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<br />I <br /> <br />B. <br /> <br />I <br /> <br />company and make a report thereon in writing to the board of directors <br /> <br />and to the next succeeding meeting of the stockholders. <br /> <br />I <br /> <br />Section 10. Employees. <br />The Board of Directors shall hire a ditchrider and other employees <br /> <br />I <br /> <br />deemed necessary and determine the length of the employment and the wages <br /> <br />they receive and may discharge any employee at any time. <br /> <br />I <br /> <br />ARTICLE V. CONTRACTS <br /> <br />Section 1. Contracts. <br /> <br />1 <br /> <br />No contract or contracts made by any officer of this company shall be <br /> <br />valid without the previous authorization or subsequent ratification of the <br /> <br />board of directors. <br /> <br />I <br /> <br />ARTICLE VI, LOANS <br /> <br />I <br /> <br />Section 1. Loans <br />The board of director~ may negotiate and make a loan to pay any legal <br />outstanding indebtedn@ss of said company and shall have authority to levy <br />assessments on the capital stock of the company for the purpose of paying <br />the principal and interest of this indebtedness. If security for the loan <br /> <br />1 <br /> <br />is required, a lien m~y be placed on the canal and other property of the <br /> <br />I <br /> <br />company. <br /> <br />ARTICI~ VII. EXECUTION OF INSTRUMENTS. <br /> <br />1 <br /> <br />Section 1. Indentures and notes <br /> <br />All deeds, contracts affecting real estate and similar instruments <br /> <br />I <br /> <br />executed on behalf of the company shall be signed by the president and by <br /> <br />the secretary, and when acknowledgement is required on its behalf, such <br /> <br />I <br /> <br />instruments shall be acknowledged by the president and secretary on <br /> <br />behalf of the company. Promisary notes shall be authorized by the board <br /> <br />of directors and signed by the president and secretary. In the event <br /> <br />I <br /> <br />the president is absent from the county or is unable to act, the vice- <br /> <br />president shall sign and acknowledge said instruments in place of the <br /> <br />1 <br /> <br />president. <br /> <br />ARTICLE VIII. CORPORATE SEAL <br /> <br />I <br /> <br />The corporate seal of the company shall consist of two concentric <br /> <br />circles with the words "The Farmers' Pawnee Canal Company" between said <br /> <br />I <br />t <br />\.... <br />I <br /> <br />circles and the word "Seal" in the center. <br /> <br />ARTICLE IX; AMENDMENT OF BY-LAWS <br /> <br />Section 1. Amendment of By-Laws. <br /> <br />The stockholders may alter or amend or revoke any or all of the by- <br /> <br />I <br /> <br />laws of the company or enact such new by-laws as shall be deemed proper <br /> <br /> <br />at any regular meeting of the stockholders or at a special meeting called <br /> <br />for that purpose, provided that. notice nf thR nronosed channR nr ~~~i~inn <br />