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<br /> 9RAW067:00 <br /> of three (3) years; three (3) members of the Board for a term of <br /> two (2) years; and two (2) members of the Board for a term of one <br /> (1) year. These terms shall be drawn by lot. Thereafter, each <br /> Director shall serve for a term of three (3) years and until his <br /> successor shall have been duly elected and qualified. The terms <br /> of the Directors shall be staggered so that the terms of not more <br /> than three (3) of the Directors expire in anyone (1) year. <br /> Section 4.03. Election. The election of members of the <br /> Board of Directors shall take place at the Annual Meeting of the <br /> corporation. <br /> Section 4.04. Vacancies. Any vacancy occurring in the <br /> <br /> Board of Directors shall be filled by the Board of Directors <br /> after nomination by the Chamber of Commerce or City Manager of <br /> the respective city representing the vacant director position. A <br /> vacancy is filled by the affirmative vote of a majority of the <br /> remaining directors, even if it is less than a quorum of the <br /> Board of Directors. A director elected to fill a vacancy shall <br /> be elected for the unexpired term of the predecessor in office. <br /> Section 4.05. Annual Meetinq. The annual meeting of the <br /> <br /> Board of Directors shall be held during the month of September of <br /> each year. <br /> Section 4.06. Reqular Meetinqs. The Board of Directors <br /> <br /> shall meet at least quarterly each year at a date and location <br /> designated by the President of the Corporation, unless thereto- <br /> fore specified by a majority of the Board of. Directors. <br /> Section 4.07. Special Meetinqs. Special meetings of the <br /> <br /> Board of Directors may be called by or at the request of the <br /> Page 3 <br />