Laserfiche WebLink
allocation is made for the next Fiscal Year . <br /> (p) Hearin s. Initial meetings of the Representatives and <br /> of the Board of Di-rectprS shall be held upon the call of the <br /> Directors, after notice , for the purpose of determining the votes <br /> of R+epresfntat ives as provided in Section '9 (C ) hereof , adopting <br /> Bylaws, electing Directors and officers, adopting an initial <br /> operating budget for the remainder of the Fiscal Year, and <br /> transacting any other business that may come before the meetings. <br /> The Bylaws shall be proposed by the Board of Director$ and shall <br /> become effective when approved by resolution adopted by the <br /> affirmative vote of (i ) two-thirds of the Representatives, each <br /> casting one vote, and ( ii ) two-thirds of the votes cast by the <br /> Representatives in accordance with the weighted voting formula set <br /> forth in Section 9 (C) hereof . Thereafter, the Representatives <br /> shall hold an annual meeting at a time and place provided in the <br /> Bylaw's or in a resolution adopted by the Representativesâ–ş at which <br /> any business may be transacted, and special meetings upon such <br /> call and notice and at such times and places as may be provided by <br /> or pursuant to the Bylaws or in a resolution adopted by the <br /> Representa'!.fives. <br /> (B) Board of Directors . The powers of the Municipal PawFr <br /> Agency shall be exercised by the Board of Directors in which shall <br /> be vested -all of the. powers conferred on the municipal Power <br /> Agency by the Act and this Agency Agreement other than those <br /> Powers described in Section 9 (B ) hereof which shall require the <br /> approval of the Representatives . The initial Hoard of Directors <br /> is set forth in Section 6 hereof . Only Representatives shall be <br /> eligible for election to the Board of Directors . compensation for <br /> Directors shall be Set by the Representatives. Directors shall <br /> discharge their duties in good faith , and with that diligence and <br /> care which an ordinary prudent - person in a like position would <br /> exercise under similar circumstances. Actions by the Board of <br /> Directors may be taken upon the vote of a majority of the <br /> Directors present and voting at any meeting at which a quorum is <br /> present. Directors shall not cast. "weighted votes" and each <br /> Director shall cast but one Vote , <br /> Until the first meetings of the Board of Directors and <br /> Representatives, the Initial Representatives shall constitute the ¢ <br /> Board of Directors . At such initial meeting of the <br /> Representatives, the new Directors shall be selected as provided, <br /> below, and , at the time of selection of such new Directors , the <br /> terms of office of the Initial Representatives as Directors shall <br /> cease and such new Directors shall take office. If the Municipal <br /> Power Agency has seem a._«i.ght members or less, the Board of <br /> Directors shall consist of the Representatives from each of the <br /> members. If the Municipal Power Agency has more than seven ee ight <br /> members, the Board of Directors shall consist of seven ( 7 ) <br /> ' Directors, appointed or elected as followst <br /> 1 <br /> (1 ) The Representatives of the three members which have the <br /> greatest number of votes allocated to them pursuant to section <br /> g <br /> MMPA-04454 <br />