6.0. EDSR 06-10-2002 - Laserfiche WebLink

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ORGANIZATIONAL STRUCTURE Incorporation as a Nonprofit Corporation • MCCF was incorporated as a nonprofit corporation under the laws of the State of Minnesota on the 7th day of August 2001. Tax Exempt Status under the Internal Revenue Code MCCF has applied for recognition of Federal tax exemption under Section 501(c)(3)of the Internal Revenue Code. The application has not been approved as of the date of this Prospectus and MCCF does not expect approval until the fall of 2002. Director Managed MCCF is managed by a Board of Directors.The first elected Board of Directors of MCCF shall be comprised of not more than nine directors. Two of the directors shall be elected by a majority vote of each class of the three classes of Members. Each $1,000 deposit balance of a Member in the Loan Fund or contribution to MCCF for working capital purposes shall entitle the Member to one vote. In addition to the six directors elected by the Members,up to three directors shall be elected by an affirmative vote of a majority of the directors elected by Class A, B, and C Members. See "Membership". Other than this right to vote for directors and the right to approve modifications to the Articles of Incorporation or Bylaws of MCCF which may modify the right to vote for directors,no Member shall have any rights of governance with respect to MCCF. MANAGEMENT Initial Board of Directors The following persons constitute the Board of Directors of MCCF and will serve until the organizational meeting of • Members which is to be held following the Initial Closing for the purpose of electing Directors: Name Age Address Steve Dusek 37 1 Prairie Drive Slayton,MN 56172 Nancy Norr 40 30 West Superior Street Duluth,MN 55802 Greg Hohlen 41 729 Main Street Elk River,MN 55330 Teary Erickson 47 519 SW First Avenue Rochester,MN 55903 Biographical Information-Directors Steve Dusek has served as Chief Executive Officer of Prairieland Economic Development Corporation, located in Slayton, Minnesota, since 1996. He currently manages a loan portfolio of $26.5 million and a staff of six. Prairieland's loan portfolio includes $21.5 million in SBA 504 loans and $5 million in USDA Rural Development IRP loans. After graduating from the University of North Dakota in 1987, Mr. Dusek began his career at a planning agency in Minot, North Dakota. In 1989, he moved to southwest Minnesota and accepted a position with the Southwest Regional Development Commission (SRDC) as the Economic Development / Deputy Director. Mr. Dusek is certified as a Certified Economic Development Professional by the National Development Council. As a member of the National Association of Development Companies (NADCO), he is actively involved in several NADCO committees that support legislative advocacy and networking opportunities for small business development throughout the country. Nancy Norr of Duluth, Minnesota, is Economic Development Manager for Minnesota Power, a regional electric 41) utility. She currently manages a $6 million business development revolving loan fund portfolio and promotes economic development in northern and central Minnesota and portions of Northwest Wisconsin. A 1983 business administration graduate of the University of Wisconsin-Eau Claire, Ms. Non also holds a master's degree in 11