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<br />9/1 0/99 <br /> <br />CAPITAL AREA HOUSING FINANCE CORPORATION <br /> <br />ARTICLES OF INCORPORATION <br /> <br />Article I <br /> <br />The name of the Corporation is the Capital Area Housing Finance Corporation. <br /> <br />Article IT <br /> <br />The Corporation is a public non-profit corporation. <br /> <br />Article ill <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 purposes of the Texas Housing Finance <br />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 conferred by the laws of the State of <br />Texas on public non-profit corporations created under the Texas Housing Finance Corporations <br />Act. <br /> <br />B. All powers of the Corporation shall be vested in a Board of Directors consisting often <br />individuals. Each of the sponsoring local governments named in Article VII shall appoint one <br />director of the Corporation to serve a term of four years or until his or her successor is appointed. <br />However, a director may be removed from office at any time, with or without cause, by written <br />resolution of the governing body of the sponsoring local government that appointed the director. <br /> <br />C. These Articles of Incorporation may be amended at any time and from time to time by <br />the Board of Directors with the approval of the governing bodies of each of the sponsoring local <br />governments referred to in Article vn, or by written resolution of the governing bodies of each of <br />the sponsoring local governmental units referred to in Article VII, in their sole discretion, subject, <br />however, to limitations on the impairment of contracts entered into by the Corporation under and in <br />accordance with the Texas Housing Finance Corporations Act. <br /> <br />2 <br />