Notice of bylaw changes approved by GreyStone Power Members on Oct. 11, 2008

The members of GreyStone Power Corporation (the “Cooperative”) are hereby notified that proposed amendments to the Cooperative’s Bylaws were voted on and approved at the 2008 annual meeting of the Cooperative’s members, which took place at the Cooperative’s Headquarters in Douglasville, Ga., on Saturday, Oct. 11, 2008, during the business session. The purpose for, a summary explanation of, and the full text of the proposed Bylaws are set forth below.

If you would like to review the language of the existing bylaws, copies can be obtained at no charge from GreyStone’s main office, you may view them online by clicking here or you may request them by calling 770-942-6576.

Purpose:

In August, 2007, the Cooperative’s Nominating Committee discussed its desire to accomplish two principal objectives: (1) to make it easier for members to participate in Cooperative elections, and (2) to ensure that the Cooperative is able to maintain an effective Board of Directors. The Nominating Committee then adopted two sets of proposed Bylaw revisions, which were submitted for consideration by the members at the 2007 Annual Meeting. After discussion at the 2007 Annual Meeting, the members elected to table these proposals and vote on them at the 2008 Annual Meeting. More recently, an alternative proposal to one of these tabled resolutions has also been submitted for consideration by the members.    

Summary Explanation:

Hereby adopted, the first set of Bylaw proposals that were tabled in 2007 requires that all future contested director elections be decided by mail voting (“The Mail Voting Proposal”). To implement this proposal, the Bylaws were changed to, among other things, establish requirements for the form and mailing of the ballots, revise the date by which nominations must be made to accommodate the mailing and return of ballots before the annual meeting, and authorize the Credentials and Elections Committee to oversee the mail balloting process. 

Hereby adopted, the second set of Bylaw proposals that were tabled in 2007 permits the Board of Directors to remove a director from office, with or without cause, by a two-thirds (2/3rds) vote of the Board of Directors. Vacancies created in this manner would be filled by the Nominating Committee (“The Nominating Committee Proposal”). The alternative proposal submitted in 2008 would also permit the Board of Directors to remove a director from office with a two-thirds (2/3rds) vote of the Board of Directors, but does not contain the “with or without cause” language of the tabled proposal. Under this alternative proposal, vacancies are to be filled by the members at the next annual meeting (“The Member Proposal”).

To view the full text of the bylaws changes voted on, click here.