Section 4.1 Regular Meetings
A regular meeting of the board of directors shall be held monthly at such time and place in Grayson County, Texas, as the board of directors may provide by resolution. Such regular meetings may be held without notice other than such resolution fixing the time and place thereof; however, a meeting shall be held at least once every 2 consecutive months.
Section 4.2 Special Meetings
Special meetings of the board of directors may be called by the President or any 3 directors. The person or persons authorized to call special meetings of the board of directors may fix the time and place (which shall be in Grayson County, Texas), for the holding of any special meeting of the board of directors called by them.
Section 4.3 Notice
Notice of the time, place, and purpose of any special meeting of the board of directors shall be given at least 5 days previous thereto, by written notice, delivered personally, email or facsimile 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 so addressed with postage 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 4.4 Quorum
A majority of the board of directors will constitute a quorum for the transaction of business at any meeting of the board of directors, provided, that if less than a majority of the directors is present at said meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 4.5 Manner of Acting
The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors.
Section 4.6 Telephonic or Electronic Participation in Board Meeting
Notwithstanding any provision of these Bylaws to the contrary, with the approval of the Board of Directors, a regular or special meeting of the Board of Directors may be conducted with directors participating but not physically present but deemed present in person through a means of communication by which all directors participating in the Board of Directors meeting may simultaneously hear, reasonably and verifiably identify themselves, and generally simultaneously and instantaneously communicate with each other during the Board of Directors meeting. Directors that are not physically present may deliberate and vote on the question of approving telephonic or electronic participation. A vote to approve telephonic or electronic participation in any board meeting is exempt from the notice requirement herein specified.