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SECTION 4. DUES <br />The Board of Directors shall, in its discretion, set an initial membership fee and/or annual dues for <br />each new Regular and Associate Member payable upon admission to membership in the corporation <br />and each year thereafter. Dues shall be assessed against Members in such manner and in such <br />amounts as may from time to time be prescribed by the Board of Directors. Regular Members paying <br />special assessments under any type of special or benefit assessment district, the proceeds of which <br />are used for the benefit of Downtown Incorporated, shall have their annual dues waived. <br />SECTION 5. NUMBER OF MEMBERS <br />There is no limit on the number of members Downtown Incorporated may admit to any member class <br />or to Downtown Incorporated overall. <br />SECTION 6. RECORD DATE OF MEMBERSHIP AND NOTICE OF DESIGNATION <br />For purposes of determining the members entitled to receive notice of and to vote at any meeting, the <br />Board of Directors may fix, in advance, a record date which shall not be more than sixty (60) days nor <br />fewer than ten (10) days before the date of any such meeting and, in this event, only members of <br />record at the close of business on the date so fixed are entitled to receive notice and to vote, except <br />as otherwise provided in California Nonprofit Corporation Law. <br />Each property owner eligible to have a representative as a Regular Member of Downtown <br />Incorporated shall submit its written designation to the Secretary at least fifteen (15) days prior to the <br />annual members meeting. <br />SECTION 7. TERM <br />Each Regular Member is entitled to represent his or her property until such time as the property <br />owner submits a letter to the Secretary designating another individual to be that property's <br />representative. <br />SECTION 8. TRANSFERABILITY OF MEMBERSHIP <br />Neither the membership in Downtown Incorporated nor any rights in the membership may be <br />transferred or assigned for value or otherwise. <br />SECTION 9. NONLIABILITY OF MEMBERS <br />No member, or the property he or she represents, shall be personally liable for the debts, liabilities, or <br />obligations of Downtown Incorporated. <br />SECTION 10. SUSPENSIONITERMINATION OF MEMBERSHIP -CAUSES <br />Membership of any member shall be suspended or terminated upon occurrence of any of the <br />following events: <br />(a) The resignation of the member. <br />4 <br />19E-18