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									                              East Central Alberta CFDC
                              Board Bylaw – May 13, 2003
                       MEMORANDUM OF ASSOCIATION OF
EAST CENTAL ALBERTA COMMUNITY FUTURES DEVELOPMENT CORPORATION
      (Hereinafter referred to as “East Central Alberta CFDC” or the “Company”)

 1. The name of the Company shall be EAST CENTRAL ALBERTA COMMUNITY
    FUTURES DEVELOPMENT CORPORATION or East Central Alberta CFDC.

 2. The objective of the East Central Alberta CFDC is to establish and maintain an
    organization to promote and assist the economic development and growth in Beaver
    County, Flagstaff County and the Municipal District of Wainwright and within the
    designated boundaries of the County of Camrose and the Municipal District of Provost
    by:


        (a) Encouraging the cooperative efforts of government, private and community
            sectors in employment development activities in the East Central Alberta CFDC
            area.

        (b) Fostering community employment by assisting business with planning, technical
            and professional resources within the context of local and regional development
            strategies.

        (c) Financially assisting regional small businesses in the creation of new and
            continuing jobs via loans, loan guarantees and/or equity investments.

        (d) Soliciting funds, assets, property and rights and administering the same by
            investment, reinvestment, sale, mortgage, lease and in any other legal and
            merchantable way whatever, for the fulfillment of the objectives herein stated.

        (e) Promoting the East Central Alberta CFDC area to attract development in tourism,
            recreation, culture, industrial and commercial, which will create employment.

        (f) Supporting proposals identified by East Central Alberta CFDC as being integral
            to the implementation of our strategies for community employment, growth and
            recovery but which cannot be supported under the Federal program.


 3. Shareholders have limited liability.

 4. The Company is authorized to issue fifty (50) shares with a nominal value of One Dollar
    ($1.00) each. No Shareholder shall have more than one (1) share.

 5. No dividends shall be paid to any Shareholder; all profits, if any, or any other income
    received by the Company shall be used to promote the objective of the Company.




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                                  Board Bylaw – May 13, 2003
   6. The Company shall be a private not-for-profit Company and the number of shareholders
      shall be not exceed fifty (50). Any invitations to the public to subscribe for shares is
      strictly prohibited.

   7. The Directors of the Company may authorize the borrowing of money on an interim basis
      to cover operational expenses should normal operating funds be late in forthcoming.

   8. Each Shareholder of the Company undertakes to contribute to the assets of the Company
      in the event of its closure or dissolution while a Shareholder, or within one (1) year
      afterwards, for payment of the debts and liabilities of the Company contracted before
      they cease to be a Shareholder and the costs, charges and expenses of closure or
      dissolution and for the adjustment of the rights of the contributors among themselves
      such amount as may be required not exceeding One Dollar ($1.00).

   9. All income and property of the Company shall be applied solely towards the promotion
      of the objectives of the Company as set forth in this Memorandum of Association. No
      portion thereof shall be paid or transferred directly or indirectly by way of dividend,
      bonus, loan or otherwise, to the Shareholders of the Company, or to or for the essential
      benefit of any other person unless as required in the promotion of the objectives of the
      Company, provided that nothing herein contained shall prevent the payment in good faith
      of reasonable and proper reimbursement of expenses to any Officer, Servant or
      Shareholder of the Company in return of any services actually rendered to the Company.

   10. If upon closure or dissolution of the Company there remains, after the satisfaction of all
       its essential debts and liabilities, any property whatsoever, the same shall not be paid or
       distributed among the Shareholders but shall transferred to another Community Futures
       Development Company approved by the Government of Canada or to some other
       organization of similar objects approved by the Government of Canada. Where funds,
       assets, property or rights have been received from an authority that requires its consent to
       first be granted, such payment or distribution shall not be made until the required consent
       has first been obtained.

We, the several persons whose signatures are affixed and witnessed below are desirous of having
a not-for-profit Company formed in pursuance of this Memorandum of Association.



Date at the Town of Viking this       day of                 2003, A.D.




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                     Board Bylaw – May 13, 2003
SUBSCRIBER                                         POSITION ON
NAME                    ADDRESS                    BOARD

1. Freadrich, Glen      Box 172,                   Chairperson
                        Killam, AB T0B 2L0


2. Benke, Harvey        R.R. #1,                   Board Member
                        Bawlf, AB T0B 0J0


3. Hafso, Vernon        Box 748      ,             Secretary/Treasurer
                        Viking, AB T0B 4N0


4. Miller, Peter        Box 515,                   Board Member
                        Forestburg, AB T0B 1N0


5 Andersen, Herb        4207 – 58 St. Close        Vice-Chairperson
                        Camrose, AB T4V 2R6


6. Robert Young                                    Board Member



7. Rod Krips            Box R.R. #1,               Board Member
                        Irma, AB T0B 2H0



8. Ross Dean            Box 38, Site 8, R.R. #2,   Board Member
                        Tofield, AB T0B 4J0



9. Vacant




                                       ______________________________
WITNESS NAME                           WITNESS SIGNATURE




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                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003
                           ARTICLES OF ASSOCIATION OF
                               EAST CENTAL ALBERTA
               COMMUNITY FUTURES DEVELOPMENT CORPORATION
                 (Hereinafter referred to as “East Central Alberta CFDC”)

ARTICLE 1: NAME

1.01   The name of the Company shall be EAST CENTAL ALBERTA COMMUNITY
       FUTURES DEVELOPMENT CORPORATION or East Central Alberta CFDC.

ARTICLE 2: INTERPRETATION

2.01   In these articles, including this clause, unless the context or subject matter requires a
       different meaning, the statutes shall mean the Companies Act and every Act incorporated
       therewith or any Act or Acts substituted therefore and in the case of any such substitution
       reference in these provisions to non-existing Acts shall be read as referring to the
       provisions substituted therefore in the new Act or Acts.

       a)     "Annual General Meeting" shall mean the regular General Meeting required by
              the Companies Act to be held annually;

       b)     "Articles" shall mean these Articles of Association and any amendments thereto;

       c)     "Board" shall mean the Board of Directors of the Company;

       d)     “Commercial Organization” means any venture with profit as its goal.

