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<br />ARTICLE IV <br /> <br />- <br /> <br />Director <br /> <br />Section 1. 1'{~IIlJ)_~.!'_ ~.'I!_g t.~.!'}l! 9J: Qf...fJ_~~ The business and <br />affairs of the corporation shall be managed by a Board of <br />Four (4) Directors who shall be elected to serve for a term <br />of one year, but who shall hold office until his successor <br />shall be duly elected and shall take office. Director need <br />not be a shareholder or resident of the State of Colorado. <br /> <br />Section 2. M~ELtil')~ The regular meeting of the Board <br />of Directors shall be held annually on the same day, and <br />immediately follol~ing the annual meeting of the stockholders. <br />All meetings of the Board of Directors shall be held in the <br />principal office of the corporation, or at such other place <br />within or without the State of Colorado unanimously agreed <br />upon by the Board. Special meetings of the Board of <br />Directors may be called by the President or by any two (2) of <br />the Directors. Notice of the time and place of holding <br />meetings of the Board shall be given to the Director so as to <br />allow him a reasonable time to be present at the meetings. <br />If all of the Directors shall be present at any meeting, or <br />shall sign a written waiver of notice of or consent to the <br />holding of a meeting, before, at, or after the time of such <br />meeting, the action taken at such meeting shall be as valid <br />as if such meeting had been regularly called. <br /> <br />------ . <br /> <br />Section 3. ~~~rum ~n~ A~jQurnment. A quorum for any <br />meeting of the Board of Directors shall consist of a majority <br />of the entire membership of the Board as then constituted. <br />If less than such majority is present, a majority of those <br />present may adjourn the meeting from time to time without <br />further notice. Any meeting of the Directors may adjourn <br />until its business is completed. <br /> <br />Section 4. .Em..;_~s anc! p~tt~.E_.!.. The Board of Directors <br />shall have and exercise all such general powers as are <br />usually exercised by the Board of Directors, and shall have <br />power to do all lawful acts and things not by Statute, <br />Articles of Incorporation, or these By-Laws directed or <br />required to be done by the stockholders; and particularly to <br />have all of the powers conferred by the Articles of <br />Incorporation, reference to which is hereby made; to elect, <br />appoint, or employ officers, agents and other <br />representatives; to determine their duties and salaries; to <br />determine who shall sign notes, checks, drafts, contracts, <br />deeds, reports, and other documents; to receive and pass upon <br />reports of officers and agents; and to delegate all or a <br />portion of the powers of the Board from time to time to an <br />executive committee, or other standing or special committees. <br /> <br />-- <br />