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Governance

RSCC By Laws: Article II and III

ARTICLE II

Dissolution

In the event of the dissolution of the corporation, the assets shall be liquidated and, after all of the corporation debts have been paid, the owner of each lot shall receive a proportionate share of the net assets. An owner of more than one (1) lot shall receive one (1) share for each lot owned.

ARTICLE III

Management

Section 1: The business and property of the corporation shall be managed by a board of nine (9) trustees.

Section 2: Of the original Board of Trustees elected by the membership, three (3) shall be elected for a term expiring at the next annual meeting, three (3) shall be selected for a term expiring at the second annual meeting and three (3) shall be selected for a term expiring at the third annual meeting. At each subsequent annual meeting, three (3) directors shall be elected for a three (3) year term.

Section 3: The annual meeting of the membership of the Rainbow Springs Community Club, Inc., shall be in either the month of March or April in each year. Special meetings of the membership of the corporation may be called from time to time as provided in Article IV, Section 2.

Section 4: The Board of Trustees of the corporation shall hold regular meetings following the annual membership meeting and such special meetings as the Board shall deem necessary for the competent management of the affairs of the corporation, or when called as provided in Article IV, Section 4.

Section 5: Each member of the Board of Trustees shall possess one (1) vote in matters coming before the Board. All voting at meetings of the Board of Trustees shall be by each member in person and voting-by proxy shall not be allowed. A five majority of the members of the Board of Trustees shall constitute a quorum.

Section 6: Any Trustee may be removed from office by a majority vote of the membership at any regular or special meeting of the membership of the corporation. Notice of the proposed removal of a Trustee must be given to such Trustee prior to the date of the meeting at which time such removal is to be voted upon. Such notice to the Trustee must state the cause for the proposed removal.

Section 7: Unexcused absence from three (3) consecutive meetings of the Board of Trustees shall be due cause for removal of a Trustee.

Section 8: Any vacancy occurring on the Board of Trustees by reason of the death, resignation, removal or otherwise of a Trustee shall be filled by the President and confirmed by the Board of Trustees. Such appointee shall serve during the un expired term of the Trustee whose position has become vacant.

Section 9: Within a reasonable time after their election, the members of the Board of Trustees shall elect from their members the following officers: President, Vice President, Secretary and Treasurer. All such officers shall be officers of the corporation and shall serve until the next annual meeting.


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