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transactions of the Association with full power and authority to <br /> manage and conduct the same. <br /> Section 2. Qualifications. <br /> No person shall be elected, nor shall be competent to act as <br /> a Director of the Association unless possessing the qualifications <br /> prescribed in the Articles of Incorporation of the Association. <br /> Section 3. Vacancies. <br /> Any vacancy occurring in the Board of Directors, shall he <br /> filled for the unexpired term by a majority of the remaining <br /> members. In the event of the membership of the Board falling below <br /> the number necessary for a quorum, a special meeting of the <br /> stockholders shall be called and such number of Directors shall be <br /> elected thereat to restore the membership of the Board to its full <br /> numbers. <br /> Section 4. Regular meetings. <br /> The regular meetings of the Board of Directors shall be held <br /> in the office of the Association in the City of Montrose, Colorado, <br /> at ten o'clock on the third Monday of each month if not a legal <br /> holiday, but if a legal holiday, then on the day following. If <br /> deemed expedient, however, the Board may meet at any time and at <br /> any place provided the time and place is designated in a notice of <br /> the meeting. <br /> Section 5. Special meetings. <br /> Special meetings of the Board of Directors may be held at any <br /> time on the call of the President, providing each member of the <br /> Board be given notice of the time, place and purpose of meeting at <br /> 6 <br /> 60 <br />