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<br />6. Distribution of Profits and Losses. The profits and losses of the Company shall be <br />allocated to the members in proportion to the members' interest in the Company. <br />7. Additional Contributions. The members agree to make additional contributions as <br />may be required to carry on the business of the Company from time to time. The requirement to <br />make additional contributions shall be made only by unanimous vote of the members. <br />8. Members Interest. The member's interest of Zane Luttrell shall be 40%, represented <br />by 400 membership units. The member's interest of Chauncey Luttrell shall be 60%, represented <br />by 600 membership units. <br />9. Manager. The manager of the Company shall be Zane Luttrell. The initial manager <br />shall hold office until his successor has been elected at a regular or special meeting. The manager <br />shall be elected by a majority of the outstanding membership units. If the manager resigns or his <br />office becomes otherwise vacant during his term of office, the manager's position shall be filed by <br />a person elected by the members representing a majority of the membership units. The manager <br />shall have full power and authority to act in all matters concerning the Company, including the <br />borrowing of money, the sale of Company assets, land and equipment purchases and sales and all <br />other business activities. <br />At a meeting called expressly for that purpose, the manager may be removed, with or without <br />is cause, by a majority of member votes. <br />10. Company Funds. It is agreed that all funds received by the Company shall be <br />deposited in Timberline Bank, 1414 Hawk Parkway, Montrose Colorado 81401, in the name of the <br />Company, and all expenses and payments on account of the Company's business will be paid by <br />check upon the Company's account and signed by one of the managers (subject to the provisions of <br />paragraph 9 above). The Managers may change the company's depository at any time. <br />11. Records. The manager shall keep or cause to be kept full and true books of account <br />accurately reflecting all transactions of the Company, which books shall be kept at the Company's <br />registered office and shall be open for inspection and examination during office hours by all <br />members. Annual statements of income and expenses shall be prepared by the Company, which <br />statements shall include the preparation of information returns for income taxes of the Company <br />showing the distributive shares and the gain or loss of each member. In addition, the manager shall <br />keep those records at the registered office as are required by C.R.S. 7-80-411, which records shall <br />include: <br />(a) A current list of the full name and last known business, residence or mailing <br />address of each member and each manager; <br />2