       e)     "Companies Act" shall mean the Companies Act, R.S.A. 2000, Chapter C-21,
              and every other Act incorporated therewith or amending the same or any Act or
              Acts substituted therefor, and, in the case of any substitution, the reference in
              these Articles to non-existing Acts shall be read as referring to the substitutions
              therefore in the new Act or Acts;

       f)     "Company" shall mean East Central Alberta Community Futures Development
              Company;

       g)     “Director” means a director of the Company;

       h)     "Dividend" includes any bonus;

       i)     "Extraordinary General Meeting" shall mean any General Meeting other than
              an Annual General Meeting;

       j)     "General Meeting" shall mean a meeting of the Shareholders or, where there is
              only Shareholder or only one holder of any class or series of shares, the
              Shareholder present in person or by proxy constitutes a meeting;

       k)     "Month" shall mean a calendar month;
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                       Board Bylaw – May 13, 2003

l)   “Municipality or Municipalities” shall mean individually each municipality and
     collectively all of the municipalities, who are entitled to receive a share in the
     Company, as approved by the Board, which are currently listed in Schedule “A”
     attached hereto, and which such list may be amended by the Board from time to
     time by the Unanimous Resolution;

m)   "Office" and "Head Office" shall each mean the registered office for the time
     being of the Company as prescribed by, and fixed in accordance with the
     requirements of the Companies Act;

n)   “Ordinary Resolution” means the resolution passed by at least fifty one (51%)
     percent of the votes cast at any General Meeting, Annual General Meeting or
     Extraordinary General Meeting.

o)   "Register" shall mean the register of its Shareholders to be kept by the Company
     as required by the Companies Act;

p)   "Registered Address" of a shareholder means the address recorded for him or
     her in the books of the Company;

q)   "Registrar" shall mean the Secretary or other officer or party for the time being
     in charge, or having custody and control of the Register;

r)   "Seal" shall mean the Corporate Seal of the Company or any official facsimile
     thereof;

s)   "Secretary" and "Treasurer" shall include any person appointed temporarily or
     permanently to perform the respective duties of Secretary and Treasurer, or
     holding such offices jointly;

t)   “Shares” or “shares” means shares of all classes of the Company;

u)   "Shareholder" means a shareholder of East Central Alberta CFDC;

v)   “Significant Business Interest” means the ownership, whether directly,
     indirectly or beneficially, of more than ten (10%) percent of the capital stock of
     an incorporated body, or shares or debentures to which are attached more than ten
     (10%) percent of the voting rights in an incorporated body.

w)   “Special Resolution” a resolution of at least 66 2/3 % of the votes cast at any
     General Meeting, and Annual General Meeting or Extraordinary General
     Meeting;

x)   “Unanimous Resolution” means a resolution approved by all the Directors;

y)   "In Writing" and "written" includes printing, typewriting, lithographing, and
     other modes of representing or reproducing words in visible form.
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                                 Board Bylaw – May 13, 2003

2.02   The headings used throughout these Articles are inserted for reference purposes only, and
       are not to be considered or taken into account in construing the terms or provisions of any
       Article.

ARTICLE 3: SHARES AND SHAREHOLDERS

3.01   The issuance of shares shall be under the control of the Board, who shall allot or
       otherwise dispose of the same, at such times, on such terms and conditions, in such
       manner as the Board may from time to time by Ordinary Resolution determined. Subject
       to the foregoing, the Board shall be entitled to issue one (1) share to each of the following
       parties:

       a)     subscribers to the Memorandum and Articles of Association; and

       b)     the Municipalities.

3.02   Each Municipality whose is a Shareholder shall appoint a representative (the “Proxy”)
       who will be responsible to fulfill the Municipalities’ shareholder duties. The
       appointment of each Proxy for each Municipality shall be approved by the Board. Any
       replacement Proxy shall also be pre-approved by the Board.

3.03   The Board may at any time by way of a Special Resolution grant a municipality who is
       currently not a Shareholder the right to subscribe for a share.

3.04   No eligible Municipality shall hold more than one (1) share in the Company.

3.05   No share shall be issued unless payment has first been received.

3.06   The Chairperson and Secretary-Treasurer, or other such Directors shall sign share
       Certificates as the Board may from time to time require.

3.07   The Company shall issue no fractional shares.

3.08   Shares of the Company shall not be transferred, conveyed or disposed of except where
       approval by a Special Resolution of the Company.

3.09   The allotment price of each share issued shall be, and remain One Dollar ($1.00), and no
       share shall be sold, transferred or conveyed, or otherwise disposed of by a Shareholder at
       a sale price greater than One Dollar ($1.00).

3.10   The Company shall repurchase from the Shareholder or their legal representative, the
       Shareholder’s share in the Company at, and for the purchase price of One Dollar ($1.00),
       forthwith after the happening of the following event:

       a)     If the Shareholder requests services from another Community Futures
              Development Company; or

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                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003
       b)     The government boundaries change at the discretion of the Federal government or
              Community Futures Network Society Association.

3.11   No Shareholder shall receive a Dividend on the Share held by them.

3.12   Every Shareholder shall be entitled, without payment, to one certificate, specifying:

       a)     the number of shares of the Company held by him;

       b)     the class of any such shares;

       c)     with respect to shares having a nominal or par value, the nominal amount thereof
              and either that they are fully paid, or the amount paid up thereon;

       d)     with respect to shares without nominal or par value, the number of such shares
              which the Company is authorized to issue;

       e)     the capacity, if any, in which such shareholder represents such shares.

              If any Shareholder shall require additional certificates, he shall pay for each such
              additional certificate such sum, not exceeding THREE DOLLARS ($3.00), as the
              Board may determine.

3.13   If any certificate be worn out, lost, stolen, defaced or destroyed, it may be renewed on
       payment of FIVE DOLLARS ($5.00) or such lesser sum as the Board may prescribe,
       upon the person requiring a new certificate surrendering the worn out certificate, or
       giving such evidence of the loss, theft, defacement or destruction and such indemnity to
       the Company as the Board may require.

3.14   Certificates for shares and the blank endorsement thereon shall be in such form as the
       Board may by resolution approve and such certificates shall be signed by the President or
       a Vice-President or a Director of the Company and also by the Secretary or an Assistant
       Secretary or another Director holding office at the time of signing; and notwithstanding
       any change in the persons holding any of the said offices between the time of actual
       signing and the issuance of the certificate and notwithstanding that the officer signing
       may not have held office at the date of the issuance of the certificate, and certificates so
       signed shall be valid and binding upon the Company.

3.15   Certificates for shares may also be issued bearing the notation that the same shall not be
       valid unless countersigned by a Registrar or Transfer Agent duly appointed by the Board.

