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.~>./. I I I I I I I I I I I I I I I I I I I ARTICLE XI Regular meetings of the Board shall be held monthly at a time and place designated by the Board. Special meetings may be held at any time and place, Notice of the time and place of all special meetings shall be given by the President or Secretary to each Trustee not later than three days prior to the date set for the special meeting. At all meetings of the Trustees, three shall constitute a quorum, ARTICLE XII The Trustees are authorized to make all contracts which they deem necessary for carrying out the business of the Company, The Trustees shall cause a memorandum of any such contract to be recorded in the minutes of the Trustee's's meeting at which the contract is approved, All such contracts, when so made and entered in the minutes, shall be signed by the President on behalf of the Company, ARTICLE XIII Shares of stock in the Company may be transferred by the owner thereof by surrendering the certificate therefor to the secretary together with an order of transfer for the number of shares to be transferred. Any stockholder whose stock certificate has been lost, mislaid, or destroyed may have a duplicate certificate issued in accordance with the provisions of the statutes of the State of Colorado. ARTICLE XIV The smallest fraction of a share of stock which will be transferred on the books of the Company and delivered to anyone headgate shall be one quarter share. ARTICLE XV The waters diverted under the water rights of the Company shall be delivered solely through the Highland Ditch System and shall be used exclusively for irrigation purposes on and for the benefit of lands served by the Highland Ditch system which are owned by the stockholders of the Company. ARTICLE XVI All water stored in the reservoirs of the Company at the end of at the end of any calendar year shall become the property of the Company and shall be divided equally among the stockholders during the next irrigating season,