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<br />. <br /> <br />. <br /> <br />Section 9. Votinq of Shares. Each outstanding share, re- <br />gardless of class, shall be entitled to one (1) vote on each matter <br />submitted to a vote at a meeting of shareholders. In the election of <br />directors, each record holder of stock entitled to vote at such elec- <br />tion shall have the right to vote the number of shares owned by him <br />for as many persons as there are directors to be elected, and for whose <br />election he has the right to vote. A voter may cumulate his votes by <br />giving one candidate as many votes as the number of directors to be <br />elected multiplied by the number of votes which he has the right to <br />cast equals, or by distributing those votes on the same principal <br />among any number of candidates. Only full _shares may vote. <br /> <br />Section 10. Votinq of Shares by Certain Holders. <br /> <br />(a) Neither treasury shares, nor shares of its own stock <br />held by the corporation in a fiduciary capacity, nor shares held by <br />another corporation if the majority of the shares entitled to vote <br />for the election of directors of such other corpo~ation is held by <br />this corporation, shall be voted at any meeting ar .counted in deter- <br />mining the total number of outstanding shares at any given time. <br /> <br />(b) Shares standing in the name of another corporation <br />may be voted by such officer, agent or proxy as the by-laws of such <br />corporation may prescribe or, in the absence of such provision, as <br />the Board of Director.s of such corporation may determine. <br /> <br />(c) Shares held by an administrator, .executor, guardian <br />or conservator may be voted by him, either in person or by proxy, <br />without a transfer of such shares into his name. Shares standing in <br />the name of a trustee shall be entitled to vote shares held by him <br />without a transfer of such shares into his name. <br /> <br />(d) Shares standing in the name of a receiver may <br />be voted by such receiver and shares held by or under the control of <br />a receiver may be voted by such receiver without the transfer thereof <br />into his name if authority so to do be contained in an appropriate <br />order of the court by which such receiver was appointed. <br /> <br />entitled <br />into the <br />entitled <br /> <br />(e) <br />to vote <br />name of <br />to vote <br /> <br />A shareholder whose shares are pledged shall be <br />such shares until the shares have been transferred <br />the pledgee, and thereafter the pledgee shall be <br />the shares so transferred. <br /> <br />(f) A shareholder who is purchasing stock on the in- <br />stallment method from the company and is not otherwise so permitted, <br />shall not be entitled to vote as a full owner, as described in Article <br />V, Section S, hereof. <br /> <br />- ~ <br />Section 11. Annual Water"Assessment~ <br />'--' <br />(a) At such annual meeting or special meeting called <br />for this purpose, the Board of Directors shall present. to the share- <br />holders a proposed assessment for every share of each class of stock <br />for the coming seaSOD. The shareholders, in person or by proxy, shall <br />approve such proposed assessment by affirmative vote ot a majority of <br />the quor~~ required by the Articles of Incorporation. Such quorum, for <br />the sole purpose of voting in the proposed water assessment, shall be <br />Ii. not less thanCOl'ie:ctli-rra:Yl/3) of the issued and outstanding capital <br />!! '. stock of the company. <br /> <br />(b) In the event the stockholders fail to hold any <br />such meeting or fail to make or authorize any such assessment by the <br />1st day of April in any year, then the Directors of the company shall <br />n~ke such assessment at the next regular or special meeting of Directors <br />held on or after April 1 of that year. <br /> <br />-3- <br />