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<br />. <br /> <br />3. Running Charges for Foreign Water, <br /> <br />Running charges for foreign water to be set annually by the board of directors. <br />These charges will be billed annually in arrears on or before October 1st of each year and <br />become delinquent November 151 of same. A 1 y,% per month late payment assessment <br />will be added to all unpaid running charges. <br /> <br />ARTICLE XI <br />INDEMNIFICA TION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS <br /> <br />Each director, officer, employee or agent of the corporation (and his heirs, executors <br />and administrators) shall be indemnified by the corporation against expenses reasonably <br />incurred by or imposed upon him in connection with or arising out of any action, suit or <br />proceeding in which he may be involved or to which he may be made a party by reason of <br />his being or having been a director, officer, employee or agent of the corporation or at its <br />request, of any other corporation of which it is a shareholder or creditor and from which he <br />is not entitled to be indemnified (whether or not he continues to be a director or officer at <br />the time of imposing or incurring such expenses), to the fullest extent permitted by the laws <br />of Colorado, as they exist or may hereafter be amended, including in circumstances in <br />which indemnification is otherwise discretionary under Colorado law, in accordance with <br />and subject to the limitations which may be contained in the bylaws of the corporation from <br />time to time in effect The foregoing right of indemnification shall not be exclusive of other <br />rights to which he may be entitled under applicable State statute. <br /> <br />ARTICLE XII <br />FISCAL YEAR <br /> <br />The corporation shall operate on a calendar year basis, <br /> <br />ARTICLE XIII <br />SEAL <br /> <br />The board of directors may provide a corporate seal which shall be circular in form <br />and shall have inscribed thereon the name ofthe corporation and the state of incorporation <br />and the word, "sea''', <br /> <br />ARTICLE XIV <br />WAIVER OF NOTICE <br /> <br />Unless otherwise provided by law, whenever any notice is required to be given to <br />any shareholder or director of the corporation under the provisions of these by-laws or <br />under the provisions of the Articles of Incorporation, a waiver thereof in writing, signed by <br />the person or persons entitled to such notice, whether before or after the time stated <br />therein, shall be deemed equivalent to the giving of such notice. <br /> <br /> <br />f..\KFLIKERN.RESERV01RIBYLAWS <br /> <br />13 <br />