ARTICLE IV

BOARD OF DIRECTORS: COMPENSATION: TERM OF OFFICE.

Section 1. Number. Until the election of directors at the first annual meeting convened after Class B membership ceases, the affairs of this Association shall be managed by a Board of Directors consisting of no less than three or more than five members. Following the first annual meeting after Class B membership ceases, the affairs of this association shall be managed by a Board of Directors, consisting of five members, each of whom shall be a member of the Association.

Section 2. Term of Office. At all annual meetings convened before Class B membership ceases, the members shall elect directors to hold office until the next succeeding annual meeting. At the first annual meeting of the Association convened on or after the day on which Class B membership ceases, the terms of all then-serving directors shall terminate and the membership shall elect directors to fill five vacant seats.  Two vacant seats shall be for terms of one year and three vacant seats shall be for terms of two years. At subsequent elections, each vacant seat shall be for a term of two years.

Section 3. Removal. Any director may be removed from the Board, with or without cause, by a majority vote of the members of the Association. In the event of death, resignation or removal of a director, his/her successor shall be selected by the remaining members of the Board and shall serve for the unexpired term of his/her predecessor.

Section 4. Compensation. No director shall receive compensation for any service he/she my render to the Association. However, any director may be reimbursed for his/her actual expenses incurred in the performance of his/her duties.