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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I, <br /> <br />4-16-1997 11 :SlAM <br /> <br />FROM STEAMBOATSPGSWATER 9708798169 <br /> <br />P.4 <br /> <br />ARTICLE VI - FINANCES <br /> <br />SECTION 1 - All funds of the Corporation shall be deposited to <br />draw a favorable rate of interest in a bank or other such <br />depository as authorized by the Board. <br /> <br />SECTION 2 - Annual dues will be collected for the purpose of <br />fundins maintenance, emergency repairs, and administrative <br />expenses. Dues shall be based on expenses incurred in ditch <br />maintenance and repairs and shall be dUe in September, and <br />delinquent after December 1st of each year. Delinquent dues <br />will be charqed interest at the rate of 1% per month until <br />paid. At the recommendation of the Board, a lien may he filed <br />against the property of delinquent users. <br /> <br />SECTION 3 - Special assessments to fund construction or other <br />major expenses may be determined necessary by the Board of <br />Directors. Any such assessments shall be approved by a <br />majority vote of the membership at the Annual Meeting or at a <br />special meeting. If the membership fails to approve the <br />recommended assessments, the Board of Directors shall have the <br />power to set special assessments as required for the continued <br />operation of the ditch. <br /> <br />SECTION 4 - The Board may authorize any officer or agent to <br />enter into any contract or eXecute and deliver any instrument <br />in the name of and on behalf of the corporation, and such <br />authority may be general or confined to specific instances. <br /> <br />SECTION 5 - No loans shall he contracted on behalf of the <br />Corporation and no evidence of indebtedness shall be issued in <br />its name unless authorized by the Board of Directors. The <br />purpose of said loan must have been approved by a vote of the <br />membership. Such authority may be general or confined to <br />specific instances_ <br /> <br />ARTICLE VII - NOMINATIONS AND ELECTIONS <br /> <br />SECTION 1 - The membership will elect the Board of Directors <br />at the Annual Meeting. Nominees may be made by a nominating <br />committee or may be made from the floor. <br /> <br />SECTION 2 - Each member in good standing is entitled to 1 <br />vote. <br /> <br />SECTION 3 - A majority of the voting membership, represented <br />in person of by proxy, including the Board members, will <br />constitute a quorum for conduction business. <br />