Laserfiche WebLink
ARTICLE !!I <br />DIRECTORS <br />3.1 GENERAL POWERS. The business and affairs of the <br />Corporation shall be managed by its Board of Directors. <br />The functions of the Board of Directors shall include: <br />(a) selecting and delegating authority to Management; <br />(b) determining policies for guidance of Management; <br />(c) controlling of expenditures by authorizing budgets <br />and payment of invoices; <br />(d) causing audits to be made at least every second year <br />or oftener, and reports thereof to be made directly to <br />the Board; <br />(e) keeping members fully informed of the business of <br />the company. <br />(f) studying the requirements of shareholders, and <br />promoting good relations. <br />(g) prescribing the form of stock certificates <br />(h) levying and collecting assessments and enforcing the <br />collection thereof in accordance wit the laws of the <br />State of Colorado. <br />(i) Furnishing water to the class of persons using water <br />for irrigating their land; and <br />(j) Keeping the ditch in good repair. <br />3.2 NUMBER, TENURE AND QUALIFICATIONS. The number of <br />Directors shall be fixed from time to time by resolution of the <br />Board of Directors. There may not be less than three Directors <br />unless the outstanding shares of the Corporation are held of <br />record by fewer than three Shareholders, in which event there <br />need be only as many Directors as there are Shareholders. <br />The first Board of Directors consists of those named in <br />the Certificate of Incorporation and shall serve for the terms <br />designated. At each annual meeting one director shall be <br />elected to serve for three years or until his successor shall be <br />duly elected and qualified. Each Director shall be elected from <br />the Shareholders of the company, and shall cease to be Director <br />when and at any time his membership in the company shall be <br />terminated for any reason whatsoever. <br />� <br />