Laserfiche WebLink
<br />11 . Compensation. <br /> <br />By resolution of the board of directors, the directors may be paid their expenses, if <br />any, of attendance at each meeting of the board of directors, and may be paid a fixed sum <br />for attendance at each meeting of the board of directors or a stated salary as director. No <br />such payment shall preclude any director from serving the corporation in any other capacity <br />and receiving compensation therefor. <br /> <br />12. Presumption of Assent. <br /> <br />A director of the corporation who is present at a meeting of the board of directors <br />at which action on any corporate matter is taken shall be presumed to have assented to <br />the action taken unless his dissent shall be entered in the minutes of the meeting or unless <br />he shall file his written dissent to such action with the person acting as the secretary of the <br />meeting before the adjournment thereof or shall forward such dissent by registered mail <br />to the secretary of the corporation immediately after the adjournment of the meeting. Such <br />right to dissent shall not apply to a director who voted in favor of such action. <br /> <br />13. Action Without a Meeting, <br /> <br />Any action required or permitted to be taken at a meeting of the directors may be <br />taken without a meeting if a consent in writing, setting the actions so taken, shall be signed <br />by all of the directors entitled to vote with respect to the subject matter thereof. Such <br />consent shall have the same force and effect as a unanimous vote of the directors. <br /> <br />ARTICLE IV <br />OFFICERS- . <br /> <br />1. Number. <br /> <br />lheoff1Cers of tne' .corporation shall De a president; vice-president and"" ~-" <br />secretary/treasurer, each of whom shall be elected by the board of directors. Such other <br />officers and assistant officers as may be deemed necessary may be elected or appointed <br />by the board of directors. <br /> <br />2. Election and Term of Office. <br /> <br />The officers of the corporation to be elected by the board of directors shall be <br />elected annually by the board of directors at the first meeting of the board of directors held <br />after each annual meeting of the shareholders. If the election of officers shall not be held <br />at such meeting, such election shall be held a soon thereafter as conveniently may be. <br />Each officer shall hold office until his successor shall have been duly elected and qualified <br />or until his death or until he shall resign or shall have been removed in the manner <br />hereinafter provided. <br /> <br />F:IKFLIKERN.RESERVOIRIBYLAWS <br /> <br />6 <br />