HomeMy WebLinkAbout2249SECTION 9. COMPENSA TION.
Directors as such shall not receive any stated salaries for their
services, provided, that nothing herein contained shall be construed to
preclude any Director from serving the carporation in any other capacity
and receiving compensation therefor.
ARTICLE IV
SECTION 1. OFFICERS.
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a President, a Treasurer, a Secretary and such other officers as may be
elected in accordance with the provisions of this Article. The Board of
Directors may elect or appoint such other officers, including one or more
assistant Secretaries and one or more Assistant Treasurers, as it shall
deem desirable, such officers to have the authority and perform the duties
prescribed, from time to time, by the Board of Directors. Any Two (2)
or more offices may be held by the same person.
SECTION 2. ELECTION ANI? TERM OF OFFICE.
The officers of the corporation may be elected at the regular
annual meeting of the Board of Directors or at a special meeting shall be
elected for a term of office to include the time between the special meeting
and ±he next regular annual meeting pius the regular term of office for the
position. Except for the initial Chairman of the Board, the term of office
for the Chairman of the Board sha~l be five (5) years. The term of office
for the President shall be four (4) years; the term of office for all other
officers may be one (1), two (2), or three (3) years, as determined by
resolution of the Board of Directors for each individual office. If the
election of officers shall not be held at the annual meeting at which the
office is scheduled to expire, such election shall be held as soon thereafter
as may be convenient. Vacanci~s may be filled or new office~ cre~ted and
filled at any meeting of the Board of Directors. Each officer shall hold
office until his successor shall have been duly elected and qualified.
SECTION 3. REMOVAL.
Any officer or agent elected cr appointed by the Board of Directors
may be removed by the Board of Directors whenever in its judgmept the best
interests of the corporation would be served thereby, but such removal shall
be without prejudice to the contract rights, if any, of the person so removed.
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