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<br />. <br /> <br />~ <br /> <br />, <br /> <br />< <br /> <br />Board of Directors for the satisfactory performance of his duties, <br />the cost of which shall be born~ by the corporation. <br /> <br />Section 5. Duties and. Powers of the Treasurer: The <br />Treasurer shall perform all duties usually incident to the office <br />of Treasurer of a corporation. He shall collect assessments imd <br />other sums due to the corporation. He shall safely keep all money <br />and funds of the corporation a!)d disburse the same only on ord,=rs <br />signed by the President. He shall keep such financial records and <br />accounts as will accurately reflect the finances and assets of the <br />, . <br />corporatlon, and shall report the same to the stockholders atei:l.ch <br />annual meeting and to the Board of Directors upon request. If <br />required by the Board of Directors, the Treasurer shall provide a <br />bond in the amount determined b::y the Board of Directors at the cost <br />of the corporation. <br /> <br />Section 6. Manager or Superintendent: In addition to the <br />officers above named, the Board of Directors may authorize the <br />appointment of a manager or a superintendent, who mayor may not be <br />a director or a member of this corporation. The duties, authority, <br />and compensation of such manager or superintendent shall be as <br />determined by the Board of Directors. <br /> <br />ARTICLE VI <br />stock, Certificates and Transfers <br /> <br />Section I. No transfe:r:: of stock shall be allowed without <br />approval of the Board of Directors. The Board may adopt rules <br />governing approval of said tra!lsfers. A shareholder proposing to <br />transfer his stock in this corporation, whether to a shareholder, <br />non-shareholder, or non-member of this corporation, shall make a <br />. written request for approval of the transfer to the Board of <br />Directors, If, in the opinion of the directors, the transfer may <br />be made without injury to the corporation or to other members, or <br />to the integrity or adrninistrability of its plan for augmentation, <br />the Board of Directors shall approve the transfer. The proposed <br />transferee may be required by the Board of Directors to pay <br />engineering and legal costs associated with evaluating the proposed <br />transfer, It is t:-,e policy of the corporation to encourage -:he <br />free transferability of, stocY. as much as consistent with the <br />foregoing principle, In the eVent of a transfer of shares by any <br />person, bank or institution which is a creditor of a sharehold'=r, <br />as part of a foreclosure or e~ercise of a security interest on a <br />loan or financing where the bank or institution does not use the <br />services of the corporation, such transfer will be presumed to be <br />wit:hout injury unless rebutted on the facts of any particular <br />circumstance. The subsequent assignment and transfer of such share <br />to a user shall require Board approval as required by these bylal"'s. <br />The decision of the Board of Directors shall be final and shall be <br /> <br />9 <br />