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�jG��K � L.� � ^r,,.. � �J .1.. <br />• <br />I. Quorum. A majority of the number of the directors <br />fixed pursuant to Section B of this Article V shall <br />constitute a quorum at all meetings of the Board of <br />Directo�s and the act of a majority of the directors present <br />at a meeting at which a quorum is present shall be the act <br />of the Board of Directors, unless a greater num�er is <br />required by the Protective Covenants, these Articles, the <br />Bylaws of the corporation or Colorado law. In the absence <br />of a quorum at any meeting, a majcrity of the directors <br />present may adjourn the meeting to a later day and hour <br />without further notice. <br />J. Compensation. Directors shall be paid no <br />compensation by the corporation for their services as <br />directors. All directors may be allowed reasonable expenses <br />incurred for attendance at each regular or special meeting <br />of the Board as may fror.i time to time be fixed by resolution <br />of the Board. �othing herein contained shall be construed <br />to preclude any director �rom providir.g other valuable <br />services (other than servir.g as a director or officer) to <br />the corporation and receiving compensation therefore. <br />• K. Architec�ural Committee. The Board of Directors in <br />addition to its other functions described herein, shall <br />elect the Architectural Committee of the Lazy O Ranch who <br />may or may not be members of the Board of Directors or <br />owners. The Architectural Committee shall exercise all of <br />the powers and fur_ctions reserved unto and delegated to it <br />by the Protective Covenants for the Lazy O Rar.ch. <br />L. Action by Unanimous Consent and Tele�hone. The <br />Board may act by unanimous consent in lieu of a m8eting <br />ar.d/or may hold meetings by telephone. <br />ARTICLE VI <br />Offices <br />The address of the initial registered office oz the <br />. corporation in Colorado is 315 East Hyman, Suite 305, Aspen, <br />Coloradb 81611, and the n3me of the initial registered agent <br />at such address is Gideon Kaufman. �he corporation may also <br />have one or more offices at such other place or places <br />� within or without the State of Colorado as the Board of <br />� Directors r�ay, from time to time, determine or the business <br />� of the corperation may require. , <br />� <br />ARTICLE VII <br />Conveyances <br />� Al1 conveyanaes and encumbrances of all o� any part of <br />the corporate property shal? be executed by the c;�airman nf <br />the Board of Directors and countersigned by the secretary <br />