C150278 Feasibility Study - Laserfiche WebLink

Home Browse Search

SECTION 4. The Board shall have the power: 1St: To call meetings of the shareholders whenever they deem it necessary, giving the notice as provided in Section 1 of Article III, and they shall call meetings of the shareholders at any time upon a written request of shareholders owning one-third of the capital stock. 2nd: To appoint and remove at pleasure employees and agents of the company, prescribe their duties, fix their compensation, and require from them security for the faithful performance of their duties. 3`d: To make rules and regulations not inconsistent with the laws of the State of Colorado, or the Articles of Incorporation or By- Laws of the company, for the guidance of the officers and management of the affairs of the company. 4th: To make any and all assessments necessary to carry out the objects and purposes of the company as expressed in its Articles of Incorporation. 5th: To forfeit and sell any stock, which is delinquent on account of (1) unpaid assessment, or (2) any enforceable financial obligation due and owing the company. 6th: To levy and collect such assessments and any and all assessments as may be necessary for the uses of the company. 7th: To incur and discharge financial and other obligations on behalf of the company as may be reasonably necessary for its proper operation, including securing any protection against loss or liability by insurance found desirable by the Board, and to authorize the president and secretary to make the note of the company. SECTION 5. It shall be the duty of the Board: 1St: To cause to be kept a complete record of all its meetings and acts, and also of the proceedings of the shareholders, and present a full statement at the regular annual meeting of the shareholders, showing in detail the assets and liabilities of the company, and generally the condition of its affairs. A similar statement shall be 6