6.0. EDSR 06-10-2002 - Laserfiche WebLink

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11/ Exhibit C BYLAWS OF MINNESOTA COMMUNITY CAPITAL FUND ARTICLE I. OFFICES, CORPORATE SEAL Section 1.01 Registered and Other Offices. The registered office of the corporation in Minnesota shall be that set forth in the articles of incorporation or in the most recent amendment of the articles of incorporation or statement of the board of directors filed with the Secretary of State in Minnesota changing the registered office in the manner prescribed by law. The corporation may have such other offices, within or without the State of Minnesota, as the board of directors shall from time to time determine. Section 1.02 Corporate Seal. The corporation shall have no corporate seal. ARTICLE II. MEMBERS Section 2.01 Eligibility and Classes of Members. Each community development corporation, individual, business organization, development-oriented venture fund, local governmental • agency, public charity or private foundation which is involved in economic development activity, including the management of a Revolving Loan Fund ("RLF") operated within the area of operations of the corporation, with an interest in supporting the purposes of the corporation, may apply to become a member by contributing funds to the corporation for use by the corporation as working capital or may apply to participate through the deposit of funds in a loan fund maintained in an escrow account established pursuant to an escrow agreement by depositor, corporation and a bank or other independent financial institution, which escrow agreement provides in part that (i) title and ownership of the funds deposited in such loan fund shall remain in the depositor; (ii) the income derived from the loan fund, net of expenses of the escrow agent shall be paid to the corporation; (iii) loan fund principal may be advanced to corporation upon receipt of directions as set forth in the escrow agreement; (iv) deposit to the loan fund shall be returned to the depositor upon notice of 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 and 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 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