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<br />I <br /> <br />I <br /> <br />I <br /> <br />section 6. Conduct of Business. At the meetings of <br />the Board of Directors, matters pertaining to the purposes <br />of the Corporation shall be considered in such order as from <br />time to time the Board of Directors may determine. <br /> <br />At all meetings of the Board of Directors, the <br />president shall preside, and in the absence of the <br />president, the vice president shall exercise the powers of <br />the president. <br /> <br />The secretary of the Corporation shall act as secretary <br />of all meetings of the Board of Directors, but in the ab- <br />sence of the secretary, the presiding officer may appoint <br />any'person to act as secretary of the meeting. <br /> <br />section 7. Executive Committee. The Board of Direc- <br />tors, by resolution passed by a majority of the directors in <br />office, may designate two or more directors to constitute an <br />executive committee, which committee, to the extent provided <br />in such resolution, shall have and may exercise all of the <br />authority of the Board of Directors in the management of the <br />Corporation, except where action of the Board of Directors <br />is specified by law. The executive committee shall act in <br />the manner provided in such resolution. The executive com- <br />mittee so designated shall keep regular minutes of the tran- <br />sactions of its meetings and shall cause such minutes to be <br />recorded in books kept for that purpose in the office of the <br />Corporation, and shall report the same to the Board of <br />Directors from time to time. <br /> <br />Section 8. Compensation of Directors. Directors as <br />such shall not receive any salary or compensation for their <br />services, except that they shall be reimbursed for their <br />actual expenses incurred in the performance of their duties <br />hereunder. <br /> <br />ARTICLE III <br /> <br />OFFICERS <br /> <br />Section l. Titles and Term of Office. The officers of <br />the Corporation shall be a president, a vice president, a <br />secretary and a treasurer, and such other officers as the <br />Board of Directors may from time to time elect or appoint. <br />One person may hold more than one office, except that the <br />president shall not hold the office of secretary. Terms of <br />office shall not exceed three years. <br /> <br />-4- <br />