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<br />5.4 Vacancies. Whenever a vacancy shall occur in any general office of the <br /> <br />Corporation, such vacancy shall be filled by the Chairman of the Board subject to <br /> <br />ratification by the Board at its next meeting subsequent to such appointment. Such new <br /> <br />officer shall hold office until the next annual meeting and until his or her successor is <br /> <br />elected and qualifies. <br /> <br />ARTICLE 6 <br /> <br /> <br />APPOINTIVE OFFICERS AND AGENTS <br /> <br /> <br />The Board may appoint such officers and agents in addition to those provided for <br /> <br /> <br />in Article 5, as may be deemed necessary, who shall have such authority and perform <br /> <br /> <br />such duties as shall from time to time be prescribed by the Board. All appointive officers <br /> <br />and agents shall hold their respective offices or positions at the pleasure of the Board, and <br /> <br />may be removed from office or discharged at any time with or without cause; provided <br /> <br />that removal without cause shall not prejudice the contract rights, if any, of such officers <br /> <br />and agents. <br /> <br />ARTICLE 7 <br /> <br /> <br />EXECUTIVE COMMITTEE <br /> <br /> <br />7.1 Members. The Board may, by resolution passed by a majority of the <br /> <br /> <br />whole Board, establish an Executive Committee which shall consist of not less than two <br /> <br /> <br />(2) directors, one of whom shall be the Chair of the Board and one of whom shall be the <br /> <br /> <br />Vice Chair of the Board. <br /> <br />7.2 Powers. The Executive Committee shall have power to make investments <br /> <br />of funds of the Corporation and to change the same, and from time to time to sell any part <br /> <br />BYLAWS <br /> <br />Page 8 of 11 <br />