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<br />I <br />.' I <br /> <br />- <br />ditch as determined by the Kern Reservoir & Ditch Company <br /> <br />Superintendent. <br /> <br />SECTION 9. <br /> <br />DIRECTORS LIABILITY - No Director of the corporation <br /> <br />shall have any personal liability to the Corporation or to its <br /> <br />stockholders for monetary damages for breach of fiduciary duty as a <br />Director; except that this provision shall not eliminate or limit the <br /> <br />liability ofa Director to the corporation or to its stoc){holders.. for: <br /> <br />, ., <br />Any breach of the Director's duty of loyalty to the corporation or its <br />stockholders; acts of omission not in good faith or which involve <br /> <br />intentional misconduct 'or a knowing violation of law~. 'of. a.ny <br />transaction from which the Director derived an improper personal <br /> <br />benefit. This article shall not eliminate or limit the liability of a <br />Director to the Association or to its stockholders for monetary <br /> <br />, " <br />l.l ' <br />damages for any act or omission occurring prior to the .date of January <br /> <br />11,.1989. <br /> <br />The above By-Laws were approved and adopted by the 'Board <br />on the 13th day of January, 1994 and again on the <br />, 2002 . <br /> <br />of Directors <br />'day of <br /> <br />THE KERN RESERVOIR AND DITCH COMPANY <br /> <br />By <br /> <br />W. Wayne Miller, President <br /> <br />ATTEST: <br /> <br />.' <br /> <br />. <br /> <br />Julie Chester, Secretary <br /> <br />10 <br />