PROJ00288

• Contract/PO #: C153825
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Water District: 64
• County: Logan
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

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5.

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Section 4. Vacancies

When any vaca~y shall occur among the directors by death, resignatior

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or otherwise, it shall be filled by a vote of the remaini~ directors,

or if only three or less remain, then a special meeting of the

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stockholders shall be called to fill such vacancies. The new
H
~ director must come from the district losing its representative.

~ection 5. Meetings.

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The regular meeting of the board of directors for the election of

officers and for the transaction of any business of the company shall be

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held each year immediately following the annual meeting of the stockholders
Special meetings of the board of directors may be called at any time by

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the president or by a majority of the members of the board. l~otice of

the time, and place of special meetings shall be given to each director

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orally or in writing not less than twenty-four hours previous to the time

f~xed for the meeting. If an emergency should arise, a meeting may be

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called on shorter notice, if four members of the board of directors are

present at the meeting or waive notice of the meeting.

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Section 6. Quorum

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Four members of the board of directors shall constitute a quorum
and a majority of tho5e in attendance shall govern.

Section 7. Assessment5.

The Board of Directors shall levy assessments on the capital stock of

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the company they deem necessary for the maintenance, operation.and

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protection of the property of the company and all assessments shall be
payable within thirty days from the date of levy, and, if not paid within
the thirty days, shall draw 20 ~ tnterest from the date of levy.

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The secretary shall mail notices of these assessments to each

stockholder, or the legal representative of each stockholder of

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the company.

Section 8. Sale of delinquent stock.

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At the option of the Board of Directors the stock of any stockholder

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who has failed to pay any assessment or assessrnent.s or any part thereof,

may be sold after thirty days written notice and demand that the same be

paid, said notice may be served upon the stockholder either personally

or by registered mail and the certificate of the secretary of the fact of

such service shall be sufficient evidence thereof.

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After the expiration of the 30 days, the secretary shall publish a

notice of the sale of said stock in a newspaper published in Sterling,