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ARTICLE V <br /> <br /> BOAID OF DIRECTORS <br /> <br /> Section 1: General Powers. The property, business and affairs of the <br />Corporation shall be managed by the Board of Directors. The Board of Directors <br />shall have full power to act on behalf of the Corporatton as permitted by the <br />Statutes of the State of Minnesota, the Articles of Incorporation and these By- <br />Laws as shall be amended from time to time. <br /> <br /> Section 2: Number, Terms of Office, Qualifications and Method of <br /> <br />Election.The number of Directors shall be eleven (11) but the number thereof may <br />be increased by amendment of these By-Laws. Notwithstanding the above, the <br />Board of Directors shall at all times number at least five (5). Directors shall <br />be ~hareholders of the Corporation and be representative of the shares according <br />to the guidelines of the Small Business Administration. The Directors shall be <br />chosen by a plurality of the votes cast at the annual meeting of shareholders <br />entitled to vote. Each Director shall hold office until his successor shall <br />have been elected and qualified, until his death, until his resignation shall <br />have become effective or until he shall have been removed in the manner <br />hereinafter provided, whichever is earliest. <br /> <br /> Section 3: Annual Meetings. An annual meeting of the Board of Directors <br />of the Corporation for the purpose of organization, election of officers and <br />transaction of such other business as may properly come before the meeting shall <br />be held immediately following the adjournment of the annual meeting of <br />shareholders and at the place where such meeting was held. Notice of such <br />meeting or of any adjournment thereof need not be given. If, for any reason, <br />such meeting shall not be held on the day specified herein, it may be held at <br />any other time or place which shall be specified in a notice givo~ as <br /> <br /> <br />