Twin Falls Canal Company

     The by-laws provide for five directors to direct and establish policy for the Company. Each director’s term is for three years. The staggering of terms provides for no more than two directors be elected in any one year. Cumulative voting (shares times the number of directors being elected) is used to determine the number of votes a stockholder votes in Director elections. Any stockholder may run for election as a Director when the seat in the district in which the stockholder resides is up for election.