3.16   The signature of the President or Vice-President may be engraved, lithographed or
       otherwise mechanically reproduced upon certificates for shares and certificates so signed
       shall be deemed to have been manually signed by the President or Vice-President whose
       signature is so engraved, lithographed or otherwise mechanically reproduced thereon and
       shall be as valid to all intents and purposes as if they had been manually signed.


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                                  Board Bylaw – May 13, 2003
3.17   Where the Company has appointed a Registrar or Transfer Agent, the signature of the
       Secretary or Assistant Secretary may also be engraved, lithographed or otherwise
       mechanically reproduced and when countersigned by the Registrar or Transfer Agent
       certificates so signed shall be as valid to all intents and purposes as if they had been so
       manually signed.

3.18   A certificate for shares shall be prima facie evidence of the title of the Shareholder to the
       shares therein designated.


ARTICLE 4: TRANSFER AND TRANSMISSION OF SHARES

4.01   Every certificate for shares of which transfer is desired, accompanied by an instrument of
       transfer and such other evidence as the Board may require to prove the title of the
       transferor or his right to transfer the shares, shall for the purposes of registration be left at
       the Office of the Company or at the office of any duly appointed Registrar, as the case
       may be.

4.02   All instruments of transfer which shall be registered shall be retained by the Company,
       but any instrument of transfer which the Board may decline to register shall on demand
       be returned to the person depositing the same.

4.03   The Board may decline to register or permit to be registered any transfer of shares where
       the holder thereof is indebted to the Company or upon which shares the Company has a
       lien.

4.04   A fee not exceeding TEN DOLLARS ($10.00) may be charged for each transfer and shall
       be paid before the registration thereof.

4.05   No share may be transferred to a party who is not an eligible member of a municipality or
       who is otherwise approved by unanimous resolution of the Board.

4.06   The executors or administrators of a deceased Shareholder (not being one of several joint
       holders) shall be the only persons recognized by the Company as having any title to the
       shares registered in the name of such Shareholder, but nothing herein contained shall be
       taken to release the estate of a deceased joint holder from any liability in respect of any
       share held by him jointly with any other person or persons.

4.07   Any person becoming entitled to shares in consequence of the death, bankruptcy or
       insolvency of any shareholders (herein referred to as the person entitled to transmission)
       shall within four (4) months of becoming so entitled, produce to the Company such
       evidence as may be reasonably required by the Board to prove his title (including,
       without limitation, in the case of death, probate or letters of administration or a certified
       copy thereof, and discharge of all liabilities or obligations as to estate taxes, or other
       similar tax) and declare in writing his election, either to be himself registered as a
       Shareholder, or to have some other person, named by him, registered as a Shareholder


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                                  East Central Alberta CFDC
                                  Board Bylaw – May 13, 2003
4.08   The guardians of an infant Shareholder or the committee or Trustee of a mentally
       incompetent Shareholder may, upon producing to the Board such evidence of their
       appointment as may reasonably be required, be placed upon the Register in respect of the
       shares held by such infant or mentally incompetent Shareholder as the case may be.

4.09   The Board shall have the same right to refuse to register the person entitled to any shares
       by reason of the death, bankruptcy, insolvency, mental incompetency or infancy of any
       Shareholder or his nominees as if he were the transferee named in an ordinary transfer
       presented for registration.


ARTICLE 5: REGISTER OF TRANSFERS


5.01   The Board shall cause the Secretary or such other officer or officers as may be specially
       charged with that duty, or such other agent or agents as may from time to time be
       appointed for that purpose by the Board, to keep, at the Registered Office, a Register of
       members in which shall be recorded particulars of every transfer of shares in the capital
       of the Company and such other particulars as may be required by the Companies Act.

5.02   The Company may exercise the powers conferred by the Companies Act, and may cause
       to be kept in any one or more provinces, states or countries, a branch register or branch
       registers of members resident outside the Province of Alberta. The Company may,
       subject to the Companies Act, make such provisions as the Board thinks fit respecting the
       keeping of such branch register or registers.

5.03   Entry of the transfer of any shares in the Register, including any branch register, shall, for
       all purposes, constitute a complete and valid transfer and no transfer of any share shall be
       valid unless entered in the Register or such branch register.

5.04   The Board may, on giving notice by advertisement in some newspaper circulating in the
       district in which the Registered Office is situate, close the Register for any time or times
       not exceeding in the whole thirty (30) days in each year. Likewise the Board may, on
       giving notice in some newspaper circulating in the district in which any branch register is
       situate, close such branch register for any time or times not exceeding in the whole thirty
       (30) days in each year.

5.05   In lieu of providing for the closing of the books for the transfer of shares as provided in
       the next preceding clause, the Board may, from time to time, fix a date (not exceeding
       thirty (30) days preceding the date of any general meeting of the Shareholders, or any
       dividend payment date, or any date for the allotment of rights to subscribe for shares), as
       the record date for the determination of the Shareholders entitled to notice of or to vote at
       such meeting or entitled to receive such dividends or rights, as the case may be, and in
       such case, only Shareholders of record on such date shall be entitled to notice of or vote
       at such meeting or to receive such dividends or rights as the case may be.


ARTICLE 6: CHANGES IN CAPITAL
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                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003

6.01   The Company may, subject to the provisions of the Companies Act, by special resolution:

       (a)    increase the maximum price or consideration for which shares without nominal or
              par value may be issued where such maximum price or consideration has been
              stated in the Memorandum or Articles of the Company;

       (b)    cancel shares that, at the date of the passing of a resolution in that behalf, have not
              been taken or agreed to be taken by any person and diminish the amount of the
              Company's share capital by the amount of the shares so cancelled or, in the case
              of the cancellation of shares without nominal or par value, by the number of
              shares so cancelled;

       (c)    cancel paid-up shares which are surrendered to the Company by way of gift, and,
              if the resolution so provides, diminish the amount of its share capital by the
              amount of the shares, or in the case of shares without nominal or par value, by the
              number of shares so cancelled; and

       (d)    cancel paid-up shares that are acquired on a distribution of the assets of another
              company under liquidation proceedings and diminish the amount of its share
              capital by the amount of the shares cancelled, or in the case of shares without
              nominal or par value, by the number of shares cancelled.

