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... <br />,~: ~ ~~ _..:, .. o:~rr .~-..`.. - .-:a.< _ . K"t"" ,y. rx~,:.- ~. ,. ~1 i ,.~`~;°. .-i~.Yi~s'.~ ~`irr,. <br />:~.i,i .. .:':: I, <br />Section 7. Executive Committee. The Board of Direc- <br />tors, by resolution passed by a majority of the directors in <br />office, may designate two or more directors to constitute an <br />executive committee, which committee, to the extent provided <br />in such resolution, shall have and may exercise all of the <br />authority of the Board of Directors in the management of the <br />Corporation, except where action of the Board of Directors is <br />specified by law. The executive committee shall act in the <br />manner provided in such resolution. The executive committee <br />so designated shall keep regular minutes of the transactions <br />of its meetings and shall cause such minutes to be recorded <br />in books kept for that purpose in the office of the Corpora- <br />tion, and shall report the same to the Board of Directors <br />from time to time. <br />Section 8. Compensation of Directors. Directors as <br />such shall not receive any salary or compensation for their <br />services, except that they shall be reimbursed for their <br />actual expenses incurred in the performance of their duties <br />hereunder. <br />ARTICLE III <br />OFFICERS <br />Section 1. Titles and Term of Office. The officers of <br />the Corporation shall be a president, a vice president, a <br />secretary and a treasurer, and such other officers as the <br />Board of Directors may from time to time elect or appoint. <br />One person may hold more than one office, except that the <br />president shall not hold the office of secretary. Terms of <br />office shall not exceed three years. <br />All officers shall be subject to removal from office, <br />with or without cause, at any time by a vote of a majority of <br />the entire Board of Directors. <br />A vacancy in the office of any officer shall be filled <br />by a vote of a majority of the directors. <br />Section 2. Powers and Duties of the President. The <br />president shall be the chief executive officer of the Corpo- <br />ration and, subject to the Board of Directors, shall be in <br />general charge of the properties and affairs of the Corpora- <br />tion; shall preside at all meetings of the Board of Directors; <br />and in furtherance of the purposes of the Corporation, may <br />sign and execute all contracts, conveyances, franchises, <br />-4- <br />