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<br />SECTION II. Eligibility. No person shall be <br />elected a member of the Board of Directors unless at the time of his <br />election he is a bona fide stockholder of the company or an employee <br />or designated representative of a stockholder. If at any time during <br />the term of office of any director, he shall cease to have the <br />qualifications prescribed, such office shall become vacant. <br /> <br />SECTION III. Term of Office. <br />shall enter upon their duties utJon <br />their offices for one year and until <br />qualified. <br /> <br />Members <br />their election, <br />their successors <br /> <br />of <br />and <br />are <br /> <br />the Board <br />shall hold <br />elected and <br /> <br />SECTION IV. Vacancies. Vacancies in the Board <br />of Directors shall be filled until the next annual election by the re- <br />maining members ,of the Board electing new directors to fill said <br />vacancies and such new directors so elected shall hold office until <br />the end of the term for which his predecessor in office was elected <br />for and until his successor is el~cted and qualified. <br /> <br />SECTION V. Compensation. Members of the Board shall <br />receive no compensation for their services as directors. <br /> <br />SECTION VI. Removal of Directors. Three-fourths of the <br />stockholders of the association may at any time, remove any director <br />from office and elect another to succeed him at any meeting, notice <br />thereof shall be given as provided by these By-laws. <br /> <br />SECTION VII. Director Me~tings. Meetings of the Board of Di- <br />rectors may be held on any day of any month during the year, and at <br />any hour and in any place designed by the president or secretary or <br />upon the request of two (2) board members, provided a written or <br />verbal notice of such meeting is given to each director. <br /> <br />SECTION VIII. Quorum. <br />Directors shall constitute a <br />but a less number may adjourn <br /> <br />A majority of the Board of <br />quorum for the transaction of business <br />any meeting finally or from day to day. <br /> <br />ARlICLE V <br />POWERS OF THE BOARD OF DIRECTORS <br /> <br />SECTION I. Delegation of Authority. The Board of Di- <br />rectors may from time to time delegate such authority as they deem <br />necessary or proper, to officers or agents of the company or to any <br />one or more of its members. <br /> <br />SECTION II. To Make Rules. The Board shall have <br />the power to make, publish and enforce rules and regulations concern- <br />ing the distribution, use and applications of the water under its con- <br />trol subject at all time to and not inconsistent with Articles of In- <br /> <br />- 3- <br />