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<br />c' <br /> <br />office in like corporations and shall receive therefor such <br />compensation as the Board of Directors shall or may determine. <br />These duties may be delegated by the Secretary to permanent staff. <br /> <br />Treasurer. It shall be the duty of the Treasurer, or a <br />designated assistant, to keep safe all the monies belonging to the <br />Corporation and disburse the same in an appropriate manner. <br /> <br />ARTICLE II. <br /> <br />MEETINGS OF THE MEMBERS OF THE COMPANY <br /> <br />Sec. 1. Annual Meetinq. The annual meeting of the stockhold- <br />ers of said Company shall be held on a date within the first forty- <br />five (45) days of each calendar year, with such date and the place <br />of meeting to be determined by the Board of Directors annually in <br />advance. Notice of the time, date and place of meeting shall be <br />given to the stockholders by placing such written notice in the <br />United States mails, addressed to each member whose address is <br />known, as provided by the Statutes of the State of Colorado. <br /> <br />Sec. 2. Quorum. At any meeting of the stockholders of the <br />Company, there shall be required to be present, in person or by <br />proxy, at 25% of stock at 1998 annual meeting of the stockholders <br />of the Company; but a lesser number shall have power to adjourn <br />said meeting to a day certain, not exceeding a period of sixty (60) <br />days. At any such meeting, it shall be first ascertained if a <br />quorum is present, and if so, it shall proceed to the business of <br />the meeting. <br /> <br />Sec. 3. Election of Directors. At each annual meeting, or <br />adjourned meeting thereof, the members shall elect two (2) <br />Directors, all of whom shall be stockholders of the Company, except <br />when two (2) Directors have been elected at the annual meetings for <br />the preceding two years, at which time the members shall elect <br />three (3) Directors. This election shall be by ballot of the <br />stockholders. <br /> <br />ARTICLE III. <br /> <br />ASSESSMENTS ON STOCK <br /> <br />Sec. 1. Levy of Assessment. The Company shall raise all <br />necessary funds for construction, maintenance, repair, repayment of <br />indebtedness or interest thereon, and other expenses of operation, <br />by assessment against the stock of the Company, pro rata, payable <br />in money. <br /> <br />Sec. 2. Method of Levyinq. Assessments shall be levied at <br />the annual meeting or at special meetings called for the purpose, <br />but, if said stockholders fail to hold any such meeting or fail to <br />make or authorize any assessment by the first of April of any year, <br /> <br />4 <br />