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-3- <br /> 2. Prof of notice of meeting. <br /> 3. Report of the credentials committee. <br /> J, <br /> 141 4. Reading and disposal of unapproved Minutes. <br /> 5. Reports of officers and committees. <br /> 6. Election of Directors. <br /> 7. Unfinished business. <br /> 8. New business. <br /> 9. Adjournment. <br /> ARTICLE II <br /> DIRECTORS <br /> Section 1. The business of the company shall be man- <br /> aged by a Board of five (5) Directors. At least three (3) of <br /> of them shall hold thirty (30) or more shares of stock of the <br /> company. All Directors shall be Stockholders of the company and <br /> residents of La Plata County, Colorado, and shall be elected at <br /> a meeting of the Stockholders called in accordance with the pro- <br /> visions of Article I hereof and shall serve until there successors <br /> have been duly elected and qualified. <br /> Section 2. ELECTION. Nominations for Directors may <br /> be made by any Stockholder or Shareholder. The election shall <br /> be by ballot on which each eligible voter may write the names of <br /> as many of the nominees as there are vacancies in the Board of <br /> Directors. Those nominated having the highest number of votes <br /> shall be declared elected. Cumulative voting shall not be <br /> allowed. <br /> Section 2(a) . TERM OF OFFICE. At the first annual <br /> meeting following the adoption of these By-Laws, two (2) Direc- <br /> tors shall be elected to three (3) year terms, two (2) Directors <br /> shall be elected to two (2) year terms, and one (1) Director to <br /> a one (1) year term. Thereafter in each year the term of the <br /> Directors elected shall be for three years. <br /> Section 3. A Director may hold any office in the com- <br /> pany or may be employed by the company to perform any special <br />