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01-08-96 4B Min107 WESTLAKE DEVELOPMENT CORPORATION MINUTES OF INITIAL MEETING OF THE BOARD OF DIRECTORS JANUARY 8,1996 Present: Dale White Fred Held Abe Bush, Jr. Howard Dudley Carroll Huntress Scott Bradley Paul Isham Absent. Roland Arthur The meeting was called to order at 6:35 p.m. by the Town Attorney Paul Isham. Item #1: Appoint a temporary president. Dale White was nominated by Scott Bradley, seconded by Fred Held. Mr. White was elected unanimously. Item #2: After much discussion and some amendments to the draft of the bylaws circulated to the Directors, Scott Bradley moved to adopt the bylaws for the Corporation as amended. Seconded by Dale White. Motion carried unanimously. The Board considered Item #4 before Item #3. Item 44: Motion by Abe Bush, Jr., seconded by Howard Dudley, to designate the Town Secretary and the Town Attorney to serve in the same capacity for the Corporation. Motion carried unanimously. Item #3: Fred Held was nominated by Carroll Huntress, seconded by Abe Bush, Jr., to serve as Vice President. Mr. Held was elected unanimously. Carroll. Huntress was nominated by Scott Bradley, seconded by Dale White, to serve as Treasurer. Mr. Huntress was elected unanimously_ Item #5: Motion by Scott Bradley, seconded by Carroll Huntress, to use the Westlake Bank, the same depository as the Town, as the depository for the Corporation, and to authorize all officers as signatories on the account, but require two signatures on checks. Motion carried unanimously. January 8, 1996 Initial meeting Item #6: Scott Bradley suggested quarterly meetings, with the next meeting in April before the Board of Aldermen meeting. Carroll Huntress so shoved, seconded by Abe Bush, Jr. Motion carried unanimously. The meeting was adjourned at 7:00 p.m. D�Ie White, President ATTEST: Ginger CrdAswy, Secretary