3.A.
San Luis Municipal Property Corporation-CANCELLED
- Meeting Date:
- 04/25/2019
- Department Head:
- Janet Taylor
- Submitted By:
- Janet Taylor, Legal Secretary, Attorney's Office
ITEM:
Discussion and possible action on any and all matters regarding changing the terms of directors from two (2) to five (5) years. (Kay Marion Macuil, Corporation Attorney)
SUMMARY:
Currently, all Board Members terms expire October 31, 2019.
Article VIII of the Articles of Incorporation states ".. . . unless the bylaws of the corporation provide to the contrary, shall hold office for a period of three [3] years or until their successors shall have been elected and qualified."
In 2016, the Board changed the term for every director is two (2) years.
Since the corporation is inactive, the suggestion is to change the terms from two (2) years to five (5) years. With the terms being only two (2) years, officers are being chosen every other year. Attached is a proposed Second Amended and Restated Bylaws which change the term to five years.
Article VIII of the Articles of Incorporation states ".. . . unless the bylaws of the corporation provide to the contrary, shall hold office for a period of three [3] years or until their successors shall have been elected and qualified."
In 2016, the Board changed the term for every director is two (2) years.
Since the corporation is inactive, the suggestion is to change the terms from two (2) years to five (5) years. With the terms being only two (2) years, officers are being chosen every other year. Attached is a proposed Second Amended and Restated Bylaws which change the term to five years.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE SECOND AMENDED AND RESTATED BYLAWS CHANGING THE TERM OF OFFICE TO FIVE (5) YEARS.