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SECTION IV. Notice of Meeting. Public notice of all annual and special meetings of the stockholders shall be published at least once, not more than thirty (30) days and at least ten (10) days, prior to the date fixed for said meeting in a newspaper printed in Bent County, and by delivering personally to each stockholder or depositing in the post office at least thirty (30) days before such meeting a copy of said notice, addressed to each stockholder entitled to vote thereat, signed by the p~esident or the secretary-treasurer, stating the time (and in the case of special meetings, the objects) of said meeting and no business shall be transacted at any special meeting except such as shall be mentioned in said notice. Whenever any notice is required to be given under the provisions of these By- Laws, a waiver thereof in writing, signed by the person or persons en- titled to said notice, whether before, at or after the stated time therein, shall be deemed equivalent to such notice. SECTION V. Quorum, A majority of the stock is- sued and outstanding represented by shareholders present either in person or by proxy shall be nece~sary to constitute a quorum for the transaction of business at all me~tings. SECTION VI. Proxie~. At any meeting of stockhold- ers each shareholder shall be entitled to cast one vote for each share of stock of which he has been tne owner of record for at least ten (10) days prior to such meeting. Such votes may be cast in person or by proxy. Every proxy shall be ~n writing, signed by the shareholder and filed with the secretary-treasurer. SECTION VII. Adjournment. If a majority of the voting stock shall not be represented at any annual or special meeting of the stockholders, or if a majority of the voting stock represented at any annual or special meet~ng votes ~n favor thereof, such meeting may be adj ourned for a period not to exceed sixty (60) days at anyone adjournment. i ARTICLE IV BOARD OF DIRECTORS SECTION I. Directors. The Board of Directors, which shall be five (5) in number, shall b~ elected at each annual meeting of the stockholders by a plurality vote. In all elections for directors, each stockholder shall have the right to vote in person or by proxy the number of shares standing in his name for as many persons as there are directors to be elected, or to cumulate said shares and give one candidate as many votes as the number of directors multiplied by the number of his shares of stock shall equal, or to distribute them on the same principle among as many candidates as he shall deem fit. - 2-