Laserfiche WebLink
Directors. The Treasurer may be required to give bond with some responsible bonding company, <br />in such amount as may be fixed by the Board of Directors for the faithful performance of his <br />duties, which bond shall be approved by the Board of Directors and filed with the Secretary; the <br />cost of such bond when given, to be paid out of the treasury of the Company. No money shall be <br />paid by the Treasurer except by authority of the Board of Directors, as provided in Section Six of <br />these By -Laws. <br />At the expiration of his term of office, he shall turn over to his successor all moneys and <br />effects belonging to the Company, making a full and detailed statement of the same. If he is his <br />own successor, he shall give a new bond. <br />All moneys shall be paid out on voucher checks. <br />BOARD OF DIRECTORS <br />Section 9. General. {Adopted December 20, 1991) The Board of Directors shall <br />consist of five (5) members, always including the President, Vice - President and Treasurer. Any <br />three members shall constitute a quorum for the transaction of any business. It shall be the duty <br />of the Board of Directors to exercise a general supervision over the affairs of the Company, to <br />receive and pass upon the reports of the Secretary, Treasurer and General Manager; and, also, to <br />audit all bills and accounts against the Company, and authorize and direct the disbursement of <br />money, and to direct the Secretary in correspondence. <br />The Board of Directors shall cause its various officers to make full exhibits and reports of <br />their several departments, from time to time, and to prepare written reports for submission to the <br />annual meeting of stockholders. <br />Section 10. Meetings (Adopted December 20, 1991) Regular meetings of the <br />Board of Directors shall be held at the Town of Ordway, Colorado, at the office of the Company, <br />on the second Wednesday in each and every month immediately following the meeting of the <br />Board of Directors of the Colorado Canal Company or at the hour of 2 o'clock p.m., whichever is <br />later, and special meetings of the Board of Directors may be held at any time designated in the <br />call for such special meeting, such meeting may be called by the president or by any two <br />members of the Board, giving not less than twenty -four (24) hours notice thereof either <br />personally or by mail. All Directors must be stockholders of record of the Company. <br />Meetings of the Board of Directors may also be held at any time or at any place in which <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 3 <br />