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~... .... ~ , .1 CATLIN CANAL COIIPANY BY-LAWS ARTICLE I STOCKHOLDERS MEETINGS: Section 1: (Ae amcl>ded 12/4/61) The annual "",eting of the stockholders shall ~e held OQ the fir.t ~nday io December of each year at 4 plAce designated by the directors in Rocky rord~ Colorado, on~ f~rt~~i:.prov!ded that all special meetings of the ~tockhol~cr8 shall be held in Rocky P9rd at tiwea and places designated by the "directors, and ~he : secretary .ball atate the ttmo ond place of 411 stockholders meeting in the call for rach. Section 2: NoUce ~f tho meeUngs of, the atockholders, whether tho ....ting b. .L re.al~r or 4' .pecial meeting, .hall be siven by" the secretary 1n'the manner prescriber by ~ ! So.tioo 3: (~. ~n4.d 12/4/61) 'At the ro~dl.r .nc.~nl modting of the at6c~hold.~' a, a hoard of' directors from ~D8 the .tockholders shall be elected for the ensuing year nd until their 8ucces.or8 ate elected.' . , . . . i SactiOD 4: (AI smeaded 12/4/61) Spaciel meetinga of tbe stockholder. may be called at aQY tLme when those ovbins one-third of the capital' stock ehall make a written req~est therefor to the President:. 6tatit\3 t~le object of the proposed epecial meeting; and tbt board of directors may alao at any time when in its opinion the same becomes nece8sar . call ~ specLal meating. I\otice of such specisl G1eettng shall be siven by the ,.ecretary Be crding to law. Such notice Shal~. st~te the object of such meeting, and the business cransacfed at any spec tal meeting shall~bc confined to the objects stated in the notice of that mee~lng. , " Section 5: The 8toc~holders may vote either in per80n or by proxy and shall be : entitled to one vote for .ach share of stock standing in their respective names, and ~ . fraction of 4 share sholl;entltlo the holder thereof to the same fraction of one votej Tbe vo~ing for the board of directors may be c~nducted in the ~aoner prescribed by the st4tute with reference to cumulative voting. ARTICLE II - BOARD O! DIR8CTORS Section 1: The board of directora ahall hold their term of office for the t.rm of one year or until their Succ~S~ors a~e elected and qualified. , 1 Secticn 2: Prior to !each election t~.e stockholder"s shall appoint a committee of itheir own Dumber who shall preside at cnd be inspectors of said election. shall be the judg~s of tn. qualifications of the"voters, shall prescribe rules and Tegulations for voting an~ shall make a certificate of the tesult of the election which certificate shall be entered i~ full by the .ecretary upon the minutes of the proceedings of the board of directors. , . " . i Section 3: Should any vacancy occur in the board of directors by death, resignat~on, or otha~i'.. a majority of the remaining directors shall have th~ power to ftll the v~cancy tor the balance of the te~ by electing one who shall be 4 stockholder. ! , 1 Section 4: (As ame~d~d 12/4/61) The board of directors shall have the Qhole chafge and manasement of the prop4rty and effects of the compony, and it shall be the duty ofl the board of directors to have tho whole supervision of the business of the company; to procure " audita of .11 book6 and accounts, and to have exam!nded all book., bi118, vouchers, aCfounts and other evidence of debt (to or from t~ componyj and no payment shall be made by the I compaDY unla8' first appro~ed by the board of directors unless the treasurer shall hav, been firat bonded and permis9!0~ granted to him by the board to make such psyments which ah411 then be 8ubsequently appro~ed by such boardi to fix salaries of all agents. officers and employees appointed by the~; and to transact and supervise 'all of the business of the I company a. they deem to be in the best interests of the company. I /,' "fj'