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<br />, ' , ..,."", O.ect1on 5. Detinition otto:rmlltockholder.
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<br />" :;:' ~i:;'..,::- ',:1:,: 'Tihon ths word IIli1hlU'oholder". the \\'Ord "shl1l'sholdere. 0, tho ' ,,'
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<br />,,:;'.',:,<;'>': ',:"word "stockholders". or the '\'I'ord Stockholder". is 'lGed in tho
<br />, . /",,' ' "~>'''.Articles ot Inoor:Porat1on or tho sa by-la1Vs. it sh'lll be taken
<br />, <",'.)',"..,,> ,".;to mean. until !!hares arc actually issuod. subscribers (or the
<br />>, ",::';,'. ":,1511coessor in intorest ,ot those who have subscribed) tor ,the
<br />, i>' ,:,', , '" ': stocle ot thiD Asaooiation. whose subscriptions have not for o.~ :'
<br />, ,'.':,' reason been osnoelled or the land tor which the IlUbseri:ptione'" '
<br />"/.<':,.., ~ere mMe have not boen excluded by the United ?tateagovern- '
<br />,.;'..,:,:'<.ment from the Grand Valley Projeot, ColoradO. '
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<br />'L>:" :,-!,":.";Ssction 6., Qu.wum. '
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<br />For the purpose of det9:tminin<; Ii quoI'Ulll only ahoral!! of out-
<br />standing otoole which are appurtenant to land olassod as productive
<br />, or pa;'7ing land 8S specified in Section 4 ot this article shall
<br />, bo coneidered. A majori ty of suctl: shares ot' outstal'ldin..~ stock
<br />unloss otho~nse provided in the Artioles of Incorporation or
<br />b::r tho la\'ls of the stato of' Colorndo shall be neooMlU'y to con-
<br />'''st1tuta a quorum at /:111 meetings of stockholders. Hhsn a quorum
<br />,', ,; i:l present at arr:r meeting a 'major! ty ot tho stock rel):t'ossnted
<br />,thereat unless otherwiso provided in the Articles ot Incorpora-
<br />',tion or by tho lawllot ,tho 5tl1to of Colerl'ldo, shall deoidelln;v
<br />:qttest1on brouq;ht before such meet1ll1!:. ' , '
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<br />Failure ot quorum.
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<br />. In the event no quorum :I.s present at en;v meeting the"
<br />Diroctors may call Mother meeting ot stoclcholdersDs soon as
<br />rel1l!onl1bly possible, provicled. however. nothiI1fr herein contained '.,' ,.,
<br />. .shall provent ~ mGet1ngwhen a quorum 18 not,prel!lont tr'JlA
<br />being odjournad tram time to ,time for the punposeot seourin<< 'I!,'
<br />quorum. ' ' " , ..: '
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<br />, ,.~,:K,:.,~> SectionS. Proxies. " ,,' , ,',,', '
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<br />.. ','.,:! ",:."'. krty stockholder entitled to ~ote maY' be :represented at ."
<br />" , ",:,...' IlllY rep,ullU' or special meeting ot stockholders 'by a duly,
<br />':,' '::,',;'Gxacutod proxy. Prold.es shall be in writing o.nd properly
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<br />,:':, ,.'.,:'-.""':,;, , : signed by:t shall require no other attestation. No proxies ,
<br />>c ' '.'; ,:~,"" ,',shall be recognized Ullless executed ,wi th1n elevenmonthsot the'
<br />,>" ~: >':;':' 'deteot ,the meet1ngat, whioh they 8.1'$, presented., ' '. ','
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