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<br />so trans ferred. <br /> <br />S-e:::. 11 TNFOR1.tAL ACTION BY SHAREHOLDI::KS: Any ac i.. LUll .I.c\:iuia:;;;;d <br />loU t.c t.d~~r" ~!: ~ !"'"lppt-inp of the shareholders, or any otne-r aCLiull <br />Wll.1.l:lI LllCl,1 t!c t~l~c.~ z!: ;'.~!'lPpr-ix'e: of the shareholders, may be taKen <br />wir:hoUL C:I llIceLL~.g if .c; ;:::8r;,~e!'!: ir! ,:"!,,it-ine. c;etting: forth the action <br />so taken, shall. uc BilSned"by .c;ll ~fth9-~hBy"phnlders entitled to vote <br />with respect to the subjCl:t LllC1tt~r thereof. Such ~nn5pnt mRY take <br />the fonn at hav1.ng che sbC:lI.dlold.::l"5 errtitlcd to vot!? ~r!,nwp the <br />minutes and waive all requiremtmi..:s"uf llutL:,,-; ...pc~ .:pprO'!2:!. e>f s;:Iid <br />minutes. Such consent shall have the 6am~ [0L~~ and eff~ct 3S 3 <br />un;:lnimous vote of the shareholders, and may be st~L~u d~ such in Y0Y <br />3rticles or doc.uments filed with the Secretary of state of Colu1.C:lJo <br />ullder the Colorado Cn~~rnrf'_tiQn"" ~_c,t ~~-- <br /> <br />ARTICLE III. <br /> <br />BOARD OF DIRECTORS <br /> <br />SE'(' 1 GENERJ\L POWERS: The business and affairs of the cor- <br />por~ticn shall be m3n;:lged by its Board of Directors, except as other- <br />WL~~ ~Lovided by l~~ or t~g Artir1ps Af Incorporation. <br /> <br />Sec. 2. NUMBER, TENURE, AND QUALIFICATION: The Board of Di- <br />rectors shall consist of three (3) Lllt:lIIbeJ.~s. DirectorG ~h.sll be el!?('t"pd <br />at each annual meeting ot shareholders. Each ulLc~tor shall hold <br />officp Hnt" i 1 the next annueS 1 meeting of shareholders and th~r~C:I.rteJ." <br />~ntil his successnr qhall have been elected and qualitied. uirec~ors <br />ohall be remcv~ble in th~ m;>~n.np.,!" p:rovided bv the statutes of the State <br />or ColonHlu. <br /> <br />Sec. 3. VACANCIES: Any director may resign at any time by <br />giving written notice to the PresidenL ur Lu the 3ecl"totary c~ ~~e c~~- <br />p"ration. Such resignation shall take effect ae r:he L1Ul~ opecifi~d <br />therein; :mn unless otherwise specified therein, the acceptance of <br />Such recign3tion shal~ not be.. npC"'.e.s..s,ary to make it effective. Any <br />V8l:dDCY occurring in the BOBrn nf nirectors may be filled by the <br />affinI~Live vote of ~ mojcrity of th~ rpm~;ning directors~ though <br />less than a quorum. A directoL clected to fill a v~r~nry ~hall be <br />elected tor the unexpired Lenu ui his pTcdecc3scr in office. Any <br />directorship to be tilled by reason of clll hl~LCasC ii. t;~..:. r-.~:::~er ::::~ <br />directors shall be filled by election at: an annual ll1~t:ting or at ;} <br />sp~~i~l meeting of shareholders called tor that purpose. <br />, <br /> <br />See. Ii. REGlJ'lAR MEETTNG5-: A regular meeting ot the Board of <br />DirecLuL::t shall be hbld ';"Jithout nt"heY' notice than this By-Law immedi- <br />ately atter, and aL 'the- scu,,~pl",:}e'~ as, thp ;:mnual meeting of the <br /> <br />- 5 - <br />