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<br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />iogs, both regular and special, shall be presided over by a chairman elected <br />by the stockholders prescnt from their number. <br /> <br />ARTICLE II <br /> <br />Board of Directors <br /> <br />SECTION 1 __ Term: The members of the board of directors shall hold their <br />offices for the ~o( one year and until their successors shall have been <br />elected and shall have entered upon the duties of their offices. <br /> <br />SECTION 2 __ Vacancies: Should any vacancy occur in the board oC directors, <br />by death, resignation or otherwise, a majority of the remaining directors shall <br />have the power to fill the vacancy for the balance of the term by electing some <br />one who shall be a I!Jlockholder to 8CTVC Cor the balnnce of the term in which the <br />vacancy occurs. <br /> <br />SECTION 3 __ Duties: The board of directors shall have the whole charge, super- <br />vision and management of the property, business and aHairs of the company. shall <br />audit or cause to b,c audited all books and accounts of thc Company, shall examine <br /><lnd pass upon all bills ag;linst the Company and shall causc to be filed in the office <br />of the secretary all bills, vouchers', accounts and other evidences of debt to or of <br />the Company. No bill, account, or voucher shall be paid by the Company until <br />audited and approved by the board of directors, unless otherwise specially ordered <br />by said board. The board of dir~ctors shall each employ such agents of the Com- <br />pany as may be necessary. shall fix the salaries of thc same and of thc officers o! <br />the Company and shall transact antI supervise all of the business of the Company <br />in such manner as it may deem to b.c [or the best interest of the Company. <br /> <br />SECTION 4: The board shall have power, in the absencc of the prcsident or vice- <br />president at meetings o! the board, to a'ppoint a chairman pro tcm, and during the <br />prolonged absencc of the president or any other officer, or of a member of the <br />board, to declare the office vacant and appoint a successor who shall hold during <br />the pleasure o[ the board. <br /> <br />SECTION 5 __ Quorum: A majority of all of the members of the board shall con- <br />stitute a quorum, but a less ,number than a quorum may adjourn from day to day <br />or from time to time until a quorwn is present. <br /> <br />SECTION 6: The President shall be a member of the board of directors and shall <br />have the same right to vote as other members o! the board. <br /> <br />SECTION 7 __ Transfer of Stock: The board of directors shall make all need!ul <br />rules for the transfer o{thc;tOCk of the Company and {or the issuance of certi- <br />ficates of stock in the first instance. It shall require such proof of ownership of <br />such stock from persons claiming. the same as it shall in its discretion prescribe. <br />It shall adopt such rules as in its judgmcnt may be necessary !or the, safe and <br />proper conduct of the aHairs of the Company, and for the construction, repair <br />and operation of the company's system, including the delivery o('watcr therefrom. <br />to stockholders' entitled to the same. <br /> <br />\ <br /> <br />SECTION 8 __ Financial Stntemcnt: At each annual meeting of the stockholders <br />the board of directors shall cause to be presented a general financial statement <br /> <br />-2- <br />