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annual directors’ meeting of August 8, 1994, stated, in pertinent
part:
The Corporation has experienced continued
financial growth due almost entirely to the
efforts of William Myers and Connie Myers.
The Board of Director’s [sic] wishes to
compensate the Officers for a job well done.
Upon motion duly made, seconded and unanimously
approved, the Corporation shall pay the following
officers’ salaries for the fiscal year end July 31,
1995:
William L. Myers, President $100,000
Connie J. Myers, Secretary 60,000
The President is also authorized to approve whatever
raises, fringe benefits and bonuses he judges to be
fair.
For the fiscal year ended July 31, 1996, the Memorandum of
Action of the directors with respect to the compensation of Mr.
and Mrs. Myers speaks as of the end of the fiscal year.
Specifically, the Memorandum of Action states as follows
concerning the respective salaries and bonuses of Mr. and Mrs.
Myers, the contribution for that year to a qualified retirement
plan for their benefit, and the deferred compensation agreements
being entered into with them:
We, all the Directors of B & D FOUNDATIONS, INC.,
a Colorado corporation, pursuant to Section 7-108-202
of the Colorado Business Corporation Act, take the
following action(s), by consent and without a meeting,
as if by unanimous vote, and waive all notice of such
meeting pursuant to Section 7-108-203 of that Act:
* * * * * * *
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