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<br />2. Meetinqs. The North Metro Development Association <br />shall meet on call of the president of the Board or by the <br />Operating Committee. <br /> <br />3. Operatinq Committee. The Board of Directors shall <br />appoint an Operating Committee. The Operating Committee shall <br />have authority to manage the affairs and business of the North <br />Metro Development Association between meetings, but at all <br />times, shall be subj ect to the control and direction of the <br />Board. <br /> <br />The Operating Committee shall meet as needed at a time and <br />place to be determined by the operating Committee. <br /> <br />4. Financial Matters. Each member of the North Metro <br />Development Association shall cont~ibute an annual fee to <br />finance the activities of the North Metro Development <br />Association in such amount as is established by the Board. The <br />Board shall have no authority to expend funds in excess of <br />available contributed funds or to incur any debt. <br /> <br />The amount of the fee to be contributed by each member <br />shall be established by the Board of Directors by October 1 of <br />each year, which fee shall be payable in full by each member by <br />February 2 of the subsequent year. <br /> <br />The Board may receive financial contributions from private <br />associations, entities or financial institutions. Such <br />associations, entities or institutions shall then become <br />honorary associate members. Honorary associate members may <br />send representatives to Board meetings, but shall not be <br />entitled to representation on the Board or have any voting <br />rights. <br /> <br />5. withdrawal. Any member may withdraw from this <br />agreement effective on January 1 of any year by giving notice <br />prior to October 15 of the preceding year. <br /> <br />6. Termination. The North Metro Development Association <br />shall be dissolved if less that three (3) members remain, or by <br />a mutual signed agreement of all of the members. Upon <br />termination, remaining assets of the North Metro Development <br />Association shall be distributed to the members still remaining <br />at the time of termination, pro rated according to their <br />respective total contributions during the term of their <br />membership. <br /> <br />7. Notices. All notices or other communications <br />required herein shall be sUfficiently given and shall be deemed <br />given when delivered or mailed by registered or certified mail, <br />postage prepaid, addressed to the following parties: <br />President, Board of Directors, and Chairman, of the Operating <br />Committee. <br /> <br />2 <br />