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<br />said application and attached hereto as Exhibit liB" are hereby
<br />approved; and that the Incorporators are hereby authorized and
<br />directed to file with the Secretary of State of the State of
<br />Texas duplicate originals of the Articles of Incorporation.
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<br />
<br />Section 3. That upon the issuance by the Secretary of State
<br />of a Certificate of Incorporation, the Incorporators are hereby
<br />authorized and directed, in accordance with the provisions of the
<br />Act, to call the organizational meeting of the Corporation after
<br />having given at least three days' notice thereof by mail to each
<br />director named in the Articles of Incorporation, which notice
<br />shall state the time and place'of such organizational meeting.
<br />
<br />Section 4. That, having given consideration
<br />cations of _ &nt'\n~ n:)~ ~,
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<br />to the qualifi-
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<br />
<br />and to serve as directors of the
<br />Corporation and having determined that the public good will be
<br />furthered by making such appointments, they are hereby appointed
<br />by this City Council to constitute the initial Board of Directors
<br />of the Corporation to serve, subject to removal by the City
<br />Council for cause or at will, for such terms as are stipulated in
<br />the Articles of Incorporation.
<br />
<br />Section 5. That uoon the issuance of its Certificate of
<br />Incorporation' the exist'ence of the Corporation shall begin; that
<br />the Corporation shall constitute a public instrumentality and
<br />_ nonprofit corporation operating under the name of liThe South East
<br />_ Texas Housing Finance Corporation; and that the Corporation
<br />shall be authorized, in accordance with the provisions of the
<br />Act, this resolution and subsequent actions of the City Council,
<br />and its Articles of Incorporation to carry out the public pur-
<br />poses and powers set forth therein and herein; provided, however,
<br />that the governing bodies of the sponsoring political subdivi-
<br />sions may, either upon (l) the application of the Board of Direc-,
<br />tors of the Corporation, or (2) their own motion, by appropriate
<br />resolutions duly adopted cause the Articles of Incorporation to
<br />be amended to alter or change the structure, organization, pow-
<br />ers, programs or activities of the Corporation, and may cause the
<br />existence of the Corporation - to be terminated, subject to the
<br />provisions of the Act and to any limitation on the impairment of
<br />contracts entered into ~y the Corporation.
<br />
<br />Section 6. That, pursuant to the provisions of the Act, upon
<br />the issuance by the Secretary of State of the State of Texas of a
<br />Certificate of Dissolution of the Corporation, the Corporation
<br />
<br />.
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