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<br /> ARTICLE III <br /> MANAGEMENT <br /> Section 3.01 Executive Board <br /> The PartnerShip shall be managed by an Executive Board of four <br /> persons. two selected by Rohr and two selected by GE (the "Executive Board"). <br /> Each Partner shall promptly notify the other of any changes in the Executive <br /> Board membership. Meetings of the Executive Board shall be held as required <br /> in a mutually convenient location, and may be called by any member of the <br /> Executive Board, or by the President, upon not less than ten calendar days <br /> advance written Notice to the Board members. For meetings of the Executive <br /> Board to be held, a quorum of three Board members will be required. and all <br /> actions of the Executive Board will require the votes of at least three <br /> Executive Board members. <br /> Section 3.02 Major Decisions <br /> <br /> The following items are Major Decisions which require the approval <br /> of the Executive Board: <br /> (a) Incurring any single indebtedness, or series of related debts, in <br /> an amount exceeding S100,000; <br /> (b) the purchase and sale of any real estate. and any demolition of or <br /> significant improvement to (exceeding S100.000) any real property; <br /> (c) the purchase or sale of any item of personal property in an amount <br /> exceeding SI00,000; <br /> (d) mortgaging or otherwise encumbering any property; <br /> (e) the sale of or the granting of dny rights in patents or Proprietary <br /> Information which are owned by the Partnership; <br /> 7 <br />