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<br />request of the stockholders holding one-fourth (I/4th) of the stock of the said <br />company; provided, however, notice of such meeting be given to each stockholder' at <br />least thirty (30) days prior to the date of said meeting, and notice published In a <br />newspap..r at least ten (10) days before the date of said meeting. Notice of all <br />meetings shall be made by mall, or by personal service, as well as by publication as <br />above mentioned. <br /> <br />SECTION 3: A quorum of the stockholders of The Sterling Irrigation Company <br />shall consist In a majority of the stock. Such majority shall have power to <br />transact business. <br /> <br />. <br /> <br />It shall require at least four (4) of the board of directors at any meeting of <br />the board of directors to constitute a quorum to do business. <br /> <br />SECTION 4: Meetings of the board of directors shall be held at any time upon <br />ten (10) days notice thereof to the several directors, such notice to be served <br />personally or by mall directed to the proper address of such director and postage <br />prepaid. 1 <br /> <br />In case of emergency, however, the board of dlrp.ctors may meet Immediately. A <br />notice of such meeting will be sufficient If reasonable time Is allowed for the <br />director to be present, and such notice may be served personally or my mall. <br /> <br />ARTICLE III - ELECTIONS <br /> <br />. <br /> <br />SECTION I: Election of the board of directors shall take place at the annual <br />meeting of the stockholders of the company, whether held at the time specified In <br />the by-laws, or at any subsequent time, pursuant to the provisions of Article II, <br />Section 2. <br /> <br />SECTION 2: In case any vacancy shall occur in the board of directors on <br />account of the death, resignation or permanent disability of any member, such <br />vacancy may be filled by election at any regular or special meeting of the board of <br />directors. <br /> <br />ARTICLE IV - ASSESSMENTS ON CAPITAL STOCK AND THE COLLECTION THEREOF <br /> <br />. <br /> <br />SECTION I: All assessments for every purposp. necessary for the operation and <br />maintenance of The Sterling Irrigation Company, and Its property, shall be levied by <br />the stockholdp.rs at the annual or any special meeting of said stockholders, and such <br />levy shall be payable within thirty (30) days from the date of the call by order of <br />directors, and the secretary shall give notice t~ each stockholder of such <br />assessment either by publication or otherwise. In the event of the failure of the <br />stockholders to levy an assessment, such levy may be ma~e by the board of dlr..ctors <br />to meet the necessary expenses of the operation and maintenance of said company. <br />(This portion of Section I was originally amended by the stockholders in the <br />stockholders' meeting of February 3, 1923, and was further amended in Its present <br />form by the directors in the board of directors' meeting of July 28, I982.) <br /> <br />In the event that said assessments are not paid within thirty (30) days from <br />the date that the notice of call declares said assessments to 'be due, a minimum <br />penalty of $1.00 per share shall be due and owing at once, said minimum penalty to <br />remain at that amount for a period of one (I) month from said due date, and the <br />water may b.. shut off, and If the same is not paid within t..n (10) months, the board <br />of directors shall have power to offer said stock for sale at the annual <br />stockholders' meeting, giving notice of such sale at the time of notice of said <br />meeting. (This portion of Section I was amended In Its present form by the <br />directors in the board of directors' meeting of July 28, 1982.) <br /> <br />. <br /> <br />If said assessment remains unpaid, interest shall continue to accrue on said <br />unpaid assessment, beginning one month from the due date, at the rate of twenty <br />percent (20S) per annum. (This portion of Section 1 was added, by amendment, by the <br />directors In the board of directors' meeting of July 28, 1982.) <br /> <br />SECTION 2: Immediately after the making of the order forfeiting any stock and <br />all rights therein and subjecting the same to sale, the secretary' shall cause notice <br />of such sale to be published in some newspaper published In Sterling, Logan County, <br />Colorado, at least thirty (30) days prior to such sale, designating in such notice <br />the time, place, purpose and manner thereof, and also shall mail in the post office, <br />properly addressed, a copy of such notice to such delinquent owner. <br /> <br />- <br /> <br />- 2 - <br />