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. /' BY-LAWS (IF THE JACKSOO LAKE RESERVOIR AND IRRIGATION COlIPANY ARTI CLE 1. Board ofD.irectors . Section 1. The Board of. Directors of the company shall consist ot tive members who shall he stockholders of the company and for that oortion of the first year of the existenCe of the :c~pany until the first annual meeting for election of. directors and until their successors are duly elected shall consist of the five persons named in the Articles of Incorporation. Provided, however, if any member of the board shall fail to obtain stock in the company or shall fail or refuse to perform the duties thereof, he shall cease to be a director and a majority of the remaining memhers of the Board at a meetinA thereof may fill the vacancies by election. Thereafter the Board of Directors shall be elected annually at the Annual Stockholders ~eeting by a majority vote of the stockholders present at such meetinA and shall hold office until the next succeeding annual election or until their successors are elected and qualified. . Section 2. The Board of "Directors shall have full control and authority over the corporate ~roperty and shall have power. . First: to call special meetings of the stockholders whenever they deem it necessary. Second: to appoint and remove at pleasure all emoloyees "all agents of the comoany, prescribe their duties and fix their compensation. Third: to make such rules and rep,ulations not inconsistent with the laws of. the State of Colorado or the Articles of Incorporation of the company for the Auidance of the officers and management of the employees of the comoany as from time to time they may deem expedient. Fourth: to enforce the payment of all assessments authorized and made by our stockholders from time to time for the proper operation, repairs, and maintenance of said company's property and pay all necessary exnenditures within the objects and pUIposes of the company and to enforce the payment of any such assessments by forfeiture and sale of the stock of a delinquent by refusing to "allow the party or parties who should pay the same to receive any benefits or privileges thereunder until the same is paid and by enforcing any reasonable penalty.for its non-payment ~men due in order to cause ~ro~pt action in the .p~yment of the same by declaring all forfeitures if deemed advisable or by actions at law where they deem the same necessary. . Fifth: to incur such indebtedness as they deem necessary for carrying out the object and puroose of the company and for such purpose to authorize the execution of the note of the company and necessary means for securing the same. Sixth: to cause to be kept a complete record of all their meetin~s and acts and also the proceedin~s of the stockholders. .