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the Member’s status as a Piper shall terminate. A Member whose membership has terminated due to
non-payment of delinquent dues may at any time be reinstated upon payment in full of all accumulated
delinquent membership dues.
4.
Voting Rights. The voting rights of members shall be limited to the election of Directors,
and such other matters as the Board of Directors may determine to be appropriate for a vote of the
membership.
5.
Annual Meeting. The regular annual meeting of the members shall be held
concurrently
withon a date within sixty days following
the
regularCorporation’s
annual
meeting ofprimary fund-raising
event, The Nichols Cup, as specified by
the Board of Directors
each year
.
ARTICLE V
BOARD OF DIRECTORS
1.
General. The affairs of the Corporation shall be managed by a Board of Directors, each
of whom shall be of legal age, and need not be a resident of the State of Florida.
2.
Number. The number of directors shall be
nine. All directors shall serve until their terms
shall expire or until their successors are elected or appointed. All directors shall have equal or full voting
responsibilities as members of the Board of Directorssixteen. The terms of all newly elected directors
shall correspond to the staggered three (3) year terms as set out in the Bylaws. Any director newly
elected to an unexpired term or to a “stub” term shall be eligible to be nominated or elected to serve one
or more terms consecutively, without any limitations
.
3.
Appointments and Election. The procedure for appointments and elections to the Board
of Directors will be as follows:
(a)
Elections. Before each regular annual meeting in which an election is due to be
held pursuant to these Bylaws, the President will appoint a nominating committee consisting of
three or more members of the Board. Each nominating committee will make nominations for
individuals to fill the vacancy or vacancies which will occur at the following regular annual
meeting. The members shall be given a list of the nominees at least ten (10) days prior to the
regular annual meeting at which time the election will be held. Each member will be entitled to
one vote for each vacancy and the results will be determined by the majority of the votes cast.
(b)
Term and Succession. Elected Directors shall serve three-year staggered terms.
The initial Board of Directors shall serve until the annual meeting of the members to be held in
April, 2005. At the April 2005 annual membership meeting, there shall be an election by ballot for
all nine current Directors, three of whom shall be elected for a term of three years (Class A
Directors), three of whom shall be elected for a term of two years (Class B Directors) and three of
whom shall be elected for a term of one year (Class C Directors). Then, upon expiration of the
term of each class of Directors, the new Directors shall be elected for a three
-
year term.
No
memberMembers
of the Board of Directors may be nominated or elected to serve
one or
more
than two three-year
terms consecutively
, without any limitations
.
(c)
The Nichols Family Seat. A single seat on the Board of Directors shall be a
designated Bobby Nichols Family board seat,"The Nichols Family Seat." This seat shall have full
voting privileges and the designated Nichols holder shall have equal rights to all other Directors,
including the right to serve as an officer of the Corporation.
The Nichols Family Seat director shall be elected by the Board of Directors for such term
as determined by the Board of Directors from time to time, and shall be a direct family member of