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Section2.07RecordDate.Forthepurposeofdetenniningtheshareholdersentitledtovoteat <br />anymeetingoftheshareholders,detenniningshareholdersentitledtonoticeofthemeeting,orin <br />ordertomakeadeterminationofshareholdersforanyotherpurpose,therecorddateforanysuch <br />determinationofshareholders,suchdate,inanycase,shallbefifteen(15)dayspriortothe <br />meetingdateoractionrequiringadeterminationoftheshareholders. <br />ARTICLEIII.BOARDOFDIRECTORS <br />Section3.01Powers:Duties.TheaffairsoftheCompanyshallbemanagedbyitsBoardof <br />Directors.TheBoardofDirectorsshallhavethepowertoestimate,makeandlevyassessments <br />againsttheshareholdersoftheCompany,attheannualmeetingoftheBoardofDirectorsandat <br />suchothertimesastheBoardofDirectorsdeterminestobeappropriate.TheBoardofDirectors <br />shallhavethepowertomakeandadoptsuchrulesandregulationsconsistentwithapplicable <br />law,theArticlesofIncorporationortheseBylaws,asitmaydeemdesirableforthemanagement <br />ofthebusinessandaffairsoftheCompany.TheBoardofDirectorsshallhearanddetermine <br />complaintsofshareholdersregardingnon-serviceorimproperserviceofwaterdistribution. <br />Section3.02Directors.TheBoardofDirectorsshallconsistofaminimumofthree(3)anda <br />maximumoffive(5)directorsandshallbeelectedateachannualmeetingoftheshareholdersby <br />amajorityvote. <br />Section3.03Eligibilitv:Term.NopersonshallbeeligibleforelectiontotheBoardof <br />Directorsunlessatthetimeofelection,he/sheisabonafideshareholderoftheCompanyoran <br />employeeordesignatedrepresentativeofashareholderoftheCompany.MembersoftheBoard <br />ofDirectorsshallserveforatermofone(1)yearfromthedateofelectionanduntilhis/her <br />successorisdulyelectedandqualified. <br />Section3.04Vacancies.Inthecaseofanyvacancythatwilloccurataspecificlater <br />datebyreasonofaresignationeffectiveatalaterdate,theresigningDirectorshallappointa <br />successorDirectortofillsuchvacancyfortheunexpiredportionofthetermofthedirectorship <br />whichshallbecomevacant,solongasthesuccessorDirectorisaStockholderinthisCompany <br />oranemployeeordesignatedrepresentativeofaStockholderofthisCompany.Notwithstanding <br />theforegoing,inthecaseofanyvacancycreatedbythedeathordisqualificationofaDirector <br />whoisalsoanemployeeordesignatedrepresentativeofaStockholderofthisCompany,such <br />StockholdershallappointasuccessorDirectortofillsuchvacancyfortheunexpiredportionof <br />thetermofthedirectorshipsovacated.Furthermore,inthecaseofavacancycreatedbythe <br />deathordisqualificationofaDirectorwhoisnotanemployeeordesignatedrepresentativeofa <br />StockholderinthisCompanyorinthecaseofavacancyarisingfromthecreationofanew <br />directorship,theotherDirectors,byaffirmativevoteofamajoritythereof,mustfillsuchvacancy <br />fortheunexpiredportionofthetermofdirectorshipwhichisvacant,anduntilelectionofand <br />qualificationofasuccessorDirector. <br />Section3.05AnnualandRegularMeetings.TheannualmeetingoftheBoardofDirectors <br />shallbeheldimmediatelyaftertheannualmeetingoftheshareholdersorsuchotherdateand <br />timeastheBoardofDirectorsmaydesignate.RegularmeetingsoftheBoardofDirectorsshall <br />beheldatsuchplaceandatsuchtimesastheBoardofDirectorsmay,fromtimetotime,require. <br />Revised1/26/2009 2