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6. Report of Socretary. <br />7. Report of Troasurer. <br />8. Unfinished business. <br />9. Now business. <br />10. Election. <br />11. Adjournment. <br />Section 5. Voting Rights. :each shareholder shall have <br />one vote for each share of stock hold by him on all occasions. <br />Voting by proxy will be pormitted. <br />ARTICLE VII <br />Directors <br />Section 1. Functions of the Board of Directors. The <br />business of this company shall e directed by a oar of seven <br />directors. Its functions shall include the (2) selection of, <br />and delegation of authority to, management; (b) determination <br />of policies for guidance of management; (c) control of expen- <br />ditures by authorizing budgets; (d) keeping of members fully <br />informed of the business of the company; (o) causing audits to <br />be made at least once each year or oftener, and reports thereof <br />to be made directly to the Board; (f) studying the requirements <br />of members and promoting good membership relations; (g) pre - <br />scribing the form of stock certificates; and (h) to levy and <br />to collect assessments and to onforeo the collection thereof <br />in accordance with tho laws of the State of Colorado. <br />Section 2. sloction and Term of Board Members. The first <br />Board of Directors, consisting of those named in the Certifi- <br />cate of Incorporation, shall serve for one year or until their <br />successors are chosen and have qualified. At the first annual <br />mooting following the expiration of the ono -year term of the <br />directors named in tho Certificate of Incorporation, and an- <br />nually thereafter, a now Board of Directors will be elected by <br />the members. <br />Section 3. ilection of Officers. The Board of Directors <br />shall elect by ballot one of its members to be President and <br />one: to be Vice President, and shall elect a Secretary- Treasurer <br />who need not be a membor of the corporation. <br />Section 4. Term of Officers. Said officers shall be elect» <br />ad for a period of one year, or until their successors aro <br />appointed and qunlif.ied. <br />Section 5. Compensation of Directors and Officers. The <br />Board of Directors an th, officers, with e excep on of the <br />Secretary- Treasurer, shall serve without compensation. The <br />Secretary - Treasurer shall be paid a reasonable remuneration <br />for services rondered. <br />Section 6. lleotin� *s of the Board of Directors. Meetings <br />of the Board of D roc ors obali be hold at such regular in- <br />tervals as the Board of Directors shall determine and shall have <br />its annual meeting immediately succeeding the annual meeting <br />of the stockholders at which time tho members of the Board are <br />elected. <br />3. <br />