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<br />) : <br /> <br />) <br /> <br />notice to all stockholders of the time of adjournment. At <br /> <br />each annual stockholders meeting a board of directors shall <br /> <br />be elected, assessment for the ensuing corporate year shall <br /> <br />be levied, reports of officers shall be received.and <br /> <br />considered, and such other business transacted as may <br /> <br />properly come before said meeting. The outgoing President <br />and Secretary shall act.as President and Secretary, <br />respectively, of said stockholders meeting. Special <br /> <br />stockholders meeting may be held by resolution o.f:the Board <br /> <br />." <br /> <br />of Directors passed at any meeting thereof, on giving of <br /> <br />" , <br />same notice required for annual stockholdeis.meeting. <br /> <br />SECTION 7. DIRECTORS - Directors shall hold office until their <br /> <br />successors are duly.elected and. enter upon discharge of their.duties, <br />r .1' <br />. I ,f <br />and have 'such powers as are reqUired by statute or by laws of the <br /> <br />company.. They shall have the authority to borrow money.should. <br /> <br />unforeseen emergencies arise. They may call stockholders' meeting at <br /> <br />any time if they deem it necessary. <br /> <br />SECTION 8. <br />A. DISTRIBUTION OF WATER - The water impounded in the <br /> <br />reservoir, of the Kern Reservoir & Ditch Company with the <br /> <br />exception of foreign water shall be distributed pro rata to. <br />those stockholders who are not delinquent in the payment of <br />assessments.. Each stockholder of the Company shall have the <br /> <br />, <br /> <br />privilege of using storage space in the reservoir of the <br />- company-nele-otherwise fined with 'water;by-lmpounding.. <br />therein water pertaining to such stockholder's holding of <br />5 <br />