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<br />. <br /> <br />. <br /> <br />Section 4, VOTING. Each persons holding a membership shall <br />be entitled to one (I) vote for each $25.00 increment paid into the <br />Association the previous year, Voting by proxy shall be per- <br />mitted, Cumulative voting shall be prohibited. <br />ARTICLE IV <br />DIRECTORS <br />Section 1. BOARD OF DIRECTORS. The business and affairs of <br />this Association shall be under the management and control of a <br />Board of Directors, each of whom shall be a member thereof, <br />Section 2, ELECTION AND TERM OF DIRECTORS. The first Board <br />of Directors named in the Certificate of Incorporation shall serve <br />until the first Annual meeting of the members has been held and <br />successors have been duly elected and qualified, The Board of <br />Directors of this Association by a majority vote thereof, shall <br />have the power to increase the number of the board of directors <br />from time to time. The Board of Directors shall also have the <br />power to decrease the board of directors of the Association from <br />time to time provided that such a decrease shall not serve to de- <br />crease or prohibit a director from serving, <br />Commencing with the annual meeting of 1974, the directors shall <br />be electea for staggered terms, three to be elected for three years, <br />two for two years and two for one year, and in annual meeting there- <br />after, the offices of the directors whose terms then expire shall <br />be filled, <br />Section 3. COMPENSATION, The Board of Directors and the officers of <br />this Association other than the Secretary shall serve without compensation <br />as such directors or officers, but any such director or officer may <br />be reimbursed for actual expenses incurred in the performance of <br />his duties or in the attendance at any regular or special meetings <br /> <br />of the Board. <br />