6.02   The Company may, subject to the provisions of the Companies Act, by special resolution,
       alter the conditions of its Memorandum of Association, as follows, that is, it may:

       (a)    increase its share capital by the creation of new shares of such amount or of such
              number of new shares without nominal or par value as it thinks expedient;

       (b)    consolidate and divide any or all of its share capital having a par value into shares
              of larger amount than its existing shares;

       (c)    convert all or any of its paid-up shares into stock, and reconvert that stock into
              paid-up shares of any denomination, or without nominal or par value;

       (d)    subdivide its shares having a par value, or any of them, into shares of smaller
              amount than its existing shares so, however, that in the subdivision the proportion
              between the amount paid and the amount (if any) unpaid on each reduced share
              shall be the same as it was in the case of the share from which the reduced share is
              derived.

6.03   The Board by ordinary resolution may direct that all new shares be offered to the
       Shareholders in proportion to the existing shares respectively held by them, in which case
       such offer shall be made by notice specifying the number of shares to which the
       Shareholder is entitled, and limiting a time within which the offer, if not accepted, will be
       deemed to be declined, but subject to such direction or, if no such direction shall be
       given, the Board may dispose of the same in such a manner as it shall think fit and shall
       deem most beneficial to the Company. Any capital raised by the creation of new shares
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                                  East Central Alberta CFDC
                                  Board Bylaw – May 13, 2003
       shall, unless otherwise provided by the conditions of issue, be considered part of the
       original capital, and shall be subject to the same provisions with reference to the payment
       of calls or instalments, the forfeiture of shares, transfers and transmission of shares, liens
       or otherwise, as if it had been part of the original capital.

6.04   The Company may, from time to time, by special resolution reorganize or reduce its
       capital in any manner allowed by law.


ARTICLE 7: SHAREHOLDERS’ MEETINGS

7.01   General Meetings shall be summoned by the Board at such time and place as it shall
       determine.

7.02   The first Annual General Meeting shall be held within such period as the Board shall
       determine is in accordance with the most convenient date for closing the Company's
       financial year, but in any event shall be held within the period of sixteen (16) months
       from the date on which the Company is entitled to commence business and, subject to the
       provisions of the Companies Act and these Articles, subsequent Annual General
       Meetings of the Company shall be held once in each calendar year and not more than
       sixteen (16) months after the holding of the last Annual General Meeting.

7.03   The Board may, whenever it thinks fit, and it shall upon the requisition of Shareholders
       holding at the date of the deposit of the requisition not less than one-tenth of the issued
       voting share capital of the Company, forthwith proceed to convene an Extraordinary
       General Meeting and any Extraordinary General Meeting called in pursuance of a
       requisition shall be convened and held in accordance with the provisions of the
       Companies Act and these Articles.

7.04   In the case of an Extraordinary General Meeting called in pursuance of a requisition,
       unless such meeting shall have been called by the Board, no business other than that
       stated in the requisition as the objects of the meeting shall be transacted thereat.

7.05   At least seven (7) days' notice specifying the place, the day and hour of a General
       Meeting and, in the case of special or extraordinary business, the general nature of such
       business, shall be given to the Shareholders entitled to vote at such meeting, in manner
       hereinafter mentioned, or in such other manner (if any) as may be prescribed by the
       Company in General Meeting or by the Companies Act. With the consent in writing of
       two-thirds of the members holding the issued shares of the Company entitled to vote at
       such meeting, a meeting may be convened by a shorter notice than that mentioned in the
       within paragraph.

7.06   The accidental omission to give notice to any such Shareholder, or the non-receipt by any
       such Shareholder, of such notice shall not invalidate the proceedings at any General
       Meeting.

ARTICLE 8: PROCEEDINGS AT GENERAL MEETINGS

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                                 Board Bylaw – May 13, 2003
8.01   At any General Meeting if all the Shareholders entitled to vote thereat are present, either
       in person or by proxy, they may waive the necessity of the giving of any previous notice
       of such meeting and any entry in the minutes of such meeting of such waiver shall be
       sufficient evidence of the due convening of the meeting.

8.02   The business of an Annual General Meeting shall be to receive and consider the profit
       and loss account, balance sheet and accounts, the reports of the Board and of the auditors,
       the election of the Board and of an auditor or accountant, and to transact any other
       business which under these Articles and the Companies Act ought to be transacted at an
       Annual General Meeting. All other business transacted at an Annual General Meeting,
       and all business transacted at an Extraordinary General Meeting, shall be deemed special.

8.03   One (1) person personally present, being Shareholders or representatives of Shareholders
       entitled to vote thereat, shall be a quorum for a General Meeting for the choice of a
       chairman and the adjournment of the meeting. For all other purposes, the quorum for a
       General Meeting shall be two (2) persons personally present, being Shareholders or
       representatives of Shareholders, and holding or representing not less than one-twentieth
       part of the issued capital of the Company entitled to vote. No business shall be transacted
       at a General Meeting unless the quorum requisite shall be present.

8.04   If fifteen (15) minutes after the time appointed for the holding of a General Meeting, a
       quorum be not present, the meeting, if convened upon a requisition of Shareholders, shall
       be dissolved. In any other case it shall stand adjourned to the same day in the next week,
       at the same time and place and if at such adjourned meeting a quorum be not present,
       those Shareholders or their proxies who are present and entitled to vote thereat shall be
       deemed to be a quorum, and may transact all business which a full quorum might have
       done, notwithstanding that they may not hold or represent not less than one-twentieth part
       of the issued capital of the Company entitled to vote.

8.05   The President of the Company shall preside as Chairman at every General Meeting and in
       his absence the Vice-President, and if neither of these be present, or if at any meeting,
       they be not present within fifteen (15) minutes after the time appointed for holding the
       meeting, the Shareholders present and entitled to vote thereat shall choose one of the
       Board present to be Chairman, or if no member of the Board shall be present and willing
       to take the chair, the Shareholders present and entitled to vote thereat shall choose one of
       their number to be Chairman.

8.06   The Chairman may adjourn the General Meeting from time to time and from place to
       place, but no business shall be transacted at any adjourned meeting other than the
       business left unfinished at the meeting from which the adjournment took place.

8.07   The instrument appointing a proxy shall be in writing under the hand of the appointor or
       his attorney duly authorized in writing, or if such appointor be a Company either under its
       Seal or under the hand of an officer or attorney so authorized under Seal. Any adult
       person, whether or not a Shareholder, may act as a proxy and may, if so authorized,
       attend and vote at any General or Special Meeting for which he holds a valid proxy.


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                                 Board Bylaw – May 13, 2003
8.08   The instrument appointing a proxy and the power of attorney (if any) under which it is
       signed, shall be deposited at the Registered Office not less than twenty-four (24) hours
       before the time fixed for the General Meeting at which the person so named in such
       instrument is authorized to vote. No instrument appointing a proxy shall be valid after
       the expiration of twelve (12) months from date of its execution unless it is expressly so
       stated therein.

