Bylaws


Approved February 10, 2005

Amended 07/28/05; 07/27/06; 03/10/10; 09/08/10; 5/11/11

Article I: Name

The name of this non-profit corporation shall be Superior Development Corporation duly established July 29, 2004.

Article II: Location

The street address of the Corporation’s point of contact is 354 N. Commercial, Superior NE 68978.

Article III: Purpose

To utilize the resources of the Superior Development Corporation developing and promoting a positive economic climate.

Article IV: Membership

The Corporation shall not have members. It will be comprised of Directors. The Directors shall not be limited in number and shall be selected by the existing Directors for a term of 2 years. If a new Director is appointed to fill a vacated position, the new appointee will then complete the rest of the term. A Director may be removed without cause with approval by a majority of vote. Directors agree to retain business information in confidence and not to publish, make available or otherwise disclose any part or portion of such information to any third party except with the prior express written consent of an authorized representative from that business; unless, such information can be shown by documentary evidence to be in the public domain. Officers will need to be elected consisting of a President, Vice-President, andSecretary who will be elected every 2 years. The Corporation will appoint one specific individual to handle all media correspondence. Five (5) or more Development Corporation Directors must be present to transact business.

Article V: Compensation

Directors shall receive no compensation for time served. Approval is required before an expense will be considered for reimbursement. Upon approval, documentation will need to be submitted to the Directors, approved by a majority of vote; thus, directing the expenditure to be paid.

Article VI: Meetings

Meetings are scheduled the 2nd & 4th Thursday of every month unless otherwise notified. If you are unable to attend, a courtesy call is requested Informing the Secretary of your excused absence.

Article VII: Committees

Task Force Committees will be formed with their meeting times scheduled as needed. Updates will need to be provided at the monthly meetings.

Article VIII: Dissolution

Upon dissolution of the corporation, the Board of Directors shall after paying or making provisions for payment will distribute all assets to the City of Superior.

Article VIIII: Amending Bylaws

Bylaws may be amended by a majority vote of the Directors.