Agenda - 10-09-2007-6b - Laserfiche WebLink

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av Section 1: General Powers: The affairs of the corporation shall be managed by the Board of Directors. The Directors must be residents of the state of North Carolina and must be active members of the corporation. There shall be seven members of the Board of Directors. Section ?: Election: the $oard of Directors shall be elected by and from the active members of the corporation at~the annual rnernbership meeting. A majority of those voting shall be required to elect each and every Board member. The first Board shall be composed of three members who will serve for one year and four members who will serve for two years. At the first annual membership meeting and thereafter Directors will be elected to replace those whose terms are expiring and will serve for a term of two years. Section 3: Election of Officers: Immediately after each election of directors the Board shall hold a regular meeting and organize by the election of aPresident, aVice-President, a Secretary, and a Treasurer (Secretary and Treasurer may be combined into one office of Secretary-Treasurer) each of whom shall hold office until the election and qualification of his/her successor. The President and Vice-President shall be elected by and from the Board of Directors then in office. The Secretary and Treasurer (or Secretary-Treasurer) do not need to be members of the Board of Directors. All officers serve a one year term. Section 4: Vacancies: Whenever a vacancy occurs in the Board of Directors, other than from the expiration of a term of office, the remaining Directors may select a replacement to serve until the next regular or special membership meeting. Section _5: Board Meetings: The meeting of the Board of Directors shall be held at such time and place as the Board may determine. Section 6: Special Meetings: A special meeting of the Board of Directors shall be held whenever called by the President or by two Board members. Each call for a special meeting shall state the business to be transacted and the time and place of such meeting. Section 7: Notice of Board Meetings: Notice of regular or special meetings of the Board may be mailed to each director, or made in person or by telephone. Such notice shall be given at least 7 days before a regular and 1 day before a special meeting. Board meetings may be attended by all active members of the corporation. Section 8: Quorum: A majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board. Section 9: Compensation: Directors and officers as such shall not receive any stated salaries for their services, but by resolution of t11e Board, the travel expenses of attendance, if any, may be allowed for attendance at each regular or special meeting of the Board; but nothing herein contained shall be constnied to preclude any Director or officer from serving the corporation in any other capacity and receiving compensation for such services. [see Amendments to By-laws]