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.~ ".", . . To have. and exercise any and all powers permitted by law with respect to non-profit corporations pursuant to Article 24 of Chapter 31 of the Colorado Revised Statutes 1963 (Supp, 1967) as amended or as may be hereafter amended, ARTICLE V Board of Dlrectors and Officers The control and management of the business and affairs of this Corporation shall be vested in th~ Board of Directors, The Board of Directors shall consist of ten persons, or such other number as may be determined from time to time by tIle By- Laws. The officers shall be a President, Vice~President. Secretary and a Treasurer, each of whom shall be a separate person and shall be qualified and elected in such manner and for such term as pro- vided by the By'Laws. If a vacancy shall occur in the office of a Director, the remaining directors may appoint any qualified member to fill such vacancy. by a majority vote of the remaining directors, and the appointee shall then hold office for the remainder of the unexpired term and until a successor shall have been elected and qualified, The officers and initial members of the Board of Directors who shall serve until their successors are duly elected and qualified in accordance With,;;:Y~~aws shaJJ7be: , Presiden~ ,,'ie-..oc!)J<'~c---""~- Jake O. Broyles I ~- Vice-pre~'iden~p...// ::::::::: 1;, ;r:;:1!"r Herb Reyher Ernest HofmeisteJ Ge:1e Ear.u::i t ARTICLE n Charges and Assessme~ts The Board or Directors shall establish a minuQum annual water assessment. Tile Board of Directors, whenever deemed necessary, shall review the established assessment and based upon consideration '0: the expenses of operation and maintenance, repaYment of indebtness, denreciation and establishment of a proper reserve fund, and the an~icipated amount of such costs during the coming year, shall make any proper revision of such assessment. It" :ll' ;lll)' tjllH~ dUI'inl~ the ri~;c:11 Yl:;Ii' it ;11'I,r';jI":. jl, lIJ''': ill\l"l:lCllt oJ' l"hl~ Ihl;ll'd or Ilircc.:tor:--; thar tll('~ :1111011111 III lIe derived '[1'0;;; t;le collection or W<ltcr <lS:--;CS:illl(,':J1t:~ dllrillg ;..IJCII l"i:;c;ll Yt.::Jr will be insufficient for the pay~ent of all costs illCiJCllt to tl1C operation and maintenance of tlle Corporation's .s)'stcm and.pay~ent of tIle Corporationrs CUTrent indebtedness, t]lC Board of DJrcctors s]la11 make and levy an asscss~ent upon cae]l nlcmbcr so tll:lt t]lC tot:11 of such assessment is sufficient to fully pay the costs of t]lC opera- tion and payments on said curTent indebtedness. A py'oportionate 3