HomeMy WebLinkAbout1446 Sectioon 6. Regular Meetings. The Bo~ard may establish a schedule of '
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regular meetings bo be held at such t.im~e a~nd plaoe as the Board n~y designate. ~
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Notioe of such regular ~aeetinqs shall.nevertheless be given to each Director ;
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pers~naZly or }yy *nail, tel~~ne or teleqraph, at least five (5) days prior
to the day na~ied for such meetinq.
Sectiori 7. Special Maetirygs. S~ecial meetings of the Directors may j
be called by the President and must be called by th~e SecretaYy at the written ~
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request of ac~e-third of the wtes of the Board. No less than five days' notioe #
of the meeting shall be qiven persw~ally ar by mail, telepY~e o~ teleqraph.
which n~otice shall state the time, plaoe and purpose of the meeting.
~Section 8. Direcbars' Waiver of Notioe. Before or at any meeting
of the Board, any Direcbor may waiv~e notive of such meeting and s~x~ waiver
sha11 be de~sned equivalent t~o the qiving of ryoriee. Attez~daiyoe by a DirecGor
at a~ meeting of the Baard shall be a waiver of notive by him of the time and
plaoe thereof. If all the Direetors are present at any meeting of tl~ ~aard,
no r~otioe shall be req~ired and ariy business may be transacted at su~ch meeting.
Section 9. Quorun. At _ all me~tinqs of the Boarci of Directors a
' ~jarity of the Direcbors shall aonstitute a quorun far the transaction of
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~ busin~ess, and the acts of the majority of the Direcbars p~resent at such meetings
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~ at v~ich a quonm is p~esent shall be the acts of the Baard of Directars. If at
any meeting of the Baard of Di.rect~cs t,here shall be less th~n a qu~atiun present,
the majority of those present raay adjourn the meetir~g fram time bo time. At each
such adjourn~ed meeting any business which might have be~n transacted at tt~e
meeting as origina].ly cailed may be transacted without further notive. T~e
joinder of a Director in the action of a meetiryg by signing ar~d aaZCVrring in
the minutes thereof shall o~onstitute the p~esexioe of such Direcb~r for the
purpo~e of ciet~ennir?ing a yt~run.
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Section 10. Oa~ensati~. The Directors' fees, if any, shall be
c~et~ermined by the Voting Members. .
Section 11. P~owers ar~d Duties.
The Board, and prior to Cessatio~ of Dev~elognent the Dev~eloper, shall .
hav~e the pow~ers and duties neoessaxy for the adcninistration of the affairs of the
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