any meeting regularly called or adjourned; but any meeting of the Directors however called shall be valid when every member of the Board is present at such meetings, or shall gi va their several wr i tten consent thereto upon the recordBd minutes thereof. Until otherwise ordered, the regular place of meeting of the Board of Directors Bhall be at the office of the Company, at the City of Fort Collins, Larimer County, Colorado. Section IV. OFFICERS - EL'ill'ITON - E'IC. - The officer s of this oorporation shall be a Presiden t and Vice-President, who shall be chosen frorn the members of the Board of Direotors, and e Secretary and a Treesurer, who mayor may not be members of the Board of Directors or stockholders. The offices of' Secretary and TreaBUrer may, at the discretion of the Boe~d, be filled by one ~d the same person. Said officers shall be elected at the first meet- ing of the Board of Directors and shall hold office until the next annual meeting of the stockholders and until their successors are If