Housing - 2005-04 - Amending Section 5.4 of the Corporation BylawsROSEMEAD HOUSING DEVELOPMENT CORPORATION
RESOLUTION NO. 2005-4
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION
AMENDING SECTION 5.4 OF THE CORPORATION BYLAWS
WHEREAS: California Corporations Code Section § 5151(c)(3) authorizes a
non-profit corporation to make provision for the compensation of directors in the
corporate bylaws.
NOW, THEREFORE, the Board of Directors of the Rosemead Housing
Development Corporation does hereby resolve as follows:
Section 1: Section 5.4 of Article 5 of the Bylaws of the Rosemead Housing
Development Corporation is amended to read as follows:
5.4 Compensation and Reimbursement of Directors.
The directors shall receive monthly compensation of one hundred fifty
dollars ($150.00) per month. The directors shall additionally be
compensated for their expenditures of monies on behalf of the
corporation.
Section 2. This resolution shall take effect January 1, 2006.
Section 3. The Secretary shall certify to the adoption of this Resolution.
PASSED, APPROVED and ADOPTED this day of 2005.
J aVrn6eri&,--d hai a on
ATTEST:
Nina Castruita, Secretary
•
TO: HONORABLE PRESIDENT
AND MEMBERS
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
FROM: PETER WALLIN, CITY ATTORNEY
DATE: DECEMBER 20, 2005
RE: RESOLUTION No. 2005-04 - A RESOLUTION OF THE BOARD
OF DIRECTORS OF THE ROSEMEAD HOUSING DEVELOPMENT
CORPORATION AMENDING SECTION 5.4 OF THE CORPORATION
BYLAWS
AB 11, effective January 1, 2006, provides that the compensation received by
Councilmembers for serving on the City Council also constitutes compensation for
serving on related boards and commissions; and that no additional compensation can
be received unless it is specifically authorized by another statute. If that statute fails to
specify compensation, the maximum amount of compensation for serving on the board
or commission is $150 per month.
By virtue of AB 11, Councilmember's' compensation for serving on the CDC will be
reduced from $1,200.00 per month to $75.00 per meeting effective January 1, 2006.
To provide some relief from this salary cut it is recommended that the Rosemead
Housing Development Corporation begin paying compensation for service on the board.
California Corporations Code §5151(c)(3) provides that the By-Laws of a nonprofit
Corporation may contain any provision, not in conflict with law, for the management of
the corporation's activities, including the qualifications, duties and compensation of
directors. This specific statutory authorization would allow board members to be paid
up to $150/month compensation.
Resolution 2005-4 amends the Corporation's By-Laws to provide $150 per month
compensation to board members.
RECOMMENDATION
That the Board of Directors adopt Resolution 2005-4.
HOUSING AGENDA
DEC 2 7 2005
ITEM No.