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<br />I <br /> <br />?~ct~on 4, Voting <br /> <br />4, <br /> <br />I <br /> <br />~ach stockholder will be entitled to as many votes as he owns shares <br /> <br /> <br />~t stock. Cumulative voting will not be allowed. <br /> <br />I <br /> <br />Section 5. Adjournment <br /> <br />If a majority of the stock issued and outstanding shall not be <br /> <br />I <br /> <br />represented at any meeting, such meeting may be adjourned from time to <br /> <br />time by the stockholders present for a period of not exceeding thirty <br /> <br />I <br /> <br />days at anyone adjournment, until a meeting shall be held at which a <br /> <br />majority of the stock is represented;and a meeting of the stockholders <br /> <br />I <br /> <br />may adjourn from time to time until its business is completed. <br /> <br />ARTICLE III DIRECTORS <br /> <br />I <br /> <br />Section 1. Number and Election. <br /> <br />The affairs and management of the company shall be under the control <br /> <br />I <br /> <br />of a board of six directors who shall be elected at the annual meetings <br /> <br />of the stockholders of the company and they shall serve until their <br /> <br />successors shall be duly chosen and shall qualify , and no person shall be <br /> <br />I <br /> <br />qualified as a director who is not a stockholder pf the company. Officers <br /> <br />~f corporations holding stock in the company shailll be eligible to serve <br /> <br />I <br /> <br />as directors but ony one director may come from anyone corporation. <br /> <br />Se"ction" 2. Districts. <br /> <br />I <br /> <br />The ditch shall ~e divided into three districts, the upper district, <br /> <br />to be known as District No.1, the lower district to be known as District <br /> <br />I <br /> <br />No. 3 and the middle district to be known as District No.2. The upper <br /> <br />district shall compriGe all headgates lying above or south of the road <br /> <br />I <br /> <br />running west out of Atwood to Willard. The lower district shall comprise <br /> <br />all headgates lying below or North of Highway #14. And the middle <br /> <br />I <br /> <br />district shall compri$e all headgates lying between these two roadways. <br /> <br />Section <br /> <br />3. Terms of Directors <br /> <br />I <br /> <br />At the stockholders meeting on January 31, 1959,tMe directors shall <br /> <br />be elected from each district, one or a term of one year and the other <br /> <br />I <br /> <br />for a term of two years. At annual meetings after January 31, 1959, one <br /> <br />director shall be elected from each district for a term of two years. <br /> <br />All stockholders will be entitled to vote for directors from each district. <br /> <br />- <br />'- <br />I <br /> <br />If a stockholder has a farm in two or all three of the districts, he may <br /> <br />serve as a director from anyone of the districts in which he has a farm, <br /> <br />but he can only serve as a representative of one specific district at any <br /> <br />one time. A complete board of directors must be composed of two <br /> <br />I <br /> <br />representatives from each district. <br />