PROJ00543

• Contract/PO #: C153725
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Feasibility Study

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4,7. Quorum.

A majority of the number of Directors fixed by

these By-Laws shall constitute a quorum for the transaciion of

business.

The act of the majority of the Directors present at a

meeting at which a quorum is present shall be the act of the Board.
, 4.8. Loans. The Board shall have the following powe r wi th
respect to the lending of funds:
4.8.1. Generally. To lend mClney for any of the purposes
set forth in the Articles of Incorporation; to invest the funds of
the Corporation from time to time; and to take and hold real and per-
sonal property as security for the pa:{ment of funds so loaned or

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invested,

4.8.2. To Employees. To lend money to and otherwise ~ssist

its employees.
4.9. Removal.

Any' Di rector may be removed from office, ei the r

with or without cause, at any tim~. Another person may be elected to

that place to serve for the remainder of that term.

This election

may be made at any special meeting of shareholders called for this
purpose, by vote of a majority of all of the Shares outstanding and

entitled to vote.

Vacancies not fillE!d by shareholders at such a

meeting may be filled by the Directors as provided above.

4.10. Executive Committee.

The Board shall hav~ the authority

by resolution adopted by a majority of the whole Board to designate

two or more of their number as an Executive Committe~ in the manner

provided by C.R.S. Section 7-5-107, Repl. Vol. 1986,

ARTICLE V - OFFICERS

5,1. Officers. The officers of the Corporation Shall consist of

a President, Secretary, Treasurer, and as many Vice Presidents and

such other officers and assistant of:Eicers and agents as may be

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