PROJ00338

• Contract/PO #: C153749
• Contractor Name: DeWeese-Dye Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 12
• County: Custer
• Bill Number: FSL
• Loan Projects - Doc Type: Feasibility Study

eICLE IV.

BOARD OF DI~C~S

SECTION 1. NUMBER. The corporation shall have a Board
constituted of five Directors.

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. SECTION 2. GENERAL POWERS. The business and affairs of
the corporation shall be managed by its Board of Directors.

SECTION
corporation shall
corporation.

3. QUALIFICATIONS. Each
be a shareholder in good

director
standing

of
with

this
the

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SECTION 4. TERMS.
three year term.

Directors shall be elected for a

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SECTION 5. REGULAR MEETINGS. A reqular meeting of the
Board of, Directors shall be held the first Monday of each month
and without other notice ~~an this by-law immediately after, and
at the same place as, the annual meeting of shareholders. The
Board of Directors may provide, by resolution, the time and place
for the holding of requla= meetings without other notice than
such resolution.

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SECTION 6. SPECI~ MEETINGS. Special meetings of the
Board of Directors may be called by or at the request of the
Preside~t or anv two directors. The oerson or oersons authorized
to call speciai meetings of the Board of Directors may fix the
place for holdi~g any special meeti~g of the Board of Directors
called by ~~em. In the event of a special meeting called en
account of an emergency s~ch as emergency ditch or rescr70ir
repair, th~ Board m~y be polled by telephone if possible.

SECTION 7. NOTICE. Notice of any special meeting shall
be given at least one day previously thereto by written notice
delivered personally or mailed to each director at his business
address. If mailed, such notice shall be deemed to be delivered
when deposited in the United States mail so addressed, with
postage thereon prepaid. Any director may waive notice of any
meeting. The attendance of a director at a meeting shall consti-
tute a waiver of notice of such meeting, except where a director
attends a meeting for the express purpose of objecting to the
transaction of any business because the meeting is not lawfully
called or convened. In the event of an emergency condition these
provisions for notice may be waived provided that, as soon as
possible following said emergency, each board member is given
appropriate notice of the meeting and of the vote or action taken
by the board.

SECTION 8. QUORUM. A majority of the number of direc-
tors shall constitute a quorum for the transaction of business at
any meeting of the Board of Directors. An act by the majority of
the directors present at a meeting at which a quorum is preser.t
shall be an act of the Board of Directors. If less than a

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