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<br />-1 <br /> <br />\ <br />J <br /> <br />J <br />J <br /> <br />. <br /> <br />. <br /> <br />who will be represented at a meeting, such as partnerships and <br /> <br />corporations, . must designate in writing to the Corporation that <br /> <br />shareholder's agent for voting at shareholder meetings. <br /> <br />ARTICLE IV - .BOARD OF DIRECTORS <br />4.1. Number and Qualifications. The duties and affairs of the <br />corporation shall be managed by a Board of not less than three (3) <br />nor more than five (5) Directors. The shareholders, by their own <br />vote, shall determine the number Qf direc:tors each year at the annual <br />meeting of the shareolders. Directors need not be residents of the <br />state of Colorado but must be Shareholders of the Corporation. <br />4.2. Election. The ini tial Board shall hold office until the <br />first annual meeting of shareholders and until their successors shall <br />have been elected and qualified. At the first annual meeting of <br />shareholders, and at each annual ~eeting thereafter, the shareholders <br />shall elect Directors to hold offtce until the next succeeding annual <br />meeting of shareholders. Each Director shall hold office for the <br />term of which he is elected and until his successor shall be elected <br />and qualified. <br />4.3. Vacancies. Any vacan<:y occurring in the Board may be <br />filled by the affirmative vote of a majority of the remaining <br />Directors though less than a quorum. A Director elected to fill a <br />vacancy shall be elected for the unexpired term of his predecessor in <br />office. However, a Director elected to fill a vacancy based upon an <br />increase in the number of Directors sh2Lll serve only until the next <br />annual meeting. <br /> <br />-4- <br />