322 Fruit-growing in Arid Regions 



be published not less than ten (10) days previous thereto, in some 

 newspaper of general circulation printed in Grand Junction and 

 the said election shall be made by such of the stockholders as 

 shall attend for that purpose, either in person or by proxy, pro- 

 vided a majority of the outstanding stock is represented. If a 

 majority of the outstanding stock shall not be represented, such 

 meeting may be adjourned by the stockholders present for a 

 period not exceeding sixty (60) days. All elections shall be by 

 ballot, and each stockholder shall be entitled to as many votes as 

 he or she owns shares of stock in said Association; provided, 

 however, that no person who is not himself a stockholder shall 

 be allowed to represent by proxy any stockholder in the said 

 Association. 



The persons receiving the greatest number of votes shall be 

 the Directors for the ensuing year, and until their successors are 

 elected and qualified. 



ARTICLE VII 



SECTION 1. Certificates of stock may be transferred at any 

 time by the holders thereof, or by attorney in fact or legal repre- 

 sentatives. Such transfer shall be made by indorsement on the 

 certificate of stock and surrender of the same; provided, such 

 transfer shall not be valid until the same shall have been noted 

 in the proper form on the books of the Association. The surren- 

 dered certificates shall be canceled before a new certificate in 

 lieu thereof shall be issued, and no transfer of any share of stock 

 shall be valid or allowed upon the books of the Association upon 

 which any deferred payments are due and unpaid, or which has 

 not been sold and transferred in accordance with the provisions 

 of the By-Laws of the Association. 



SECTION 2. Any stockholder desiring to dispose of his stock in 

 said Association shall deposit the same with the Secretary of the 

 Association, and the same shall be sold by the said Secretary at 

 not less than par for account of such stockholder, within sixty (60) 

 days from date of such deposit, under the restriction of Section 1, 

 Article V, of these By-Laws : provided, that if the Secretary shall 

 not have sold such stock at the expiration of sixty days, then 



