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Article X. Initial Membership and Board, Adoption of Bylaws and Annual Meeting

1. Initial Membership. The Initial Members empowered to vote at the first annual meeting shall be those persons who have attended at least one of the organizational meetings held between December 1, 2007 and the time of the First Annual Meeting, as recorded in the minutes of these meetings.

2. Initial Board of Directors. The Initial Board of Directors shall be the Incorporators as specified in the Trust's Articles of Incorporation. The Initial Board, after approving these Bylaws, shall call the first Annual Meeting of the Membership, and shall serve until the first elected Board of Directors has been seated upon the completion of the First Annual Meeting.

3. Adoption of Bylaws. Adoption of these Bylaws as the Bylaws of the Trust shall require:

3.1. Approval by a supermajority (80 percent or more) of the Initial Board of Directors prior to the First Annual Meeting; and

3.2. Ratification by a supermajority (80 percent or more) of the Initial Members present and voting at the First Annual Meeting.

4. Nomination of Directors to Be Elected at First Annual Meeting. In consultation with the Initial Members, the Initial Board of Directors shall nominate a slate of candidates. Additional nominations for any of the two categories of representatives may be made by any Initial Member from the floor at the First Annual Meeting.

5. First Annual Meeting. The First Annual Meeting of the Membership, for the ratification of these Bylaws, the election of Directors, the assessment of membership dues, and the transaction of other business, shall be held in the year 2008. The location and specific time of the First Annual Meeting shall be determined by the Initial Board of Directors. Notice Of the First Annual meeting shall be mailed to all Initial Members at least seven days prior to the Meeting and shall include a list of those persons nominated for the Board of Directors in accordance with Article III above. Except as otherwise provided in this Article, the election of Directors and other business of the First Annual Meeting shall be conducted in accordance with Articles II and III of these Bylaws.

 

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