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<br />. <br /> <br />. <br /> <br />- q <br />Section 6. Quorum. A majority of the Board of Oirectors <br />shall constitute a quorum for the transaction of business, but a less <br />number may adjourn to a day upon giving notice to absent members of <br />said board of such adjournment. In event of a lack of quorum, three <br />directors have authority to approve the payment of the company's bills. <br />I <br />Section 7. . Manner of Actinq. The act of the majority of <br />the directors present at a meeting at which a quorum is p~esent shall <br />be the act of the Board of Directors. . <br /> <br />Section 8. Compensation. By resolution of the Board of <br />Directors, any director may be paid anyone or more of the following: <br />his expense, if any, of attendance at meetings; a fixed sorn for <br />attendance at each meeting; or a stated salary as director. No such <br />payment shall preclude any director from serving the corporation in <br />any other capacity and receiving compensation therefor. <br /> <br />Section 9. Presumption of Assent. A director of the corpora- <br />tion ~ho is present at a meeting of the Board of Directors at which <br />action on any corporate matter is taken shall be presumed to have <br />assented to the action taken unless his dissent shall be entered in <br />the minutes of the meeting or unless he shall file his written dissent <br />to such action with the person acting as the secretary of the meeting <br />before the adjournment thereof Or shall forward such dissent by certi- <br />fied ~ail to the secretary of the corporation immediately after the <br />adjournment of the meeting. Such right to dissent shall not apply <br />to a director who voted in favor of such action. <br /> <br />Section 10. Executive Committee. The Board of Directors, <br />by resolution adopted by a majority of the number of directors fixed <br />by Section 2 hereof, may appoint from their number an executive com- <br />mittee of three members, such committee to include the president or <br />vice-president plus any two board members present. Said committee <br />shall be vested with the powers of the board when the same is not <br />in session; provided, however, that said executive committee shall <br />keep ~inutes of all actions approved and taken, which actions shall <br />be specifically ratified at the next regular meeting of the Board of <br />Directors. <br /> <br />Section 11. Informal Action bv Directors. Any action re- <br />quired or permitted to be taken at a meeting of the directors may be <br />taken without a meeting if a consent, in writing, setting forth the <br />action so taken, shall be signed by all of the directors entitled to <br />vote with respect to the subject matter thereof. Such consent shall <br />have the same force and effect as a unanimous vote of the directors, <br />and may be stated as such in "any articles or documents filed with the <br />Secretary of State of Colorado under the Colorado Nonprofit Corporation <br />Act. <br /> <br />Section 12. Duties and Powers. <br /> <br />(al The Board of Directors shall have power: <br /> <br />(il To do those things authorized by t~e laws of <br />the State of Colorado. <br /> <br />(iil To forfeit and sell the stock of any delin- <br />quent stockholder, or so much thereof as may be neces- <br />sary to satisfy the unpaid assessments in the manner <br />and form hereinafter provided. <br /> <br />(iii) To incur such indebtedness as may be <br />deemed necessary for carrying out the object$ and <br />purposes of the company and to authorize the presi- <br />dent and secretary to make the note of the co~?~ny <br />with which to raise money to pay such indebtedness. <br /> <br />-5- <br />