HomeMy WebLinkAbout1261AR7'ICLE VI - lndr~nni f i cation
The corporation shall indemnify any presrnt or farmer
officer or ~irector. or person exercising pow~•rs anc] Jutics
of a clirector. to the full extent permitted by l.~w.
ARTICLE VII - By-Laws
The power to adopt. alter. amend or repeal By-Laws
shall be vested in the Board of Directors and the shareholders
but the Board of Directors may not alter, amend or repeal
any By-Laws adopted by the shareholders if the shareholders
provide that such By-Laws shall not be altered. amended or
repealed by the Board of Directors.
ARTICLE VIII - Amendments
Amendments to the Articles of Incorporation shall be
proposed and adopted in the following manner:
1. Notice of the sub~ect matter of a proposed amendment
shall be included in the notice of any meeting at which a
proposed amendment is considered.
2. A resolution for the adoption of a proposed amendment
may be proposed either by the Board of Directors or by a
shareholder of the corporation. Directors and shareholders
not present in person or by proxy at the meeting considering
the amendment may express their approval in writing, provided
such approval is delivered to the Secretary at or prior to the
meeting. Except as elsewhere provided.
(a) such approvals must be by less than 75°!. of the
entire membership of the Board of Directors and by not
less than 75;: of the votes of all shareholders of the
corporation or
(b) by not less than 80% of the votes of a21 the
shareholders of the corporation.
3. No amendment shall tnake any changes in the qualifications
for membership nor in the voting rights of shareholders, without
avpYOVal fn writing of all shareholders and the io3n~ler of
all record owners or mortgages upon the condominium. No
8~x3~45 PA~i259
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