8.09   A vote given in accordance with the terms of an instrument of proxy shall be valid
       notwithstanding the previous death of the principal or revocation of the proxy or transfer
       of the shares in respect of which the vote is given, provided no intimation in writing of
       the death, revocation or transfer shall have been received at the Registered Office one (1)
       hour at least before the time fixed for holding the meeting.

8.10   Every instrument appointing a proxy, whether for a specified meeting or otherwise, shall
       as nearly as circumstances will permit, be in the form or to the effect following:

       I, ___________________, of __________________, being a Shareholder in
       _____________________, hereby appoint _______________, of __________,
       or failing him _______________, of __________, as my proxy to vote for me and
       on my behalf at the Annual (or Extraordinary, as the case may be) General
       Meeting of the Company to be held on the ____ day of ____________, 19___,
       and at every adjournment thereof and at every poll, which may take place in
       consequence thereof.
       This is a proxy for (all of) (________ of) my shares.
       As witness my hand this ____ day of _________, 19___.

8.11   The decision of the Chairman of any General Meeting as to the validity of any instrument
       of proxy shall be final and conclusive.

8.12   At every General Meeting every question shall be decided in the first instance by a show
       of hands, unless before or upon the declaration of the result of the show of hands, a poll
       be demanded by any Shareholder personally present or present by proxy and entitled to
       vote, or may in special instances be required by the Companies Act. A declaration by the
       Chairman that a resolution has been carried or carried by a particular majority, or lost,
       shall be conclusive and an entry to that effect in the book of proceedings of the Company
       shall be conclusive evidence thereof without proof of the number or proportion of the
       votes recorded in favour of or against such resolution.

8.13   If a poll be demanded in the manner above mentioned, it shall be taken at such time and
       place and in such manner as the Chairman may direct, and the result of such poll shall be
       deemed to be the resolution of the General Meeting at which the poll was demanded. In
       the case of an equality of votes at any General Meeting, whether upon a show of hands or
       at a poll, the Chairman shall not be entitled to a second or casting vote. In case of any
       dispute as to the admission or rejection of any vote, the Chairman shall determine the
       same, and such determination made in good faith shall be final and conclusive. A
       demand for a poll may be withdrawn.


                                                                                     Updated November 2007
                                               10
                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003
8.14   A poll may be demanded upon the election of a Chairman, or upon a question of
       adjournment, and such poll shall be taken forthwith without adjournment. Any business
       other than that upon which a poll has been demanded may be proceeded with pending the
       taking of the poll.

8.15   Subject to any restrictions imposed on any particular class of shares at every General
       Meeting:

       (a)    upon a show of hands every Shareholder present in person and entitled to vote
              shall, save as to the casting vote (if any) of the Chairman, have one (1) vote only;

       (b)    upon a poll every Shareholder present in person or by proxy and entitled to vote
              shall, save as to the casting vote (if any) of the Chairman, have one (1) vote for
              every share held by him upon which there are no calls or instalments in arrears;

       (c)    where a Company being a Shareholder entitled to vote is present by proxy, or by a
              person duly appointed who is not a Shareholder, such proxy or person shall, in
              addition to voting on a poll, be entitled to vote for such Company upon a show of
              hands.

8.16   If any Shareholder entitled to vote be a mental incompetent he may vote by his legal
       representative who may vote either personally or by proxy.

8.17   Any persons entitled under the transmission clauses of these Articles to a transfer of any
       share or shares may vote at any General Meeting in respect thereof in the same manner as
       if he were the registered holder of such share or shares, provided that forty-eight (48)
       hours at least before the time for holding the meeting at which he proposes to vote, he
       shall satisfy the Board of his rights to a transfer of such share or shares unless the Board
       shall have previously admitted such right to vote at such meeting in respect thereof.

8.18   No Shareholder shall be entitled to be present, or to vote on any question, either
       personally or by proxy, or as proxy for another member, at any General Meeting, or upon
       a poll, or to be reckoned as a quorum, whilst any call or instalment or other sums shall be
       due and payable to the Company in respect of any shares of such Shareholder.

8.19   Notwithstanding anything to the contrary in these Articles:

       (a)    A resolution assented to and adopted in writing under the hands of all the
              Shareholders entitled to vote thereon, shall be deemed and considered to be as
              valid and effectual and of the same force and effect as if it had been passed at a
              General Meeting, duly convened, and no previous notice, or convening of any
              General Meeting for the purpose of passing such resolution shall in such case be
              deemed to have been necessary whether the business transacted thereat is special
              or not, and a Shareholder may signify his assent to such resolution in writing
              under his hand or by telegram or cable.

       (b)    Where there is only one Shareholder entitled to vote thereon, a resolution or
              resolutions assented to and adopted in writing under the hand of that Shareholder,
                                                                                      Updated November 2007
                                               11
                                East Central Alberta CFDC
                                Board Bylaw – May 13, 2003
              whether embodied in the form of a minute of that Shareholder or not, shall be as
              valid and effectual as if duly passed at a General Meeting duly convened, and
              shall be entered in the Minute Book of the Company, accordingly, and shall be
              held to relate back to any date therein stated to be the date thereof, and no notice
              or convening of any General Meeting for the purpose of passing such resolution
              or resolutions shall in such case be deemed to have been necessary whether the
              business transacted thereat is special or not and that Shareholder may also signify
              his assent to such resolution or resolutions by telegram or cable.

       (c)    If a resolution is assented to and adopted under clause (a) or (b) of this paragraph
              a meeting shall be deemed to have been held for that purpose.

ARTICLE 9: BORROWING POWERS

9.01   The Board may from time to time at its discretion raise or borrow money for the purpose
       of the Company's business and may secure the repayment of the same by mortgage or
       other charge upon the undertaking and the whole or any part of the assets and property of
       the Company (present and future) including its uncalled or unissued capital, and may
       issue bonds, debentures or debenture stock payable to bearer or otherwise, give and grant
       securities under the Bank Act and generally raise or borrow money for the purposes of
       the Company, secured or charged upon the whole or any part of the assets and properties
       of the Company, or otherwise as may be advisable or necessary in the interest thereof.

9.02   Any bonds, debentures, debenture stock or other securities issued or to be issued by the
       Company, shall be under the control of the Board, which may issue them assignable free
       from any equities between the Company and the person to whom the same may be issued
       and upon such other terms and conditions and in such manner and for such consideration
       as it shall consider to be for the benefit of the Company.

