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. . S~ction 9. Exoense ApProval. The ~ills, payrolls, VOuchers and items Of expense against th~ company shall be submitted for allow- ance and approval to the Board of Directors after first having been. approved by the Chairman of the Construction Committee, unless dis- pensed with by the Board. Three directors shall have authority to. approve the payment of the company's bills pursuant to Article III, Section 6, hereof. S&ction 10. Superintendent. A superintendent shall be appointed by the Board of Direc~ors. It shall be the duty of the ~uperintendent to hire and direct all labo~ and to superintend the operations and business of the company as they pertain to the system of ditches and canals of the company, subject to the direction and Control of the Board of Directors. The superintendent shall have the direct management of the irrigation sy~tem. He shall divide the water from the can6ls to all persons entitled to receive the same &ccording to their respective stock as certified to him from time to time by the secretary of the company, and to discharge all his other duties pertaining to his said office as may be from time to time prescribed by the Board of Directors, and to make correct returns to the Board of all persons hired and employed on the canals or else- where in the interest and in the behalf of the company, a statement Of the wages, at such stated periods as may be prescribed by the rules of the company. ARTICLE V ~ Section 1. Certificates. (a) The shares of stock shall be. represented by con- secutively numbered c~rtificates signed in the name of the corpora- tion bY the president or vice president ana the secretary or an assist- ant secr~tary, and shall be sealed with th~ seal of the co~poration Or with a facsimile thereof. In case any officer who has signed such Certificate shall hav~ ceased to be such officer before such certifi- Cate is issued, it may be issued by the co~oration With the same effect as if he were such officer at the date of its issue. No certi- ficate shall be issueQ until the shares reprepented thereby are fully paid. (b) EaCh certificate shall exp~ess on its f~ce its number, the date of i$suance, the number and class of shares issued and the person or per$ons to whom it was issued. Several certificates may be issued to the, $ame person or persons, provided that in the aggregate they do not exceed the shares belonging to such person or persons. The certifi~ate books shall contain a marginal stub upon which shall be ent~eQ the numbe~. date anQ class of sharep and the names of the person o~ persons expressed in the corresponding certi- ficate. (c) ~o certificate of stock shall be issued for less than one (1) share anQ no fractional shares shall be issued. Section 2. ~ransfer of Shares. ~ (a) Ce~tificates of stock, when issued, shall be issued as fully paid stock, no par value. Such shares of stock m~y be trans- ferred at any time py the person or persons n~med thereon. UpOb sur- render to the corporation or to ~ designated officer of the corpora~ tion of a certificate of stock duly endorsed or accompanied by proper evidence of succession,. assignment or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the per- Son entitled thereto, ~Ld to cancel the old certificate. Every such transfer of stock shall be entered on the stock books of the co~ora- tion which shall be kept at its principal office or by its registrar duly appointed. Such transfer shall not be valid or binding Upon the ~orporation until the same shall have been noted in its proper form on the books Of the company. -8-