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�,�,�K �c� � .,..•- ' <br />' I �J <br />• - tha't no such proxy shall be valid eleven (11) months from <br />the date of its execution. <br />� I• Close oi Membership. The Board of Directors shall � <br />close the membership transfer books of the corporation for a <br />period of not less than ten (10) days, nor more than fifty <br />(50) days precedinq the date of any meeting of inembers. <br />J• �uorum. The nolders of sixt <br />of the total members votes entitled y to e vote ercent (67$) <br />person or represented'b . present ir. <br />y proxy, shall constitute a quorum at <br />all meetings of inembers of the transaction of business <br />except as otherwise expressly provided by law, or by these <br />Articles of Incorporation. If such quorum shall not be <br />present or represented at any such meeting, the holders of a <br />majority of tize votes present iii persoiz or represented by <br />pro:cy and entitled to vote snall have the power to adjourn <br />the meeting from time to ti:ne until a quorum shall be <br />present or represented. <br />K. Chairman of tfie Meetin s. The chairman of the <br />Board of Directors shall call special meetings of the <br />members to order ar.d act as chairman of such meetings. In <br />the absence of said officer, any member entitled to vote <br />• thereat, or"proxy of any such member may call the meeting to <br />order and a chairman snall be elected. The secretary of the <br />corporation shall act as secretzry of such meetings. <br />ARTICLE X <br />Assessments <br />A. Levied by Board ot Directors. Assessments may be <br />levied by the 3oard of Directors on the voting members or <br />the corporation by a majority vote of the members of the <br />Board of Directors, for each lot's prorata snare oi the <br />com.mcn expenses, if any, or the Lazy 0 Rar.ch. For purposes <br />of assessments, unless is othercaise provided in the <br />Protective Covenants, each lot's prorata share shal� be <br />one-twenty second (1/22). This fractional pro rata share <br />may be adjusted in the event more lots are added to the Lazv <br />O Ranch. _ <br />B. Assessments and Liens. Every assessment duly <br />levied against any voting member by the corporation shall <br />becone a lien on the lar.ds and improvements to the lands <br />owned by such member in the area defined as the Lazy O <br />Ranch. The corporation shall be' entitled to maintain an <br />action in the•Distric� Cou�t in ar.d for tne Ccunty of•Pitkin <br />• and State of Colorado, for the purpose of recovering any <br />ur.paid assessrnents made against any member, and for the <br />purpose of zoreclosing its lien against the real property <br />and improvements of such member for the satisfaction of such <br />unpaid assessments. The corporation shall also be entitled <br />Lazy O Art. Inc. 4/13/87 <br />Page 8 <br />