Article IV Board of Directors: Selection Term of Office

Section 1.

Number. Until the first annual meeting of the Members of the Association, the affairs of this Association shall be managed by a Board of five (5) directors who need not be Members of the Association; thereafter, the Board shall consist of nine (9) directors who shall be Members of the Association.

Section 2.

Term of Office. At the first annual meeting, the Members shall elect three (3) directors for a term of one (1) year, three (3) directors for a term of two (2) years and three (3) directors for a term of three (3) years; and at each annual meeting thereafter, the Members shall elect three (3) directors for a term of three (3) years.

Section 3.

Removal. Any director may be removed from the Board, with or without cause, by a majority vote of the Members of the Association. In the event of death, resignation or removal of a director, his successor shall be selected by the remaining members of the Board and shall serve for the unexpired term of his predecessor.

Section 4.

Compensation. No director shall receive compensation for, any service he may render to the Association. However, any director may be reimbursed for his actual expenses incurred in the performance of his duties.

Section 5.

Action Taken Without a Meeting. The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.