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<br />c.. <br /> <br />c <br /> <br />( <br /> <br />. ..... - <br /> <br />~ <br /> <br />. <br /> <br />and records of the Corporation. The Unit shall be entitled <br />to approve all programs and expenditures of the Corporation <br />and annually review any financial statements of the Corpora- <br />tion. <br /> <br />section 4. Nonprofit co~oration. The Corporation <br />shall be a nonprofit corporat1on, and no part of its net <br />earnings remaining after payment of its expenses shall inure <br />to the benefit .of any individual, firm or corporation, except <br />that in the event the Board of Directors shall determine that <br />sufficient provision has been made for the full payment of. <br />the expenses, bonds and other obligations of the Corporation <br />issued to finance all or part of the cost of a project, then <br />any net earnings of the Corporation thereafter accruing with <br />respect to said project 'shall be paid to the Unit. <br /> <br />ARTICLE II <br /> <br />BOARD OF DIRECTORS <br /> <br />section 1. Powers, Number and Term of Office. The <br />property and affairs of the Corporation shall be managed and <br />controlled by the Board of Directors and, subject to the <br />restrictions imposed by law, the Articles of Incorporation <br />and these Bylaws, the Board of Directors shall exercise all <br />of the powers of the Corporation. <br /> <br />The Board of Directors shall consist of !,:p",TPn (...2-) <br />directors, each of whom shall be appointeq by the Govern1ng <br />Body. <br /> <br />The directors constituting the first Board of Directors <br />shall be thos~ directors named in the Articles of Incorpora- <br />tion, each of'whom shall serve for six (6) years or until his <br />or her successor is appointed as hereinafter provided. Sub- <br />sequent directors shall hold office for a term of six (6) <br />years or until their successors are appointed as hereinafter <br />provided. <br /> <br />Any director may be removed from office, by the Govern- <br />ing Body, for cause or at will. <br /> <br />Section 2. Meetings of Directors. The directors may <br />hold their meetings at such place or places in the state of <br />Texas, as the Board of Directors may from time to time deter- <br />mine; provided, however, in the absence of any such determin- <br />ation by the Board of Directors, the. meetings shall be held <br /> <br />-2- <br />