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ARTICLE IV tors a fixed sum of expenses of attendance may be allowed for attendance at such meet- ing of the Board of Directors. Directors Section 5. Rules and Regulations. The Board of Directors shall have power .to make and adopt such rules and regulations not incon- sistent wIth law, the certificate of Incor.pora- tianor these by-laws. as they may deem advIs- able for the management, administrllition and regulation of the business and affaIrs of the corporatian. And no debt shall be contracted against the corporation except by order of the Board of Directore. Section 1. General Powers. As pravided in the articles of incorporation, the business and af'fairs of the corporation shall be man- aged by a board of seven (7) directo.rs. which shall exercise all uhe powers of the corporation except such as are by law or the certificate lOf incorporation ar these by laws canferred upon or reserved to' the stackhalders. Section 2. Qualification and Tenure. A baard af seven (7) dlrectars shall be elected annually at the stockholders' meeting called for such purpase and shall serve until their tmccessors shall have been elected and quali- fied. '" Directars shall, be stockholders af the corplOration and property owners of uhe area served by the ditches and reservoirs of the campany. Section 6. AccOlUnting System. The Board of Directors shall cause to be establlshed and maintained. a complete accounting system of the ,finances of the carponation: all accaunts ,of the c:orparation,.shall be ;audited annually. by a committee of not Ie... than three appointed by the board of directors, or an auditor, and a report thereof -submitted to the stockholders at the annual meeting. Section 3. Vacancies. Vacancies occur- ring In the Baard of Directars shall be filled by a majority of the remaining directors, and directars thus elected shall serve until the next annual meeting of the stockholders, or until their successars shall have been elected and qualified. Section 7. Meetings of Directors. A regu- l;Lr meeting of the Baard of Directors !lhaIl be held withaut notice other than this by-law. im- mediately after the annual meeting of stack- ha1ders. Section 4. Compensati.on. Directors as such shall na,t receive any salary for their ser- vices. but by reoo1ution of the Board of Direc- 6' Secti,on B. Special Meetings. Special meet- ings af .the Board af Directars may be called by the ,president or any twO' directars. Notice af the time. place and purpose af any special meeting of the Board af Directors shall be 7