6.0. EDSR 06-10-2002 - Laserfiche WebLink

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• withdrawal by the depositor upon lapse of time as set forth in the escrow agreement. The terms upon which the corporation may draw upon and receive an advance from the loan fund are contained in the escrow agreement and in a participation agreement. Each such participation shall be subject to approval by the board of directors of the corporation through the execution of a written participation agreement. Upon execution of the participation agreement and transfer of funds to the loan fund, the participating entity shall become a member of the corporation. The participation agreement will also describe the procedure by which the member shall identify the members' official representative and an alternate entitled to attend membership meetings and vote on behalf of the member. The corporation shall have three classes of members. Members whose contributions to the corporation or deposits to the loan fund amount in the aggregate to $100,000 or more shall be designated as "Class A members." Members whose contributions to the corporation or deposits to the loan fund amount in the aggregate to at least $50,000 but less than $100,000 shall be designated as "Class B members." Members whose contributions to the corporation or deposits to the loan fund amount in the aggregate to at least $25,000 but less than $50,000 shall be designated as "Class C members." Two of the directors of the corporation shall be elected exclusively by Class A members. Two of the directors of the corporation shall be elected exclusively by Class B members. Two of the directors of the corporation shall be elected exclusively by Class C members. Other than this limited right to vote for directors and the right to approve modifications to the articles or bylaws which modify the limited right to vote for directors, no member shall have any rights of governance with respect to the corporation. Members are entitled to one vote for each $1,000 contribution to the corporation for working capital or one vote for each $1,000 of deposit balance in the Loan Fund (fractions are • disregarded). The members of the corporation shall have no property rights in the assets of the corporation and no earnings of the corporation shall inure to the benefit of or be distributable to the members, except the members may be reasonably compensated for services performed for the corporation. The corporation shall at all times be operated exclusively for charitable purposes under Section 501(c)(3) of the Internal Revenue Code. Within the foregoing limitations, this corporation will combat community deterioration by promoting economic development opportunities, including the development of housing and business enterprises throughout Minnesota. Future net income of the corporation shall be used for developing and expanding programming that enhances economic development opportunities throughout Minnesota. The members of the corporation shall have the authority to elect directors to the extent set out in this Article VII, any approval of such members shall be required prior to amendment or abridgement of this right to elect certain directors, but the members of the corporation shall have no other rights with respect to the governance of the corporation. ARTICLE VIII DIRECTORS The number, qualifications, term of office, method of election, powers, authority and duties of the directors of this corporation, the time and place of their meetings, and such other provisions • with respect to them as are not inconsistent with the express provisions of these articles of incorporation shall be specified in the bylaws of this corporation. 3