9.03   Any bonds, debentures, debenture stock or other securities may be issued at a discount,
       premium, or otherwise and with any special privileges as to redemption, surrender,
       drawing, conversion or otherwise.

9.04   If the Board, or any member or members thereof, or any other person, shall become
       personally liable for the payment of any sum primarily due from the Company, the Board
       may execute or cause to be executed any mortgage, charge or security over or affecting
       the whole or any part of the assets of the Company by way of indemnity to secure the
       Board or any such member or members thereof or person so becoming liable as aforesaid,
       from any loss in respect of such liability.

9.05   The Company shall comply with the requirements of the Companies Act in respect of
       filing or registering such mortgages and charges as are herein mentioned, and, where
       necessary, the Company shall keep a register of mortgages as required by the Companies
       Act.




                                                                                     Updated November 2007
                                               12
                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003

ARTICLE 10: BOARD OF DIRECTORS

10.01 The Board of Directors shall consist of nine (9) Directors appointed by the Shareholders
      of the Company and shall retain office at the pleasure of the Shareholder for three (3)
      consecutive years. Additional terms will be subject to re-election by the Shareholder for
      a subsequent term.

10.02 The position of any Director shall forthwith be vacated upon the holder thereof:

     a) Being absent for three (3) consecutive meetings of the Board unless the Board
        concludes that there was adequate reason for such absences.

     b) If in the opinion of the Board, as evidenced by two-thirds majority vote, the individual
        is acting in a manner detrimental to the purposes of the Company.

     c) Found lunatic or become of unsound mind.

     d) If convicted of any offence involving imprisonment with the option of a fine.

     e) Violation of the Company’s Conflict of Interest guidelines as defined in Article 9.

     f) Inappropriately divulges confidential information of the Company to anyone other than
        the Board or Directors.

     g) Relocation out of the East Central Alberta Community Futures region.

10.03 A Director may retire from office giving 30 days notice in writing to the
      Secretary/Treasurer of their intention to do so, and such resignation shall take effect upon
      the expiration of such notice or its earlier acceptance.

10.04 No Director may receive compensation for their services, but shall be entitled to be paid
      any out-of-pocket expenses, determined by Company policy, incurred in the course of
      discharging any duty of the Company.

10.05 The Board of Directors shall have the power to appoint a general manager and to define
      the terms of employment. The Board of Directors shall also have the authority to dismiss
      the general manager.

10.06 The Board of Directors shall have the power to establish both Standing and AdHoc
      committees and determine the terms of reference thereof. Each committee shall have as
      its Chairperson a member of the Board of Directors.

10.07 The Board of Directors shall convene at the call of the Chairperson giving no less than
      twenty-four (24) hours notice.

10.08 Any simple majority may, in writing, demand a meeting of the Board of Directors by
      delivering to the Secretary/Treasurer a notice of such demands. Upon receipt of such
                                                                                     Updated November 2007
                                               13
                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003
       demands, the Chairperson shall convene such meeting not later than seven (7) days from
       the date of receipt of such demands.

10.09 At any meeting of the Board of Directors, 51% percent of Directors shall form a quorum
      for the transaction of business.

10.10 If there is no quorum within thirty (30) minutes after the time for which a meeting has
      been called, the meeting shall stand adjourned.

10.11 At all Board of Directors meetings, the Chairperson shall take the Chair. In their
      absence, the Vice-Chairperson shall take the Chair. In the absence of the Chairperson
      and the Vice-Chairperson, the Secretary/Treasurer shall take the Chair.

10.12 At all meetings of the Board of Directors:

     a) Every question shall be determined by a majority of votes through a show of hands or a
        vote of yes.
     b) Prior to calling for the vote, any Director may request that those Directors voting “for
        and against” shall be recorded in the minutes of the meeting.
     c) Unless a Director declares a conflict of interest, all members of the Board of Directors
        shall vote on all motions placed before the Board.

10.13 The Board of Directors shall, sixty (60) days prior to the Annual General Meeting, supply
      the members with a list of nominees together with the written consent and brief resume of
      each nominee for such nomination.

10.14 Teleconferencing or Email/Internet/Web conferencing shall be considered an acceptable
      form of a Board of Directors meeting provided all the requirements of time periods for
      serving notice and quorum conditions are met.

10.15 The Board of Directors shall annually and within sixty (60) days after the Annual General
      Meeting, appoint an Auditor for the Company.

10.16 No Director shall be required to hold a share in the Company as a qualification for his
      office.

10.17 The Board shall have power to appoint any other person or persons to be a Director or
      Directors as an addition or additions to the Board, either to fill a casual vacancy occurring
      in, or as an addition to, the Board, but so that the total number of Directors shall not at
      any time exceed the maximum hereinbefore prescribed; and Directors so appointed shall
      only hold office until the next following Annual General Meeting of the Company, and
      then shall be eligible for re-election.

10.18 The Company may from time to time in General Meetings increase or reduce the number
      of Directors.

10.19 The Company in General Meeting may by special resolution remove any Director, in
      accordance with Article 12.2 or otherwise, before the expiration of his period of office,
                                                                                      Updated November 2007
                                                14
                                  East Central Alberta CFDC
                                  Board Bylaw – May 13, 2003
       and may by ordinary resolution appoint another person in his stead. The person so
       appointed shall hold office during such time only as the Director in whose place he is
       appointed would have held the same if he had not been removed.

10.20 At the Annual General Meeting, all of the Directors of the Company for the time being
      shall retire from office.

10.21 A retiring Director shall be eligible for re-election.

10.22 If at any General Meeting at which any election of Directors ought to take place such
      election does not take place, the retiring Directors shall continue in office until Directors
      have been elected at a subsequent General Meeting or until the Annual General Meeting
      in the next year, and so on from time to time until such election takes place or the
      successors of the retiring Directors are elected or appointed.

10.23 In addition to the powers and authorities conferred on them by the Companies Act, and
      elsewhere by these Articles, the Board shall manage the business of the Company and it
      may pay all such expenses of and preliminary and incidental to the promotion, formation,
      establishment and registration of the Company as it thinks fit, or of any company formed
      by or at the instance of the Company, and the issue of capital, debentures and bonds, or
      other securities of the Company, or any other such Company as aforesaid, including
      brokerage and commission for obtaining or guaranteeing applications for, or placing,
      shares, debentures or securities, and the Board may exercise all such powers of the
      Company, and do on behalf of the Company all such acts as may be exercised and done
      by the Company and as are not by the Companies Act or these Articles required to be
      exercised or done by the Company in General Meeting; subject nevertheless to the
      provisions of the Companies Act and of these Articles and to any regulations not being
      inconsistent with these Articles, from time to time made by the Company in General
      Meeting, provided that no such regulations shall invalidate any prior act of the Board
      which would have been valid if such regulations had not been made.


