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ANNUAL MEMBERSHIP MEETING OF THE LAKE REGION ELECTRIC COOPERATIVE, INC.


April 26, 2014


Chairman Gary Cooper called the Annual Meeting of the members of the Lake Region Electric Cooperative, Inc., to order on April 26 2014, at 9:00 a.m. in the Hulbert School Auditorium. The Chairman then announced the business session would suspend and resume immediately at 1:00 p.m. after the members registration and voting was closed. Registration and voting period will be from 9:00 a.m. until 1:00 p.m. on this Annual Meeting date. A motion was made and seconded to recess the business session until 1:00 p.m. The motion carried unanimously.


The recessed business session was resumed at 1:00 p.m. and called to order by Chairman Cooper. He called upon employee Glen Clark to give the invocation.


CEO Vahdatipour gave the Welcome and Introduction of Directors. He also introduced the Operation Round-Up Board of Directors and Special Guests. He then introduced Cooperative Attorney Tina Glory-Jordan who then presided over the meeting.


Attorney Glory-Jordan reported that at the close of registration, 982 members had registered and voted. Attorney Glory-Jordan then declared that a quorum was present and the meeting proceeded.


Upon motion made and seconded, the reading of the Notice of the Meeting mailed to all members and the proof of mailing were waived and approved as presented. The motion carried unanimously.


Upon motion made and seconded, the reading of the minutes of the Annual Membership Meeting of April 27, 2013 was waived and the minutes approved as written. Copies were published in the LREC April issue of the Powerline Press. The motion carried unanimously.


CEO Vahdatipour gave the CEO’s Report and the Financial Report.


During the process of the day, the election ballots were cast and counted by a voting machine similar to the ones used in county elections. Attorney Glory-Jordan reported on the election results. Nominees Bobby Mayfield received 814 and Lynn Lamons, 755 votes. According to the Election results, Bobby Mayfield and Lynn Lamons were elected to the positions of Trustees of the Lake Region Electric Cooperative, Inc. for a period of three years.


Members, by an affirmative vote of 792 for and 77 against, approved a board resolution to authorize LREC to create and become the sole member (100% ownership) of a limited liability corporation for the


as a telecommunications company to improve telecommunication services in rural areas for the benefit of LREC’s members. This telecommunications business shall operate to further the cause of rural electrification and accomplish those purposes of LREC. This telecommunications business shall be organized and operated as a ‘for profit’ company with all surplus of income for the sole benefit of LREC. LREC shall continue to be operated as a non-profit cooperative. This Resolution required approval by an affirmative vote of the LREC members to be effective.


Old Business – There was no old business to come before the members. New Business – There was no new business to come before the members.


Motion was made and seconded without descent to adjourn the business session, subject to the drawing for the attendance prizes. The motion carried unanimously.


LREC Powerline Press 3 purposes of conducting business


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