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<br /> <br /> <br /> Bylaws of the <br /> Paris Industrial Park Property Owners Association <br /> <br />ARTICLE I. Main Office <br /> <br />1. The main office of the Association shall be at 1125 Bonham Street, Paris, Texas. <br /> <br />2. The Association may also have offices at such other places both within and <br />without the state of Texas as the Board of Directors may from time to time <br />determine or the business of the Association may require. <br /> <br />ARTICLE II. Membership, Voting, and Meetings <br /> <br />1. Members and voting rights. Every owner of a lot that is subject to assessment <br />shall be a member of the Association. The Association shall have two classes of <br />voting membership: <br /> <br /> Class A. Class A members shall be all Owners with the exception of the <br /> Declarant and shall be entitled to one vote for each Lot owned. When more <br /> than one person or entity holds an interest in any Lot, all such persons or <br /> entities shall be members. The vote for such Lot shall be exercised as they <br /> among themselves determine, but in no event shall more than one vote be <br /> cast with respect to any Lot. <br /> <br /> Class B. The Class B member(s) shall be the Declarant and shall be entitled <br /> to three (3) votes for each Lot owned. The Class B membership shall cease <br /> and be converted into Class A membership when the total votes outstanding <br /> in the Class A membership equal or exceed the total votes outstanding in the <br /> Class B membership. <br /> <br />A lien holder or mortgagee, trustee under a deed of trust, or owner of any mineral <br />right-of-way easement or similar interest, shall not, as such, be deemed to be the <br />owner of record of the legal title of a portion of the subject property and shall not by <br />any such interest owned or held or acquired by them be or become a member of <br />Paris Industrial Park Property Owners Association. <br /> <br />2. Annual Meeting. An annual meeting of the members of the Association shall be <br />held as called by the Board of Directors. A notice of the meeting, including the <br />proposed agenda, shall be issued to all members via US mail in accordance with the <br />Development Covenants of the Paris Industrial Park by the Secretary-Treasurer no <br />less than 7 days and no more than 50 days before the meeting. At this meeting, the <br />membership shall select the following officers: President, Vice-President, and <br />Secretary-Treasurer. The three officers shall constitute the Board of Directors. In <br /> <br />Paris Industrial Park Property Owners Association Bylaws <br />EXHIBIT B <br /> <br />Page 1 of 3 <br />