PROJ00404

• Contract/PO #: C150091
• Contractor Name: Silver Springs Trout Farm, Inc. & Daniel A. & Jacqueline P. Sherwood Trust
• Contract Type: Loan
• Water District: 41
• County: Mesa
• Bill Number: HB 02-1152
• Loan Projects - Doc Type: Feasibility Study

,

BYLAWS OF
SaVER SPRINGS TROUT FARM, INC.

Article I.
SHAREHOLDERS

1. ANNUAL SHAREHOLDERS' MEETING. The annual shareholders' meeting
shall be held on the date and at the time and place fixed from time to time by the board of
shareholders; provided, however, that the first annual meeting shall be held on a date that is
within six months after the close of the first fiscal year of the Corporation, and each successive
annual meeting shall be held on a date that is within the earlier of six months after the close of
the last fiscal year or fifteen months after the last annual meeting.

2. SPECIAL SHAREHOLDERS' MEETING. A special shareholders' meeting,
for any purpose or purposes, may be called by the board of shareholders or the president.

3. NOTICE TO SHAREHOLDERS.

a. The secretary shall give notice to shareholders of the date, time, and place
of each annual and special shareholders' meeting no fewer than three nor more than forty
days before the date of the meeting; except that, if the articles of incorporation are to be
amended to increase the number of authorized shares, at least thirty days' notice shall be
given. Except as otherwise required by the Colorado Business Corporation Act, the
secretary shall be required to give such notice only to shareholders entitled to vote at the
meeting.

b. Notice of an annual shareholders' meeting need not include a description
of the purpose or purposes for which the meeting is called unless a purpose of the
meeting is to consider an amendment to the articles of incorporation, a restatement of the
articles of incorporation, a plan of merger or share exchange, disposition of substantially
all of the property of the Corporation, consent by the Corporation to the disposition of
property by another entity, or dissolution of the Corporation.

c. Notice of a special shareholders' meeting shall include a description of the
purpose or purposes for which the meeting is called.

d. Notice of a shareholders' meeting shall be in writing and shall be given
by deposit in the United States mail, properly addressed to the shareholder's address
shown in the Corporation's current record of shareholders, first class postage prepaid,
and, if so given, shall be effective when mailed.

4. QUORUM. A majority of the votes entitled to be cast on the matter by the
voting group shall constitute a quorum of that voting group for action on t!,te matter. If a
quorum does not exist with respect to any voting group, the president or any shareholder or
proxy that is present at the meeting, whether or not a member of that voting group, may adjourn
the meeting to a different date, time, or place, and notice need not be given of the new date,