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. ,g) . Co (:I ---,,-- --.. Section 2. Special Stockholders' Meetin~. A special meeting of the stockholders may be called at any time on such notice as is provided by law for the consideration of any matter requiring the action of the stockholders. Section,. Directors' Meetin~.. Meetings of the board of directors may be called at any time at the request of the President, or any two directors, by giving at least twenty-four hours notice to the other directors of the time, place and purpose of the meeting. Regular monthly meetings of the board may be held during the irrigation sea~on, at .such times as may be determined upon by resolution of the board, ----- . ................. ............ , -- ARTICLE VII. QUORUM A majority of the issued and outstanding stock of the Company represented either in person or by duly authenticated proxies, shail constitute a quorum of stockholders. A majority of the board of directors ohall conGtitute a quorum of the board of directors. ARTICLE VIII, C'ERTIFICATES OF STOCK Section 1. Certificates of stock shall be issued to every bona fide present member of The Terrace Irrigation District in the proportion of one share to each sixteen acres of land now owned by such member, and included in and entitled to water from the irrign- tion system of The, Terrace Irrigation District, upon satisfactory showing of ownership and the payment of all delinquent irrigation district taxes and assessments then outstanding ngainst such lands. Section 2. Each certificate of stock of this company shall entitle the holder thereof to receive from the irrigation system of the company, nn amount of water for irrigntion nnd other bene- ficial purposes, in the Same ratio as one shure of stock bears to the total number of shares of stock then issued by the company nnd outstandinG. " Section 3. CertificQtes of stock shall be signed by the president and secretary, and each certificate shall express on its face the date of issue, the number of shares for which said certi- ficate is issued, the person or persons to whom the same is issued, and on the back thereof the description of the lands for and on account of which such certificate of stock is issued. Sevoral certificates may be issued to the snrne person or persons, providing that in the aggregate the number of shares so issued shall not exceed the number of shares so belonging to such person or persons. Section 4. The secretary shall keep a stock ledger and true account of all shares issued and received by the company, ill nccordance with the statutes of the State of Colorado. -3-