[R.O. 2009 §16.50.500]
A three (3) member Board of Trustees (the "Board") for the Sikeston
Business, Education and Technology Park will be appointed by the Sikeston
DED Executive Board at such time as seventy-five (75) acres of the
property have been conveyed by the City of Sikeston to no less than
five (5) owners. The initial Board of Trustees shall hold office until
their respective successors are appointed and qualified, unless sooner
removed or replaced pursuant to this Article. Members of the Board
of Trustees who are appointed by the Sikeston DED Executive Board
may be removed from the Board and replaced at any time within the
sole discretion of the Sikeston DED Executive Board.
[R.O. 2009 §16.50.501]
So long as fifty percent (50%) or more of the property subject
to this Declaration (exclusive of public ways and common areas) is
controlled by the Sikeston DED Executive Board, the three (3) members
of the Board of Trustees shall be appointed by the Sikeston DED Executive
Board. At such time as less than fifty percent (50%) but twenty-five
percent (25%) or more of the property subject to this Declaration
is controlled by the Sikeston DED Executive Board, two (2) members
of the Board shall be appointed by the Sikeston DED Executive Board
and one (1) member shall be elected by the owners. At such time as
less than twenty-five percent (25%), but ten percent (10%) or more
of the property subject to this Declaration is controlled by the Sikeston
DED Executive Board, one (1) member of the Board shall be appointed
by the Sikeston DED Executive Board and two (2) members shall be elected
by the owners. At such time as less than ten percent (10%) of the
property subject to this Declaration is controlled by the Sikeston
DED Executive Board, all three (3) members of the Board of Trustees
shall be elected by the owners.
[R.O. 2009 §16.50.502]
Subject to the provisions of Section 420.430 in all elections for the members of the Board, each owner shall have the right to vote in person or by proxy and shall be entitled to cast a total number of votes equal to the product of the number of acres of the property owned by the owner, multiplied by the number of Trustee positions to be filled by the election. An owner may distribute his/her votes among candidates or cast all his/her votes in favor of one (1) candidate, as he/she sees fit.
[R.O. 2009 §16.50.503]
The term of office of elected members of the Board of Trustees
shall be for two (2) years and shall run from January first (1st)
of the year of election through December thirty-first (31st) of the
year following the year of election. In the event a successor trustee
is not elected and qualified in timely manner, an incumbent Trustee
may hold over in office past the end of his/her term until a successor
is duly elected and qualified.
[R.O. 2009 §16.50.504]
Two (2) members of the Board of Trustees shall constitute a
quorum and actions of the Board shall be by majority vote of those
members in attendance at any meeting with a quorum present. The Board
shall promulgate operating procedures for the conduct of its affairs,
which procedures shall provide for written notice to all Trustees
of meetings, to be served at least (3) three days prior to each meeting;
provided that any Trustee may waive written notice of any meeting.
[R.O. 2009 §16.50.505]
Subject to the powers reserved to the Sikeston DED Executive
Board, the Board of Trustees shall be authorized to enforce the protective
covenants as specified in this Declaration; shall have the right to
provide for maintenance and the power to levy assessments and charges
as hereinafter provided; shall set dates for the elections of Trustees
when appropriate; and shall otherwise establish such policies and
procedures as may be deemed necessary or advisable for the general
welfare and benefit of the property in accordance with the spirit
and letter of this Declaration.
[R.O. 2009 §16.50.506]
The Board of Trustees shall be authorized to exercise such control
over streets, sidewalks, parks, common areas and pedestrian ways within
the property as is set forth in this Declaration and as may hereafter
be delegated to the Board by the Sikeston DED Executive Board.
[R.O. 2009 §16.50.507]
No member, representative, officer or employee of the Board
of Trustees who has acted in good faith and without intentional misconduct
shall be personally liable for any damage claimed to result from the
performance or non-performance of any act, duty or obligation, whether
ministerial or discretionary, which such person is authorized or required
to perform under this Declaration.
