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<br />RECORD OF PROOEEDINGS
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<br />100 Leaves
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<br />of Trustees. lTpon the exie~ance of a vacancy in the Board th~ re!';l.'3.in-
<br />ing m~mberB of the Board at a meeting at which ~ll are rrceent,shall have
<br />power to elect another Dtockholder to fill said vacRnc~,rrcvine1 a maj-
<br />ority of the re~qining members of the Bour~ shell concur in filling such
<br />vac:mcy.
<br />Section 3... Regular ~e~tingB of th~ Bear.l of Tru€tees shall be
<br />held on tho firet Monday in each Month at tho Office of the Secretary of
<br />the Company in Kp-rsey,Colorado. ,For ouch reeu1ar ~~cting5 ~o notice
<br />need b! slven. At 611Y regular meeting A majority of the Tru~tess shall
<br />constitute a '1l1-:>ruIt for the trflnea.::tion of an~.t 'b'J.sin1Be GXC~pt th'? ~Xr1)}-
<br />cion of ~_ Trustee or. election to fill a v:t00ncy. Any regular meetinG
<br />of the Board may be arljlJurned to !l certain tiMe wi thout any notice c~i!1~
<br />given of the adjourned meeting.
<br />Section 4. .,- Sf-'~cial rne~t:~ge of the Board of Trustees l'i13.y be
<br />he18 ~t any tjme on two daYH notiC~ being given by m~il to each Tru~tee,
<br />rroviriAd a epecial tJeetini: at whiCh all the. iilemberfl !ire preElent sh::111 be
<br />valid,prcvid~l the 3bsent ffiambers subsequently give th9ir written COIlsent
<br />t-:l the e,cticn of su.~b rn'Jettng.
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<br />eOAH;J O~ TRlISTE"8, row~1\ OF'.
<br />Section 5. - The Board of Trustens eh~ll h~ve full control,ro~~r
<br />an:1 authority to transact 1111 business o~ the Corporation :::\nrl. arr"mg otner
<br />t!lings, - a- To call speciul meetingA of the Stockholders on notic'9 r~-
<br />quirp.d by La'!'.
<br />b. - To :.lppoint and rerr;CTiC at pleaeure,all emrlo~rees,offi.::t)re
<br />or AeAnto of th':'! Gon'p~ny,'presr::rib~ th~ir duties and Ii;;;: their compen-
<br />sation.
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<br />e. -
<br />d. -
<br />necessary to
<br />t;ecurity for
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<br />To ridor C,:l'l1end v.:" r~;r"Jal b~r-lawB. \.......~
<br />To i!lcur anJ c0ntr8.ct iniebtedneS9 of th~ COIT,pany when
<br />car!"", on i ts ~')rr,orate obj ect ::tn'l power and to authorize
<br />ind~bted.nesEl on the property of the Cor~pi'lny.
<br />To dup~Tvie~ all acts of Officers anJ emploY98 of ~~e
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<br />9.-
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<br />Company.
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<br />f.- Te 3uclit,o:ljl\8t ani authorize payment of all bills and
<br />~arrante again€t th~ Company.
<br />g. - Gener~lly to do an1.p~rform all acts necessary to fully
<br />manage and cnrry on the buaineaf3 of tlie Company.
<br />'iTOCKllOLDF,RfJ MF:1i;TING.
<br />Section 6. - Hegular annual mec:'lti!1&;s of lh,,; P:tockhoL1.:,l'e. for
<br />the election of Trustees, to levy aS8e6em~nte on Stock and any other busi-
<br />nee a which can lawfully be transacted at such ~ecting8,ehall be held at
<br />the Office of th~ secretary of the Oompany in the Town of Lereey,Weld
<br />Count y,lJolorado, at the hour of 1: aO f..M.on tll..~ l:\bcond ?-lon(iA.Y tn F'p.t.ruary
<br />of each and ev~ry )'t~:3r. l~otice of t:luch mef~tiIlg8 ahall be r;iv.;:n by
<br />th~ t-ecretary ae ro~uir'9d by L~w. A majority of th; 0Ltetanding etBre~~
<br />of the Oc~pany "hall be pre,ent at such meetinge,in p'~oon or by proxy
<br />to constitute d quoluffi.I-,rovi1",='.i '1 J::t?f3f)r n'Jl:lb'Sr may have rower to ad~ourn
<br />to a certain time,not less than thirty days nor more than sixty daYd in
<br />which C(1se legal notic~ must be given of the adjourned Dl eting as r"'1uired
<br />by Law. At .g.ny 8tockbold-;to me~ting} the owner of ~ach share or fjtcck,
<br />on rrccount thereof,be entitled to onc vote. Wh~n Stock i& Mort,~~~ed
<br />or pl"'!ctged or otherwise UtH~d EB collat~ral :::_1':!C11ri ty, th9 o'.vn~r of the equi-
<br />ty Sh311 'o-J m;~trcrt7.eri tr'"J t!ot(! the sall1s,provio.cu. if the '..:c1ui'ty ovmer is
<br />not rr"!'3ent in person or by proxy} th~ }.\or~e;flge, l'ledgec or Truetee or hold-
<br />er of the l~gal titl~ to 8aii Stock may vote th~ ~aMe.
<br />At reg~).l!3r ')r e.djourned annual Stockholders meetings at ncc.r~
<br />I')f Trust8es shall bp electsd for the; ~llf.Tjl'g corl'Or;:..t6 y(~ar un;i until
<br />their S\lCCeS8ore are elected and ctlnljfied.
<br />An aHsS~Bmsnt Ehall b~ m~~~ on each share of Stock of th~ Gom-
<br />p-:my to::; kf1er the prop"'rty of the Comrany in r-=:I''1,ir".\f! t for 8uperinten-
<br />d'?n~~,m9 intFtinen08 r.~j)_l otho:-r l~_wful purpof:l~e for '.'i:....i(!l, fur.de arp, r~quil'c;,.
<br />S~~~tior.:. 7. .~ R,':\c;hd me8t.inf,':; O!' s:tockhoIC:~n; may b,-~ oalled by
<br />th~ t':OfP"..l cf rrl1~~t~<:'] ",:-.:, ::""801'J-I..:i0f- P~'-,,::~d ~7 ryny :;..~.c...J.p..r fl'lA"'ltin!3 rl;'_~l'eo.t,
<br />or Dlay 'Or. m9.y" oth~rwi8e' be callr;d ~.s rr'ovit~<,;'d by Stat'ufe in' tllat. be11alf.
<br />~oti~e of ~rpcial Stockho11era ~petin~s ahall ba given by tile
<br />Rf'C!'P.t::1TY or T'ree i(hmt in the sarn.] r..8.nner and for the dar.l~ time rAquired
<br />for annu~l St0ckholJ~rB ~e~tings.
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