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ARTICLES OF INCORPORATION <br /> OF <br />CAPITAL AREA HOUSING FINANCE CORPORATION <br /> <br /> We, the undersigned natural persons, each of whom is at <br />least eighteen (18) years of age, a citizen of the State of <br />Texas, and a resident of one of the sponsoring local govern- <br />mental units referred to in Article X hereof, acting as <br />incorporators of a corporation under the Texas Housing <br />Finance Corporations Act, Article 12691-7, Vernon's Anno- <br />tated Texas Civil Statutes, as amended,--do hereby adopt the <br />following Articles of Incorporation for such Corporation: <br /> <br />ARTICLE I <br /> <br /> The name of the Corporation is Capital Area Housing <br />Finance Corporation. <br /> <br />ARTICLE II <br /> <br />The Corporation is a public non-profit corporation. <br /> <br />ARTICLE III <br /> <br />The duration of the Corporation shall be perpetual. <br /> <br />ARTICLE IV <br /> <br /> The Corporation is organized solely to carry out the <br />purposes of the Texas Housing Finance Corporations Act. <br /> <br />ARTICLE V <br /> <br />The Corporation shall have no members. <br /> <br />ARTICLE VI <br /> <br /> A. The Corporation shall have and possess all powers <br />conferred by the laws of the State of Texas on public non- <br />profit corporations created under the Texas Housing Finance <br />Corporations Act. <br /> <br /> B. Ail powers of the Corporation shall be vested in a <br />Board of Directors consisting of nine (9) persons. The <br />members of the initial Board of Directors named in Article <br />VIII hereof shall be appointed by written resolution of <br />the governing bodies of each of the local governmental <br />units referred to in Article X hereof, and shall serve for a <br />term of two (2) years or until his or her successor is <br />appointed as provided hereinafter. Thereafter, each of the <br />sponsoring local governmental units referred to in Article X <br />hereof shall appoint one (1) member of the Board of <br />Directors, and each such subsequent director shall serve for <br />a term of two (2) years or until his or her successor is <br />appointed as provided herein. Notwithstanding the <br />foregoing, any director may be removed from office at any <br />time, with or without cause, by written resolution of the <br />governing body or governing bodies of the sponsoring local <br />governmental unit or units that appointed such director. <br /> <br /> C. These Articles of Incorporation may be amended at <br />any time and from time to time by the Board of Directors <br />with the approval of the governing bodies of each of the <br />sponsoring local governmental units referred to in Article X <br /> <br /> <br />