11/05/84 - Laserfiche WebLink

Home

ARTICLE III SBARXBOLDERS Section 1: Shareholders. There shall be two (2) classes of shareholders which shall be designated as Class A shareholders and Class B shareholders. The Class A shareholders shall be not less than twenty-five (25) in number. The shareholders may be individuals or corporations and shall be representative of the community in which the Corporation operates and shall include participation of at least two (2) of the following four (4) groups: local government, private lending institutions and community and business organizations located within the Corporation's territory. The Corporation shall not be dissolved nor shall the validity of any act of the Corporation or its shareholders be in any way effected in the event of vacancies in the shareholder membership. Section 2: Powers and Voting Rights. Each Class A shareholder shall be entitled to cast one (1) vote at any election of directors of the Corporation. Class A shareholders shall have no other voting rights and there shall be no cumulative votJnl~ rights. Class B shareholders shall not have, by reason of their ownership thereof, any right to vote or to any voice in the management of this Corporation. No shareholder may control more than ten percent (10%) of the total outstanding Class A shares of the Corporation. No officer, director, shareholder or group of shareholders controlling as much as ten percent (10%) of the voting power of the Corporation may be an officer, director or holder of a direct pecuniary interest in any small business concern assisted by the Corporation. Ownership of a financial interest includes ownership by close relative as defined in Section 120.1(d)(3)(i) of the Small Business Investment Act of 1958.