MINUTES OF JOINT ANNUAL MEETING
OF BOARD OF DIRECTORS AND SHAREHOLDERS OF
UFKES AUCTION INC.
A joint annual meeting of the Board of Directors and Shareholders of Ufkes Auction Inc. was held at the office of the corporation on the 30 th day of December 2011.
John C. Ufkes and Brent J. Ufkes being the sole Directors by signing these minutes waived notice of the meeting and consented to the transaction of all business which would come before the meeting. Brent J. Ufkes acted as Chairman and John C. Ufkes as Secretary of the meeting.
The Chairman stated that the purpose of the annual meeting was to review the transactions for the preceding year and approve the actions of the Board of Directors as appropriate. Following examination and careful consideration of the available financial records of the corporation, the Shareholders approved all transactions of the Board of Directors for the preceding year.
The next item of business discussed with the Board was to conduct and election of officers and directors. Upon motion duly made, seconded and unanimously carried, it was resolved that the officers and directors currently in office shall remain the same for the ensuing year unless changed by a special meeting called during the year.
The next item of business to be considered was a review of the salary of Brent J. Ufkes and John C. Ufkes. After careful consideration it was determined that the salaries for each would remain at $2,000.00 per year.
There being no further business to come before the meeting, upon motion duly made, seconded and unanimously carried, the meeting was adjourned.
Brent J. Ufkes, President
John C. Ufkes, Secretary
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