16 Thp: C01.0RAD0 Experiment Station. 
Second—To appoint and remove at pleasure all employes and agents 
of the Association, prescribe their duties, where the same have not been 
prescribed by the Ey-Law's of the Association, fix their compensation, and 
when they deem it necessary, to require security for the faithful perform¬ 
ance of their respective duties. 
Third—To make such rules and regulations not inconsistent with 
the laws of the State of Colorado, and Articles of Incorporation, or the 
By-Laws of the Association, for the guidance of the officers and the man¬ 
agement of the affairs of the Association. 
Fourth—To incur such indebtedness as they may deem necessary for 
carrying out the objects and purposes of the Association, and to' authorize 
the President and Secretary to make the note of the Association, with 
which to raise money to pay such indebtedness. 
Section 4. It shall be the duty of the Board of Directors; 
First—To be caused to be kept a complete record of all their meet¬ 
ings and acts, and also the proceedings of the stockholders, present full 
statements at the regular annual meetings of the stockholders, showing in 
detail the assets and liabilities of the Association, and the condition of its 
affairs in general. 
Second—To supervise all acts of the officers and employes, require 
the Secretary, Treasurer and Manager to keep full and accurate books of 
account of their respective’ business. 
ARTICLE IV. 
Section 1. At the regular meeting in the month of January of each 
year, the Directors shall declare such dividends upon the capital stock, to 
all the stockholders then appearing of record, as may be warranted by the 
net earnings of the Association for the preceding year. 
ARTICLE V. 
Section 1. The Board of Directors may, whenever they shall deem 
it necessary, place on sale so much of the capital stock of the Association 
as may be necessary to raise funds, for the purpose of carrying out the 
objects and purposes of the organization of the Association, such stock to 
be sold only upon the following conditions: 
First—^^That not rnore than three hundred (300) shares thereof be 
sold to any one person, firm or association of persons. 
Second—That such stock be sold only to fruit growers in Grand 
Valley. 
Third—That such stock be sold at not less than par value of Five 
Dollars ($5) per sha.re. 
ARTICLE VI. 
Section 1. The Annual meeting of the stockholders for the election 
of Directors, shall be held on the third (3rd) Saturday in January of each 
year, but if, for any reason, it should not be held on such day, it may then 
be held on any day subsequent thereto, as hereinafter provided. 
Section 2. The Board of Directors shall be elected by the stock¬ 
holders at the regular Annual meeting. Public notice of the time and 
place of holding such annual meeting and election, shall 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 per¬ 
son of by proxy, provided a majority of the outstanding stock is repre¬ 
sented. 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 stock- 
