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hereof, or by written resolution of the governing bodies of each of the sponsoring local governmental units referred to in Article X hereof, in their sole discretion, subject, however, to limitations on the impairment of contracts entered into by the Corporation, all under and in accordance with the Texas Housing Finance Corporations Act. D. The net earnings of the Corporation, if any, and all funds and properties of the Corporation upon dissolution shall be distributed in eight (8) equal shares to each of the sponsoring local governmental units referred to in Article X hereof. E. All other matters pertaining to the internal affairs of the Corporation shall be governed by the bylaws of the Corporation, so long as such bylaws are not incon- sistent with these Articles of Incorporation, the Texas Housing Finance Corporations Act, or any other law of the State of Texas. ARTICLE VII The street address of the initial registered office of the Corporation is 2520 Interstate Hwy 35, South, Suite 100, Austin, Texas 78704 and the name of its initial registered agent at such address is Richard G. Bean. ARTICLE VIII The number of directors constituting the initial Board of Directors of the corporation is eight (8). The names and addresses of the members of the initial Board of Directors, each of whom resides within one of the sponsoring local governmental units referred to in Article X hereof, are: NAME Jack A. Griesenbeck Kent L. Smith B. R. Wranitzky Mrs. Tess Norris Leonard Scott Fritz Lobpries Clarence C. Tatsch Wesley Foust ADDRESS P. 0. Box 400 Bastrop, Texas P. 0. Box 471 Johnson City, Texas Route 1, Box 88A Kyle, Texas 808 Bluebonnet Dr. San Marcos, Texas County Courthouse Lockhart, Texas P. 0. Box 38 La Grange, Texas County Courthouse Llano, Texas Liberty Hill, Texas -2-