This organization meeting was called to order at 12:00 PM by Roy W. Hendrick, Jr. In attendance were the incumbent board members: Pattie A. Hendrick, Paul E. Fox, and Roy W. Hendrick, Jr.
The first order of business was the election of officers of HTF. It was moved and seconded that Roy W. Hendrick, Jr. be the President and Chairman of the Board. The motion carried unanimously by voice vote.
It was moved and seconded that Pattie A. Hendrick be Vice-President and Secretary. The motion carried unanimously by voice vote.
The following motions were introduced:
Motion: Whereas it is difficult to convene the board in person due to the geographic separation of the its members, telephone meetings of the board of directors are authorized by conference call. Such meetings shall carry the same weight as meetings in person and shall constitute official meetings for conducting any business of the board of directors.
The motion was seconded and passed unanimously.
Paul Fox indicated that his daughter, Marie, every Sunday and the board could always reach him through her. His mail is forwarded from his Happy Camp address.
Motion: Whereas HTF requires an on-site manager to conduct day-to-day business and, whereas Roy W. Hendrick, III is thoroughly familiar with tree farm operations in particular, we hereby appoint Roy W. Hendrick, III to the position of Hendrick Tree Farm, Ltd. General Manager, responsible to the Corporation President and Board of Directors.
The motion was seconded and passed unanimously by voice vote.
Motion: Whereas the General Manager will be responsible for day-to-day routine operation of the HTF, he will require access to HTF assets. This will include the authority to reinvest cash deposits and the authority to sign checks against HTF Bank accounts. Expenditures in excess of $1,000 require prior Board of Director approval (except Real Estate taxes).
The motion was seconded and passed unanimously by voice vote.
Motion: Whereas the HTF requires a development and financial plan, the General Manager will be requested to provide to the Board of Directors such a plan, specifying goals, specific maintenance and development items on a priority basis, estimated income from operations and a recommended budget. This is required 60 days from request or 30 days after the settlement of the estate of Roy W. Hendrick, whichever is later.
The motion was seconded and passed unanimously.
There being no additional business. It was moved and seconded to adjourn the organizational meeting of the Board of Directors. Adjournment was unanimously passed by voice vote.