ARTICLE 11: OFFICERS

11.01 Officers of the Company shall comprise the following:

       a)      Chairperson

       b)      Vice-Chairperson

       c)      Secretary/Treasurer

11.02 Immediately after the close of the Annual General Meetings, the Board of Directors shall
      meet and elect from among its members a Chairperson, Vice-Chairperson, and
      Secretary/Treasurer. All positions will serve a one (1) year term.

11.03 Each Officer shall be, and remain, during their term of office a Director in good standing
      of the Company.
                                                                                       Updated November 2007
                                                15
                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003

11.04 In the event of a vacancy among the Officers, the Chairperson shall be empowered to
      appoint a replacement Officer from among the appointed Directors, but it shall be
      necessary for the Board to ratify such appointments at the next meeting of the Board of
      Directors.

11.05 The Chairperson shall:

     a) Be the Chief Executive Officer of the Company.

     b) Endeavour to attend all appropriate meetings of the Company and its Board of
        Directors and shall preside over the proceedings of all meetings.

     c) Be an Ex-Officio member of every committee.

     d) Be the official spokesperson for the Company, but may delegate such power in regard
        to public announcements to such Members(s) of the Company as the Board may decide.

     e) Act at all times in accordance with the lawful directives of the Board of Directors.

     f) Be one (1) of two (2) signatures for the execution of contracts and other documents
        binding upon the Company; the alternate for the Chairperson being the following:
        Vice-Chairperson or Secretary/Treasurer; and the second signature the General
        Manager or designate.

11.06 The Vice-Chairperson shall:

     a) In the absence of the Chairperson, assume the Chairperson’s duties.

     b) Do all things reasonably required by the Chairperson for the better functioning of the
        Company.

     c) Be one of the alternate signatures in place of the Chairperson.

11.07 The Secretary/Treasurer shall:

     a) Perform duties as the Chairperson when the Chairperson or Vice Chair are not
        available.

     b) Be one of the alternate signatures in place of the Chairperson.

     c) Act as corporate procedural and financial overseer and advisor to the Chairperson and
        Board of Directors.

     d) Ensure annual financial audits reflect Board policy.

     e) Ensure annual general meetings are conducted in a timely and procedurally correct
        manor.
                                                                                     Updated November 2007
                                               16
                                 East Central Alberta CFDC
                                 Board Bylaw – May 13, 2003

ARTICLE 12: FINANCE

12.01 The fiscal year of the Company shall commence on April 1st and terminate on March 31st
      of the following year.

12.02 All financial accounting shall follow Generally Accepted Accounting Practices.

12.03 All monies belonging to the Company shall be deposited in an account for the Company,
      at a branch of any financial institution covered by deposit insurance, by any officer or by
      any employee so designated by the Board of Directors.

12.04 A duly qualified accountant, appointed by the Board of Directors, shall audit the books,
      accounts and records of the Company at least once a year.

12.05 Complete and proper financial statements for the previous year shall be presented at the
      Annual General Meeting for approval.

12.06 Any Director of the Company may inspect, with the exception of confidential files, the
      accounts, books and documents of the Company.

12.07 The Books of Accounting and account records shall be kept at the registered office of the
      Company, or, subject of the Companies Act in this regard, at such other place or places as
      the Directors may determine by resolution.

ARTICLE 13: CONFLICT OF INTEREST

13.01 Restricting Investment Fund Activities:

     13.01.1 The Company shall not:

             (a)   make a loan to,

             (b)   guarantee the repayment of a loan to, or

             (c)   purchase shares in,

               an incorporated business in which an Officer or employee of the Company (with
               decision making responsibilities in relation to investment fund applications), or a
               Director of the Company, has a Significant Business Interest.

     13.01.2 Where the Company is considering:

             (a) An application for a loan, a loan guarantee or an equity investment by an
                 incorporated business in which a spouse or child of a Director, Officer or
                 employee has a Significant Business Interest, such application shall be referred
                 for consideration by the full Board of Directors for a decision.

                                                                                      Updated November 2007
                                                17
                                  East Central Alberta CFDC
                                  Board Bylaw – May 13, 2003
             (b) The conflict of interest on the part of the Director, Officer or employee, as the
                 case may be, shall be recorded in the minutes of the meeting.

             (c) The Director, Officer or employee (if the Officer or employee is present at the
                 meeting), shall refrain from any and all discussions and deliberations in respect
                 of the application, shall vacate the meeting when the application comes before
                 the Board for review and shall refrain from any attempt to influence, lobby or
                 persuade the Board in regard to the application.

13.02 Goods and Services Contract:

     13.02.1 Goods and services contracts between the Company and a Director or a business
             in which a Director, or the spouse or child of that Director has a Significant
             Business Interest are permitted provided that:

             a) The decision is made by the full Board, irrespective of the existing contracting
                authorities;

             b) the conflict of interest is declared by the Director and recorded in the minutes of
                the Board;

             c) The Director shall refrain from any and all discussions and deliberations in
                respect of the contract, shall vacate the meeting when the contract comes before
                the Board for review and shall refrain from any attempt to influence, lobby or
                persuade the Board in regard to the contract.

             d) A minimum of three (3) independent competitive bids are obtained; and

             e) The Board of Directors shall exercise due diligence in selecting the contract that
                best meets the terms of reference specifications and contract criteria.

ARTICLE 14: CONFIDENTIALITY

14.01 All material and information that applicants, clients and partners provide to the Company
      be considered confidential.

14.02 Care must be taken to ensure that the circulation of all such materials and information
      relating to the Company is restricted to those Shareholders and staff who have a direct
      responsibility for a specific aspect of the administration.

14.03 Disclosures of information to anyone not authorized to deal with the same is strictly
      prohibited. In extraordinary cases, these prohibitions may be waived with the written
      consent of the applicant, client or partner.

