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control and management of all the business, property concerns and <br />affairs of the company. <br />SECTION 3. The Board shall appoint a treasurer and secretary <br />from among the trustees. Either of them may hold some other <br />office or employment for the company. <br />SECTION 4. The officers shall consist of a president, vice- <br />president, treasurer and secretary. <br />ARTICLE III <br />SECTION 1. The regular annual meeting of shareholders shall <br />be held on the second Saturday of January of each year unless a <br />different day in January shall be designated by the Board. Election <br />of trustees shall be held at that meeting. All meetings shall be held <br />at the office of the company in Weldon Valley, in the County of <br />Morgan, and State of Colorado, or such other place as may be <br />determined by the Board. Notice of the time and place of holding <br />such meeting shall be given by letter or postal card two weeks <br />previous thereto, sent to shareholders at their respective addresses <br />as shown on the books of the company. Representation of a <br />majority of all stock outstanding shall be necessary to constitute a <br />quorum for the transaction of any business at a stockholders' <br />meeting. If a majority of the stock shall not be represented, such <br />meeting may be adjourned by the shareholders present for a period <br />not exceeding sixty (60) days. Notice of the date of the adjourned <br />meeting shall be given by mail as hereinabove provided. There <br />shall be such other meetings of shareholders, held as hereinabove <br />provided, at times and for purposes designated by the Board. The <br />Board may designate such other matters to come before the annual <br />meeting, as they may deem appropriate. (Amended 1-21-06) <br />SECTION 2. Only shareholders not delinquent in the payment <br />of assessments or any other obligation to the company forty-eight <br />3 <br />