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ARTICLE III <br />Mannbers' Meetings and Votiag <br />Section 1. Annual and Reg�ar Meetin�s. A meeting of the members shall be <br />held annually at a place and time to be state,d iu or fu�ed in accordance with a resalution of the Board <br />of 17irectors. In �cidition. r�g�ular meetings of the mem�ers znay be held at a place and �i.me to be <br />sta.ted in or nxed in accordance with a resolution of the Baazd of Directors. <br />Sectian 2. Special Meetintrs. Special meetings of the members may be called at <br />any time by the Presiderit, ar by a majority of the directors. The President; or in his absence, the <br />Vice Presiderit, shall caZI a special meetina upon the written petition of on�third of #he members of <br />the carporation. <br />Section 3. Notice. Written notice of eaeh annual, regulaz, and special meeting <br />shall be � ven by mailing a capy of s�ch �atiae to each member, properly addressed and first class <br />posta,ge prepaid, not Iess than ten (10) days nor more than thirty {;0) days prior to the date of said <br />meeting. The record date for determining the members entitled to notice of a members' meeting and <br />those entitled to vote at a mernbers' meeting shall be sixi.y {60) days before notice is mailed. A list <br />of inembers �ovho are entitled to notice o� and to vote at, �Iie meeting s}iatl be prepared and made <br />available for inspection iz� accordance with the provisions af tb.e Coiorado Revised Nonprof t <br />Corporabon Act. Notice shall be mailed to each members' last known address accurding to the <br />corparation recozds. The notice shalI state the place, date, and time of the meeting, #he purpose of <br />the meeting, and a description of any n�zatter or matt�rs that must be approved by the membe�rs or for <br />wnich the meinbers' approval is needed. � <br />Section 4. uorum. Fifteen percent (15%} of the votes entitled to be cast on a <br />matter constitutes a quarum of that voting �roup for action on that matter. If such a quonun is not <br />present at a meeting at which the matter will be placed to a vote, either in person or by praxy, the <br />meeting may be adjourned by a majority of ti�ose present, provided that such meeting may not be <br />adjourned far a period to exceed sixty {60) days for any one adjournment. <br />Section 5. Vo�in�. 'I'he vo�ing rights of the members and shazeholders of the <br />cozporatian shall be as follows: <br />A. Shareho�ders. Shazeholc}ers sha.11 have one vote for each share of common <br />stock and two and three-tenths votes for each shaze of preferred stock standing in the shareholder's <br />name on the bfloks of the corporation in addirion to one vote for each membersIup as provided <br />belvw. <br />B. Members. Each member shatl have one vote for each well owned and for <br />which a membership is held. <br />Voting by praxy shall be permi#ted. Cutnuia�ive voting shall be prohibited. Unless <br />otherwise providsd in these byiaws or in the articles of incorpora.tion of the corporation and to the <br />extent consistent with the Colorado Nonprofit Corporation Act, as a�nended, any matter requiring <br />approval of the members shall require approval by a majoriiy of a quorum of the members present <br />at a z��.lar or special meeting or by proxy, <br />