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.~TTO~-W=~S ~-WD COL.~S~LOaS AT LAw <br /> <br /> August 25, !998 <br /> <br />T~LzPso.wm (7o4) 6~6-~xoo <br /> <br />Mr. David A. Hales <br />Chairman <br />Bylaws Committee <br />Economic Development Corporation <br />246 Oak Avenue <br />Post office Drawer 1199 <br />Kannapo!is, North Carolina 28082-1199 <br /> <br />Dear David: <br /> <br /> At your suggestion, I provide the following outline of <br />provisions in the revised Articles of Incorporation and Bylaws that <br />I feel have particular significance. <br /> <br /> The Corporation's name will be changed to Cabarrus Economic <br />Development, Inc. <br /> <br /> The members of the Boards, their appointment and rights are <br />outlined in Article III, Section 2. <br /> <br /> We have added Conflicts of Interest and Confidentiality <br />Provisions as Sections 5 and 6 of Article III. <br /> <br /> . Article V provides that the Board is to establish <br />committees, but the Chairman of the Board of Directors appoints <br />committee members, subject to approval of the Board. <br /> <br /> Article VI provides that the Chairman and any Vice-Chairmen <br />must be votinQ members of the Board of Directors. <br /> <br />· The Cabarrus County Manager is the Treasurer. <br /> <br />The Executive Director will be called the "President". <br /> <br /> · we have added broad indemnification and immunity provisions <br />for Directors and Officers as Articles VII and VIII. <br /> <br /> Sincere~ yours, <br /> / <br /> <br />;Willia~C. Kluttz, Jr. <br /> <br />WCK,Jr./ea <br /> <br />£-.// <br /> <br /> <br />