ARTICLE 15: AMENDMENTS TO THE BYLAWS

15.01 The Articles of the Company, or any part thereof, may be repealed, altered, or amended
      by other Articles passed at any Annual General Meeting of the Company, provided that
                                                                                       Updated November 2007
                                                18
                                  East Central Alberta CFDC
                                  Board Bylaw – May 13, 2003
        in each case at least twenty-one (21) days notice of such intention to repeal, alter or
        amend the articles has been sent to each Shareholder entitled to vote. The notice must
        specify in detail each proposed repeal, alteration and amendment.

 15.02 Only Shareholders in good standing are entitled to vote and these Articles may only be
       amended, repealed, or altered by a majority vote of 51% of Shareholders in good
       standing. Proxies shall be accepted providing such proxies are received prior to the
       starting time of the Annual General Meeting.

 15.03 No new Articles, or amended Articles, or repeal of Articles shall have force or effect until
       a copy thereof, certified by the Chairperson and General Manager of the Company to be a
       true copy of the Article of Association passed by the Company, as here and before, is
       filed with the Registrar of Companies.

 ARTICLE 16 GENERAL MANAGER

16.01   Shall be responsible, through the Chairperson, to the Board of Directors for:

        a) Development of a one (1) year Operating Plan and a three (3) year Business Plan to be
           submitted to the Board of Directors for approval, two (2) months prior to the fiscal
           year end of the Company.
        b) Implementation of all plans, results, occurrences and matters of, and relating to, the
           operations of the Company.

        c) General supervision, direction, hiring and dismissal of employees of the Company and
           to ensure the proper performances of their duties and responsibilities in accordance to
           approved plans.

        d) All administrative functions, within approved guidelines of the Company, including
           budget preparation and control, maintenance of the books of account, correspondence
           and clerical support.

 16.02 Shall be responsible for the custodianship of all property and records of the Company.

 16.03 Shall do all other things as may be reasonably required by the Chairperson in order to
       maintain the successful operation of the Company in accordance with approved plans and
       policies.

 16.04 Perform other duties prescribed by a Board approved employment contract or job
       description.

 ARTICLE 17: THE SEAL

 17.01 The Company shall have a Seal as approved by the Board of Directors.

 17.02 The Seal of the Company shall not be affixed to any instrument except by the authority of
       a resolution of the Directors.

                                                                                        Updated November 2007
                                                19
                                   East Central Alberta CFDC
                                   Board Bylaw – May 13, 2003
17.03 The General Manager shall sign every instrument to which the Seal of the Company is to
      be affixed.

ARTICLE 18: REGISTERED OFFICE

18.01 Subject to the provisions of the Companies Act, the Company may, by resolution of the
      Directors, change, from time to time, the place within the Province where the registered
      office of the Company is to be situated.

18.02 The registered office of the Company shall not be outside the region.

ARTICLE 19: INDEMINTY

19.01 The Company hereby agrees to indemnify and save harmless the Directors, Officers, and
      Servants of the Company for all action undertaken by them on behalf of the Company in
      respect of any liability, costs, charges or expenses that he sustains or incurs that is not as
      a result of his own fraud, dishonesty, willful neglect or willful default.

ARTICLE 20: NOT-FOR-PROFIT

20.01 Either the Shareholders, nor the Directors shall receive dividends, bonuses, wages or
      other remuneration solely as a result of their holding a share neither of the Company, nor
      for sitting on the Board of Directors, nor for holding an office in the Company. This is
      provided that, always on dissolution, the Shareholders shall participate in the assets as
      contemplated by the Companies Act.

ARTICLE 21: DISSOLUTION

21.01 The Company may be voluntarily dissolved provided, however, that at least twenty-one
      (21) days notice of such meeting called for that purpose be sent to each Shareholder
      entitled to it.

21.02 Only Shareholders in good standing are entitled to vote at such meeting and dissolution
      shall not be approved unless passed by a 51% of the Shareholders present at the meetings.

21.03 All assets after payment of all debts and liabilities on dissolution of the Company shall be
      distributed to another Community Futures Development Company approved by the
      Government of Canada or to some other organization of similar objects provided by the
      Government of Canada as provided for in paragraph 10 of the Memorandum of
      Association.

Dated at the Town of Viking this        day of _______________2003 A.D.




                                                                                        Updated November 2007
                                                 20
                     East Central Alberta CFDC
                     Board Bylaw – May 13, 2003
SUBSCRIBER                                         POSITION ON
NAME                    ADDRESS                    BOARD

1. Freadrich, Glen      Box 172,                   Chairperson
                        Killam, AB T0B 2L0


2. Benke, Harvey        R.R. #1,                   Vice-Chairperson
                        Bawlf, AB T0B 0J0


3. Hafso, Vernon        Box 748,                   Secretary/Treasurer
                        Viking, AB T0B 4N0


4. Miller, Peter        Box 515,                   Board Member
                        Forestburg, AB T0B 1N0


5. Anderson, Herb       4207 – 58 St Close         Board Member
                        Camrose, AB T4V 2R6


6. Vacant                                          Board Member



7. Fleming, John        Box R.R. #1,               Board Member
                        Irma, AB T0B 2H0



8. McBurney, Chuck      Box 38, Site 8, R.R. #2,   Board Member
                        Tofield, AB T0B 4J0




                                       ______________________________
WITNESS NAME                           WITNESS SIGNATURE




                                                                   Updated November 2007
                                  21
                                East Central Alberta CFDC
                                Board Bylaw – May 13, 2003

                                   SCHEDULE “A“

The Municipalities who were entitled to receive one (1) share of the Company are as follows:

                             Municipal District of Wainwright
                                      Village of Chauvin
                                      Village of Edgerton
                                     Town of Wainwright
                                        Village of Irma
                                        Beaver County
                                        Town of Viking
                                       Village of Holden
                                        Village of Ryley
                                        Town of Tofield
                        County of Camrose (divisions 4,5,6, and 7)
                                    Village of Bittern Lake
                                     Village of Hay Lakes
                                        City of Camrose
                       Flagstaff County (divisions 1,2,3,4,5,6, and 7)
                                     Village of Forestburg
                                      Village of Galahad
                                       Village of Heisler
                                       Village of Strome
                                      Town of Sedgewick
                                       Town of Daysland
                                        Town of Killam
                                     Village of Lougheed
                                      Village of Alliance
                                       Town of Hardisty
                Municipal District of Provost (all divisions excluding South of
                       Hwy 13 and East of SH600 and Eyehill Road)
                                       Village of Amisk
                                        Village of Czar
                                    Village of Hughenden




                                                                                   Updated November 2007
                                               1

								
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