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Tuesday, August 02, 2011 12:11:52 AM
The following information is found in the most recent S-1 filing dated 8/1/2011 on page 31.
Term of Office
Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until removed by the board. Mr. Thompson is employed as the CEO of the company pursuant to a five year employment contract.
Our officer and director has not filed any bankruptcy petition, been convicted of or been the subject of any criminal proceedings or the subject of any order, judgment or decree involving the violation of any state or federal securities laws within the past ten (10) years.
Our sole director was appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our sole officer was appointed by our board of directors and holds office until removed by the board.
Committees
Because our Board of Directors currently consists of only one member, no board committees have been formed as of the filing of this Annual Report. All audit committee functions are performed by Mr. Kim Thompson, as the sole member of our Board of Directors and he is the largest shareholder of the Company and the Company’s Chief Executive Officer and President. Mr. Thompson does not qualify as an “audit committee financial expert” within the applicable definition of the Securities and Exchange Commission.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8070214
So...to answer that question...Kim (the only member of KBLB's Board of Directors) appointed Kim as CEO and President where he will remain until the Board of Directors (Kim) decides to have himself removed. If such an event ever happened, Kim (as majority stock holder) could could use his majority preferred share voting position to over-rule the Board (Kim) and re-instate himself.
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