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<br />. <br /> <br />. <br /> <br />at, or after the time stated therein, shall be equivalent to the <br /> <br />giving of such notice. <br /> <br />4. At every annual or special meeting the President shall <br /> <br /> <br />preside; and the President shall appoint two (2) stockholders <br /> <br /> <br />from those present to act as inspectors of any election held.. <br /> <br /> <br />Stockholders shall be entitled, in person or by proxy, to one <br /> <br /> <br />vote per each share Of stock held by them. After closing the <br /> <br /> <br />polls, the inspectors shall make a report in writing to the <br /> <br /> <br />President of the names of the voters and the number of votes cast <br /> <br />and the number of votes received by each candidate. Whereupon <br /> <br />the President shall declare the three persons having received the <br /> <br />highest number of votes to be the persons elected as Trustees for <br /> <br />the ensuing year. In case of failure to elect all of said three <br /> <br /> <br />(3) Trustees, another ballot shall be taken immediately which <br /> <br /> <br />procedure shall be followed until the Board of Trustees is <br /> <br /> <br />filled. In case of failure to elect a new Board of three <br /> <br />Trustees the incumbent officers shall hold their offices until <br /> <br />their successors are elected and qualified. <br /> <br />5. A majority of the outstanding shares entitled to vote, <br /> <br />represented in person or by proxy, shall constitute a quorum at a <br /> <br />meeting of shareholders. If a quorum is not present, the meeting <br /> <br /> <br />may be adjourned by the affirmative vote of the majority of the <br /> <br /> <br />shares represented at the meeting and entitled to vote. <br /> <br /> <br />Adjournment shall be to a day and time certain but anyone <br /> <br />adjournment shall be for a period not to exceed sixty days. <br /> <br />6. The order of business at the annual meetings and at all <br /> <br /> <br />special meetings, a5 far as possible, of the stockholders shall <br /> <br />be as follows: <br /> <br />1. Call meeting to order by President. <br />2. Reading and disposal of any unapproved minutes. <br />3. Treasurer's report. <br />4. Appointment of election inspectors by the President. <br />5. Reports of officers and committees. <br />6. Unfinished business. <br />7. Election of Trustees. <br />8. New business and levy of assessments. <br />9. Adjournment. <br /> <br />5 <br />