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<br />"" <br /> <br />ARTICLE XV <br />AMENDMENTS <br /> <br />These by-laws may be altered, amended or repealed and new by-laws may be <br />adopted by a vote of the shareholders representing a majority of all the shares issued and <br />outstanding, at any annual shareholders' meeting or at any special shareholders' meeting <br />when the proposed amendment has been set out in the notice of such meeting. <br />Additionally, the by-laws may be altered, amended or repealed and new by-laws may be <br />adopted by a majority vote of the directors present at any board meeting at which a quorum <br />is present, provided, however, the board of directors may not adopt a by-law or <br />amendment thereof changing the authorized number of directors. <br /> <br />" <br /> <br />ARTICLE XVI <br />USE OF WATER <br /> <br />The water carried in and by this corporation shall be used exclusively for the <br />adjudicated purposes for shareholders of the corporation. No officer, director or <br />shareholder of the corporation shall sell, lease or give away to any person not a <br />shareholder, any of the water in this corporation without the prior written approval of a <br />majority of the board of directors. <br /> <br />ARTICLE XVII <br />RULES AND REGULATIONS <br /> <br />The board of directors may make additional rules and regulations not inconsistent <br />with the laws of the State of Colorado or the Articles of Incorporation or the Bylaws of this <br />corporation as deemed necessary for the benefit of this corporation. Any rules and <br />regulations adopted by the directors shall be annexed to the Bylaws and shall include the <br />date of adoption by the board of directors. <br /> <br />The above ~d foregoi <br />directors this ?V day of <br /> <br /> <br />ws were adopted and approved by the board of <br />,2002. <br /> <br />~/ (},a:r; <br /> <br />Secretary ~ <br /> <br />F:IKFLIKERN.RESERVOIRIBYLAWS <br /> <br />14 <br />