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officer to whom that function has been delegated by the Board. <br />Election or appointment of an officer shall not, in and of'itself, <br />create a contract right to compensation for services performed. <br />5.5 Resignation. Any officer may resign at any time <br />by giving written notice of his resignation to the President or to <br />the Secretary. Such resignation shall take effect upon receipt or <br />at such later date specified in the notice. Acceptance of such <br />resignation shall not be necessary to make it effective, unless <br />the notice so provides. <br />5.6 Removal. Any officer or agent of the Corporation <br />may be removed at any time with or without cause, by the Board or <br />its delegated representative, if any, whenever in its judgment the <br />best interests of the Corporation may be served thereby, but such <br />removal shall be without prejudice to the contract rights, if any, <br />of the person so removed. Election or appointment of an officer <br />or agent shall not of itself create contract rights. <br />5.7 Chairman of the Board. The Chairman of the Board <br />shall preside as Chairman at meetings of the shareholders and the <br />Board. In addition, he shall have such other duties as the Board <br />may prescribe from time to time. At the request of the President, <br />the Chairman of the Board may, in the case of the President's <br />absence or inability to act, temporarily act in his place. In the <br />case of death of the President, or in the case of his absence or <br />inability to act, without having designated the Chairman of the <br />Board to act temporarily in his place, the Chairman of the Board <br />shall perform the duties of the President. <br />5.8 President. The President shall be the chief <br />executive officer of the Corporation and subject to the control of <br />the Board of Directors, shall have general supervision of the <br />business of the Corporation and shall see that all orders and <br />resolutions of the Board are carried into effect. He may execute <br />contracts, deeds and any other instruments on behalf of the <br />Corporation as is necessary and appropriate. In the event the <br />position of Chairman of the Board shall not be occupied or the <br />Chairman shall be absent or otherwise unable to act, the.President <br />shall preside at meetings of the shareholders and the Board and <br />shall discharge the duties of the presiding officer. The <br />President shall present at each annual meeting of the shareholders <br />a report of the business of the Corporation of the preceding <br />fiscal year and shall perform whatever other duties the Board may <br />from time to time prescribe. <br />5.9 Vice Presidents. Each Vice President shall have <br />such powers and perform such duties as the Board may from time to <br />time prescribe or as the President may from time to time delegate <br />to him or her. At the request of the President, any Vice Presi- <br />dent may, in the case of the President's absence or inability to <br />act, temporarily act in his place. In the event there is no <br />11 <br />