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<br />EXHIBIT IIBII <br /> <br />BYLAWS OF S.E.M. CORPORATION <br /> <br />A NONPROFIT CORPORATION <br /> <br />ARTICLE ONE <br /> <br />OFFICES <br /> <br />Principal Office <br /> <br />1.01 The principal office of the corporation in the State of <br />Texas shall be located in the City of San Marcos, County of Hays. <br />The corporation may have such other offices, either within or <br />without the State of Texas, as the Board of Trustees may determine <br />or as the affairs of the corporation may require from time to <br />time. <br /> <br />Registered Office and Registered Agent <br /> <br />1.02 The corporation shall have and continuously maintain in <br />the State of Texas a registered office, and a registered agent <br />whose office is identical with such registered office, as required <br />by the Texas Non-Profit Corporation Act. The registered office <br />may be, but need not be, identical with the principal office of <br />the corporation in the State of Texas and the address of the <br />registered office mdY be chan~ed from time to time by the Board of <br />Trustees. <br /> <br />ARTIC:LE TWO <br /> <br />MEMBERS <br /> <br />2.01 <br /> <br />The corporation shall have no members. <br /> <br />ARTICLE THREE <br /> <br />BOARD OF TRUSTEES <br /> <br />General Powers <br /> <br />3.01 The affairs of the corporation shall be managed by its <br />Board of Trustees who may exercise all powers of the corporation. <br />The Board of Trustees shall elect one of the Trustees as the <br />Chairman. The Board of Trustees may also elect one of the <br />Trustees as the general manager of Elim Water Company, Ine.'s <br />water utility operations so long as the corporation has the <br />authority to manage such operations. <br /> <br />1. <br />