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-5- <br /> transaction of business. <br /> Section 9. The Board of Directors shall have the <br /> emergency power to incur necessary indebtedness not to exceed <br /> ten percent (10%) of the par value of the stock outstanding, to <br /> clean, repair, and maintain the water system of the company and <br /> to issue notes, bonds, debentures, or other written evidence of <br /> such indebtedness therefor. The Directors shall not have the <br /> emergency power for any other purpose than in this section set <br /> . out. In emergency situations requiring immediate repair or pro- <br /> tection of the water system, authority under this section may be <br /> granted unto the Board of Directors to exceed the ten percent <br /> (10%) limitation by the majority of the shares represented by <br /> those stockholders attending a special meeting duly called for <br /> that purpose. In emergency situations requiring immediate re- <br /> pair or protection of the water system, a majority of the Board <br /> of Directors may effect such temporary repairs as are necessary <br /> to preserve the system and prevent further damage thereto. In <br /> the event such temporary emergency repairs shall require incur- <br /> ring an indebtedness greater than herein set out, the Directors <br /> are specifically authorized to proceed. <br /> ARTICLE III <br /> OFFICERS <br /> Section 1. The officers of the corporation shall be <br /> the President, a Vice President, a Secretary, a Treasurer and a <br /> Superintendent. These officer shall be elected at the meeting <br /> of the Directors immediately following the annual meeting of the <br /> Stockholders. <br /> Section 2. President. The President shall be the <br /> principal executive officer of the corporation and, subject to <br /> the control of the Board of Directors, shall in general super- <br /> vise and control all of the business and affairs of the corpora- <br /> tion. He shall, when present, preside at all meetings of the <br />