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<br />1982 <br /> <br />Note 5 - Revised Company Bylaws <br /> <br />The board of directors adopted revised bylaws in 1979. The <br />adopted rules restrict non-agricultural uses to specific locations. <br />All stock transfers must be approved by the directors. The bylaws <br />also restrict borrowing powers of the board to $50,000 per year <br />except for purchases afwater, without approval of the stockholders. <br /> <br />In 1991 provision was also made to the bylaws to state that a <br />majority vote of all capital stock be required before the bylaws of <br />the company could be changed. <br /> <br />Note 6 - Designated Cash <br /> <br />There is cash in a checking account that has been designated for <br />use in self-insurance costs relating to collision and comprehensive <br />damage to licensed vehicles and office building glass. The account <br />currently contains $69,587. <br /> <br />Note 7 - Insurance <br /> <br />The Company is currently self-insuring itself on collision and <br />comprehensive insurance related to licensed vehicles. <br /> <br />The Company is not currently protected by general liability <br />coverage, and is currently unable to obtain such coverage at a <br />reasonable cost. <br /> <br />Note 8. Vacation and Sick Leave <br /> <br />Regular employees, after serving one year of satisfactory service, <br />shall be entitled to five (5) working days of annual leave. <br />Similarly, after two (2) years service, an employee shall be entitled <br />to ten (10) working days with pay. Employees with longevity of <br />eleven (11) years or more shall be entitled to fifteen (15) working <br />days vacation pay. Vacation time will not be allowed to <br />accumulate beyond a total of fifteen (15) working days. <br /> <br />Sick leave begins accwnulating at the rate of 1/2 day per month <br />from the first month of service. All employees who have completed <br />six months of service are allowed to begin use of their accumulated <br />sick leave. Sick leave will be pennitted to accumulate until an <br />employee has accumulated a maximum of 18 days. Hourly <br />employees shall receive pay based on nonnal work days while on <br />sick leave. <br /> <br />Vacation and sick leave as of October 31, 1993, was $9,771 and <br />$6,795 and for October 31. 1992, was $5,747 and $10,560, <br />respectively. <br /> <br />25 <br /> <br />