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<br />'J <br /> <br />. <br /> <br />. <br /> <br />ARTICLE IV <br />Directors <br /> <br />Section I. Board of Directors: The Board of Directors <br />shall consist of seven (7) shareholders of the corporation to be <br />elected at the members' annual meeting or adjourned annual meeting <br />and shall be the seven receiving the highest number of votes cast <br />in favor of their election. <br /> <br />Section 2. Term of Directors: The directors .shall be <br />elected for staggered terms, three (3) to be elected for three (3) <br />years, two (2) for two (2) years, and two (2) for one (I) year. <br /> <br />, Section 3. Compensation: The Board of Directors and the <br />officers of this corporation other than the Secretary or Treasurer <br />shall serve without compensation as such directors or officers, but <br />any such director or officer may be reimbursed for actual expenses <br />incurred in the performance of 'his duties or in the attendance at <br />any regular or special meetings of the board. <br /> <br />Section 4. Meetings: Regular meetings of the Board of <br />Directors shall beheld at such a time and place as the Board of <br />Directors shall determine. Special meetings of the Board of <br />Directors may be called by the President or by two (2) or more <br />directors. Oral notice to the directors of special meetings by the <br />Secretary, at least two (2) days prior to the special meeting, <br />shall be sufficient. A maj ori ty of the number of directors in <br />office immediately before the meeting begins shall constitute a <br />quorum for the conduct of business. <br /> <br />Section 5. Powers and Duties of the Board of Directors: <br />The Board of Directors shall exercise the following powers: <br /> <br />I. To act for and in behalf of the corporation in any <br />manner not prohibited by statute or by the Articles <br />of Incorporation. <br /> <br />2. To control and supervise the business affairs and <br />management of the corporation, and to hire and <br />employ such labor and other employees as may be <br />necessary and advisable to carry out the purposes <br />of the corporation, <br /> <br />3, <br /> <br />To elect the officers <br />adopt and procure a <br />corporation. <br /> <br />of the ccrporaticn, and to <br />corporate seal for the <br /> <br />6 <br />