6.0. EDSR 06-10-2002 - Laserfiche WebLink

Home Browse Search

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. 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). Section 2.02 No Rights in Assets or Earnings. 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. Section 2.03 Members to Elect Certain Directors. The members of the corporation shall have the authority to elect directors to the extent set out in Article Ill, 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. • Section 2.04 Transfer of Membership Interests. Membership and rights arising out of membership may be transferred upon the written consent of the board of directors. ARTICLE III. DIRECTORS Section 3.01 General Purposes. The business and affairs of the corporation shall be managed by or shall be under the direction of the board of directors. Section 3.02 Number, Qualifications, Election and Term of Office. The number of active directors shall be nine (9), or such greater or lesser number as the board shall from time to time determine, provided that the Class A, Class B and Class C members of the corporation shall collectively at all times following the first annual meeting of the corporation, be entitled and responsible to elect a majority of the directors then serving. To make certain that the management of the corporation is broadly representative of, and responsive to, communities within the State of Minnesota, all directors shall be individuals employed or residing in Minnesota, and the corporation shall make an effort to identify and recruit as directors individuals representing a broad cross section of Minnesotans. Particular emphasis shall be placed on identification and recruitment of qualified board candidates who themselves are low- and moderate-income Minnesota residents or who work with organizations and enterprises serving low- and moderate-income communities throughout Minnesota. 2