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i <br />alternative housing opportunities for their retirement years, and <br />as a consequence thereof, enhance the availability within the City <br />of affordable, single family housing stock for young, moderate <br />income families. <br />ARTICLE III <br />Duration <br />The existence of the corporation shall be perpetual. <br />ARTICLE IV <br />Registered Office <br />The address of the registered office of the corporation in <br />the State of Minnesota is: <br />2660 Civic Center Drive <br />Roseville, Minnesota 55113 <br />ARTICLE V <br />Capital Stock <br />The corporation shall not have capital stock. <br />ARTICLE VI <br />Board of Directors; Members <br />The management and direction of the business and affairs of <br />the corporation shall be vested in a board of directors. The <br />directors of the corporation shall consist of and shall be limited <br />to those individuals who from time to time comprise the members of <br />the City Council of the City, elected or appointed in accordance <br />with the charter of the City. A member of the City Council, upon <br />ceasing to hold office as such, automatically shall cease to be a <br />director of this corporation. His or her successor on the City <br />Council, so long as he or she continues as a member of the City <br />Council, shall become and be a director of this corporation. The <br />powers, authority, and duties of the directors of the corporation, <br />the time and place of their meetings, and such other provision with <br />respect to them as are not inconsistent with the express provisions <br />of these Articles of Incorporation shall be as specified in the <br />bylaws of the corporation. The directors of the corporation shall <br />be the only members of the corporation. Each director of the <br />corporation automatically shall become and be a member of the <br />corporation concurrently with his or her becoming a director, shall <br />continue to be a member of the corporation for as long as he or she <br />is a director, and automatically shall cease to be a member of the <br />corporation concurrently with his or her ceasing to be a director <br />of the corporation. Directors shall have voting rights only as <br />directors and shall have no voting rights as members. <br />2 <br />