Section 1. Number of Directors
The coporate power of this Association shall be vested in a Board of fifteen (15)Directors called the Board of Directors.
Section 2. (Quorum)
A majority of Directors shall constitute a quorum for transaction of business at any meeting. A majority vote of the quorum
shall be necessary to elect an officer or transact any other business.
Section 3. (Qualifications)
All Directors must at all times be voting member of the Association and members in good standing.
Section 4. (Election and tenure of Directors)
Directors shall be elected annually by the members of the Association at the regular Association meeting held during the month
of November. (as prescribed in Article VI) to serve for a term of two (2) years from the next succeeding first day of January
after the Annual Association meeting occured, and until their successors are duly elected and qualified.
Except at the first annual election held after the adoption of these By-Laws only seven (7) members shall be elected directors
to serve for a two (2) year term and those previously elected directors shall continue to serve out their tenure of office.
Subsequent elections shall be for eight (8) or seven (7) Directors to keep the date of tenure expiration staggered.
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Section 5 (Vacancies)
In case of vacancy in the office of a director occuring between annual elections, the remaining directors at a regular or
special meeting shall elect another elligle member to fill the vacancy for the unexpired term and until a successor shall
be duly elected and qualified.
Section 6. (Duties of the Board of Directors)
Board of Directors shall conduct, manage and control the property, affairs and business of the Association, and shall make
all necessary rules and regulations fr the guidance of officers and management of the affairs and business of the Association,
not inconsistent wth the By-Laws, or any duly constituted governmental authority having jurisdiction thereof including the
state of Missouri and the United States of America. They shall cause to be kept a complete record of all their acts and proceedings
and of the proceedings of the members At each annual meeting of its members, they shall present a complete detailed statement
showing the assets, liabilities and general condition of the Association. They shall also cause to be kept a complete record
of all the expenditures assets, and liabilities.
(B) The Board of Directors shall employ and discharge at will all agents, servants, and employees of the Association, prescribe
their duties, fix their compensation,and, at their discretion may require of any of them a bond or other security of faithful
performance of their duties and fidelity.
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(C) The Board of Directors shall determine who shall sign and contersign checks, drafts, or other papers and documents,but
no one shall sign such papers involving disburse or receipts of Association funds who is not bonded; such bond to be paid
by the Association.
(D) The Board of Directors shall decide all questions of membership and sufficiency o petitions and proxies.
(E) In addition to the foregoing, the Board of Directors shall do and perform any other duties that may be prescribed
for them by the members of this Association at any regular or special meeting.
Section 7. (Examination of Annual Financial Report)
Before its presentation, the annual financial report to the members shall be examined by a competent financial advisor.
Section 8 (Compensation)
No Director shall receive any compensation for his services.
Section 9 (Removal of Directors)
Any Director may be removed from office of Director by a written petition signed by fifty percent (50%) of the Association
Section 10. (Terms of Office)
Any member of the Board of Directors may serve as many terms as member is willing to serve, and is elected by membership with
a vote of confidence every year.