Chapter 2.50


2.50.010    Establishment of community development corporation.

2.50.020    Title.

2.50.030    Corporate charter.

2.50.040    Corporate bylaws.

2.50.050    Charitable corporation.

2.50.060    Board of directors.

2.50.070    Meetings – Action by board of directors.

2.50.080    Limitation on corporate liability.

2.50.010 Establishment of community development corporation.

A public corporation is hereby created for the purpose of carrying out programs (including but not limited to programs financed in whole or in part by federal grants) to provide small business loans to new and expanding business; to expand job, and income opportunities; counseling; to stimulate economic development through the use of available resources; and, through the most effective and economical concentration and coordination of federal, state, and local public and private efforts, to improve the quality of life, particularly for the socially and economically disadvantaged in Kitsap County. The public corporation shall be subject to the provisions of RCW 35.21.730 through 35.21.755 (the “Act”).

(Ord. 285 (2002) § 1, 2002)

2.50.020 Title.

The name of the public corporation shall be the Kitsap County community development corporation (the “corporation”).

(Ord. 285 (2002) § 2, 2002)

2.50.030 Corporate charter.

The charter of the corporation, containing such provisions as are authorized by and not in conflict with RCW 35.21.730 through 35.21.755, is attached hereto as Exhibit A*, and is hereby approved. The corporation shall conduct its affairs in accordance with the charter and the provisions of RCW 35.21.730 through 35.21.755.

(Ord. 285 (2002) § 3, 2002)

2.50.040 Corporate bylaws.

The initial bylaws of the corporation attached hereto as Exhibit B* are hereby approved.

(Ord. 285 (2002) § 4, 2002)

*    The charter and bylaws of the community development corporation are not codified. They may be found on file in the office of the clerk of the board.

2.50.050 Charitable corporation.

The corporation is a charitable corporation and shall exist as an exempt organization under Section 501(c)(3) of the Internal Revenue Code.

(Ord. 285 (2002) § 5, 2002)

2.50.060 Board of directors.

A board of directors (the “board of directors”) will be established within forty-five days to govern the affairs of the corporation. All corporate powers of the corporation shall be exercised by or under the authority of, and the business, property and affairs of the corporation shall be managed under the direction of, the board of directors, except as may be otherwise provided in the charter, the bylaws of the corporation, or the act. The board of directors shall be composed of seven members.

No person shall be eligible to serve on the board of directors unless appointed by the Kitsap Regional Coordinating Council (“KRCC”).

(Ord. 285 (2002) § 6, 2002)

2.50.070 Meetings – Action by board of directors.

At all meetings of the board of directors, a majority of the members in office at the time shall be sufficient to constitute a quorum. Every act of, or decisions made by, a majority of the members present at a meeting of the corporation, duly held, at which a quorum is present and acting, shall be regarded as an act of the board of directors.

(Ord. 285 (2002) § 7, 2002)

2.50.080 Limitation on corporate liability.

The liability of the corporation and its board of directors shall be limited to the assets and properties of the corporation pursuant to RCW 35.21.730(4).

(Ord. 285 (2002) § 8, 2002)