Article IV – Meetings of Directors

Section 1. Regular Meetings

A regular meeting of the directors shall also be held monthly at such time and place in Henry County, Indiana, as the directors may provide by resolution. Such regular monthly meetings may be held without notice other than such resolution fixing the time and place thereof.

Section 2. Special Meetings

Special meetings of the directors may be called by the Chairman or any 3 directors. The person or persons authorized to call special meetings of the directors may fix the time and place (which shall be in Henry County, Indiana) for the holding of any special meeting of the directors called by them.

Section 3. Notice

Notice of the time, place and purpose of any special meeting of the directors shall be given at least five (5) days previous thereto, by written notice, delivered personally or mailed, to each director at his last known address. If mailed, such notice shall be deemed to be delivered when deposited in the United States Mail service so addressed, with postage thereon prepaid. The attendance of a director at any meeting shall constitute a waiver of notice of such meeting, except in case a director shall attend a meeting for the express purpose of objecting to the transaction of any business because the meeting shall not have been lawfully called or convened.

Section 4. Quorum

A majority of the directors shall constitute a quorum for the transaction of business at any meeting of the directors, provided that if less than a majority of the directors are present at said meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.

Section 5. Manner of Action

The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the directors on procedures which conform to these bylaws and unless otherwise provided herein, the rules of Roberts Rules or Order shall be applicable.